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Find eases concerns for BP’s growth

Financial Times

By Ed Crooks

Published: September 3 2009 03:00 | Last updated: September 3 2009 03:00

BP’s oil find in the US Gulf of Mexico helps ease one of the biggest concerns about its future: its growth outlook in the next decade.

In the perennial rivalry between BP and Royal Dutch Shell, western Europe’s two biggest oil companies, the momentum has recently been with BP, but the pendulum may be about to move back in Shell’s favour.

Shell has several large developments under construction that are scheduled to come into production around the turn of the decade, including the QatarGas 4 liquefied natural gas project, the Pearl facility for converting gas to liquids such as diesel, also in Qatar, and the expansion of the Athabasca Oil Sands Project in Canada.

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