BP has said that second quarter oil and gas production rose about five percent from a year earlier, helping the third biggest publicly traded oil company narrow a gap with its bigger rivals.
Production equaled more than three and a half million barrels of oil a day, boosted by new fields, spokesman David Nicholas said. BP is spending as much as thirteen billion dollars this year as OPEC production curbs and oil prices above $20 a barrel boost profits.
The BP Chief Executive Officer Lord Browne has pledged to increase oil and gas output by five and a half percent annually, higher than the three percent target that has been set by rivals Exxon Mobil and the Royal Dutch Shell Group, both of which pump more oil than the UK based group.
“These are very good numbers,” said Steve Thornber, who manages 450 million pounds ($686 million) at Threadneedle Investments Ltd. in London. “Conditions seem to be improving across most of the business.”