Part of the company's 10-year plan includes a free cash flow of approximately US$50 billion based on a real WTI price of US$50/bbl and annual capital expenditures averaging less than US$7 billion over the decade.
The latest upstream news
The new contracts in the Middle East, Africa and Europe are worth approximately US$460 million.
Planned to start in early 2020, the survey has already received significant industry interest and is being prefunded in part by BP.
Garcia recently served as Executive Vice President and Chief Financial Officer at Visteon Corporation, a leader in automotive cockpit electronics, and served as a board member of Keane Group, a pure-play provider of integrated well completions.
Oil and gas production has started at the P-68 FPSO located in BM-S-11-A Concession in Berbigão, Sururu and West Atapu.
The European Investment Bank has said that it will end financing of fossil fuel energy projects at the end of 2021.
The Stena Forth has been contracted to drill one well, being the Marina-1 exploration well, in Karoon’s 40% owned and operated Block Z-38 in the Tumbes Basin in Peru with drilling scheduled to commence early in 1Q20.
The agreements will be awarded to Aker Solutions AS, Axess AS, Oceaneering Asset Integrity AS and IKM Operations AS, taking effect from 1 January 2020.
The company has announced a major rig fleet expansion programme to support its upstream growth plans and enable the delivery of its 2030 Smart Growth Strategy.
ION will deliver high-end time and depth imaging for ARGAS to facilitate exploration and production of the acquired area.