facebook
twitter
search
search

BP embarks on next oil, gas frontier

Nov. 13, 2012 at 7:01 AM

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
North Dakota refinery completed
SCOTUS says no to Gulf of Mexico spill appeals
China starts work on Russian gas pipeline
Eni reaches LNG deal in Indonesia
More than $1B in new orders for Saab