courtesy BP

U.K. super-major BP has declared it can pump four million barrels a day until 2020 without new finds and on the strength of its proved reserves of 17.8 billion barrels of oil equivalent, or about three-times StatoilHydro’s.

BP replaced 112 per cent of its reserves in 2007 and took its unproved reserves base to 42 billion boe. Chief exec Tony Hayward said in the company’s annual strategy presentation that the company could keep boosting output “in a $60 price world”.

Exploration would be key, and Hayward said he’ll spend $1 billion exploring for hydrocarbons in 2008.

Hayward said company focus would now be on “manufacturing over marketing” with pre-tax profit improvements of up to $4 billion within four years. In his examination of the company, the new boss of 10 months said $1.5 billion would now go on solar, wind and bio-fuels.

"We intend to grow this business predominantly for its equity value," he was quoted as saying, adding that the renewable-energy was a sector now worth up to $7 billion.

The clean-energy splurge was part of a total company spend of up to $22 billion, $3 billion more than a year ago.

Some $15 billion is earmarked for the upstream oil and gas sector.

Tags: BP North America