BP embarks on next oil, gas frontier

Nov. 13, 2012 at 7:01 AM
Sign up for our Energy Newsletter

HOUSTON, Nov. 13 (UPI) -- British energy company BP announced it was working with its counterparts on the technology needed for the next-generation of resource development.

BP described its Project 20K is an effort that would develop tools needed to tap into new frontier developments for deep-water oil and natural gas reserves.

U.S. engineering company KBR is assigned with developing project execution plans for the project, while FMC Technologies will work on a ultra-high pressure system meant to help with underwater production.

BP, in a statement, said it expects the technology could eventually add as much as 20 billion barrels of resources to its global portfolio. BP said it was considering deep-water basins in Egypt, Azerbaijan and the U.S. waters of the Gulf of Mexico for the technology.

"With this project, BP truly is leading the way to the next frontier in deep-water oil and gas development and, as today's announcement demonstrates, is tapping into expertise from across the industry to tackle this significant challenge," Jackie Mutschler, head of upstream technology at BP America, said in a statement.

Related UPI Stories
Latest Headlines
Trending Stories
Rapper DMX found unconscious, revived by New York police
Alaska woman claims McDonald's Happy Meal hasn't aged in six years
N.H. primary polls open: Kasich, Sanders get early leads
5 Reasons why Denver Broncos won't be repeat champions
Exposure to flashing light may prevent jet lag