BP AWARDS FIRST CONTRACTS FOR PROJECT 20K

(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: uspress@bp.com 
(bjh) NY 
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