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BP forecasts drop in output
BP said yesterday that its North Sea output will drop around nine per cent in 2009 – but said that it remains committed to the region despite rising costs and dwindling reserves. Europe’s second-largest oil and gas company said production from its UK and Norwegian fields will be equivalent to 320,000 barrels per day, down from 350,000 last year. The drop is almost double the UK’s estimated overall decline.