(The following is a reformatted version of a press release issued by BP and received via electronic mail. The release was confirmed by the sender.) BP AWARDS FIRST CONTRACTS FOR PROJECT 20K™ Release Date: 12 November 2012 HOUSTON -- BP announced today it has awarded the first contracts for Project 20K™, a multi-year initiative to develop next-generation systems and tools to help unlock the next frontier of deepwater oil and gas resources, currently beyond the reach of today’s technology. The initial contracts will go to KBR and FMC Technologies and are related to key systems associated with the program, which will pursue technologies needed to explore for, develop and produce oil and gas from high-temperature and high-pressure reservoirs up to 20,000 pounds per square inch (psi) and temperatures as high as 350°F (175°C). KBR will develop program execution and management plans for Project 20K™, including capital cost and schedule estimates, risk assessments and technical designs. FMC Technologies will participate in a technology development agreement, in which it will work jointly with BP to design and develop 20,000 psi rated subsea production equipment, including a subsea production tree and a subsea High Integrity Pressure Protection System. BP announced the launch of Project 20K™ in February 2012, setting out its intention to develop technologies over the next decade in four key areas: well design and completions; drilling rigs, riser and blowout prevention equipment; subsea production systems; and well intervention and containment. “With this project, BP truly is leading the way to the next frontier in deepwater oil and gas development, and as today’s announcement demonstrates, is tapping into expertise from across the industry to tackle this significant challenge,” said Jackie Mutschler, Head of Upstream Technology at BP America. “We hope these first contracts are just the beginning of what’s to come with a project that holds such great promise, not just for BP but for the entire industry.” BP estimates that application of this technology across its own global portfolio alone could potentially access an additional 10-20 billion barrels of resources. Those resources are inaccessible with current equipment, which has a technical limit of 15,000 psi pressure and temperatures of 250°F (120°C). In the US Gulf of Mexico, BP expects Project 20K™ technology will play a key role in developing major deepwater discoveries it has made in recent years, including Kaskida and Tiber. Those discoveries are found in an emerging play known as the Paleogene, where BP holds a strong lease position. BP also sees potential applications for the technology in Egypt, Azerbaijan and other deepwater basins around the world. Further Information: Name: BP US Press Office Phone: (281) 366-4463 Email: email@example.com (bjh) NY #<873920.6606126.96.36.199.0.76>#
BP AWARDS FIRST CONTRACTS FOR PROJECT 20K
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