EnergyWatch

BP says some of its oil "won't see the light of day"

Oil companies face increasing pressure to bring fuel to the market faster and cheaper, causing BP to conclude that some resources might never make it to the market, says the company's head of strategy.

Photo: Pool New / Reuters / Ritzau Scanpix

Oil companies are under increasing pressure to bring fuel to market faster and cheaper, leading BP Plc to conclude some of its resources "won't see the light of day," according to its head of strategy.

Some of the "more complicated to extract" resources in the British oil major's portfolio may have to be sold or stay in the ground, said Dominic Emery, the company's group head of strategy. They are going to be too expensive and too time-consuming to get out, and the industry is under pressure to shorten the duration and size of projects, he said.

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