New leaf: BP is seeking to lower costs on projects awaiting final investment decisions
BP ‘leaning on suppliers’
UK supermajor BP is arranging meetings with suppliers in the US, UK and other countries to push for cuts in costs to reflect the fall in the price of oil, it was reported today.
The UK’s Financial Times newspaper reported BP is seeking to renegotiate contracts that are coming up for renewal. Contracts would not be changed, the newspaper said, according to a Reuters report.
BP wants to drive down the cost of projects that are close to being given the go-ahead in areas including the Gulf of Mexico, Egypt and Angola, the newspaper reported.
Oil prices are now less than a third of the record $147 a barrel reached last summer.