BP CEO Lord Browne said Thursday that the company expects to spend at least $15 billion during the next ten years on deepwater natural gas and oil exploration, development and production activities in the Gulf of Mexico. Speaking at the Houston Forum, Browne said the bulk of expenditures will be spent drilling wells and developing fields that have already been discovered.

“The deep water is a central element of our growth strategy in the medium and long term,” Browne said. “BP is the largest single producer of oil and gas in the United States, and the deep water will sustain that position, as well as making a crucial contribution to America’s energy needs.”

Currently, BP produces more than 335,000 Boe/d from its deepwater Gulf holdings. The company has an estimated 3.5 billion barrels in reserves. Browne pointed out that BP has an equity stake in nine of the 10 largest fields discovered to date in the Gulf. He added that the development of seven key new projects over the next several years would occupy a significant part of the company’s business agenda.

BP has six major fields under development in the deepwater Gulf. They are Thunder Horse, Atlantis, Holstein, Horn Mountain, Mad Dog and Na Kika. BP holds a 50% or greater interest in each of them and operates all of the fields except Na Kika, which will also be BP-operated from the onset of production. In addition, the company has its Mardi Gras Transportation System under development to transport oil and gas from the deepwater to market.

BP is currently the largest acreage holder in the deepwater Gulf with more than 650 gross blocks in water depths greater than 1,500 feet. The company said it has approximately one-third of all deepwater Gulf reserves discovered to date.

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