BP replaced more than it produced in 2008 |

BP replaced more than it produced in 2008

Does this challange the peak oil theory?

LONDON (MarketWatch) — BP on Tuesday said it replaced more oil reserves than it produced last year, as the group outlined plans to spend less on refining and alternative energy while still maintaining spending in exploration and production.

BP said it replaced 121% of what it produced in 2008 after adding 1.7 billion barrels of new oil and gas to its reserves base. BP said it’s the 15th year in a row it’s replaced annual output.

Exxon Mobil, which holds a similar strategy meeting Thursday, also replaced more than it produced last year.

From existing projects, BP said it should be able to grow production through 2013, which is a year longer than BP previously forecast. Its guidance of 1% to 2% growth in production each year would put 2012 production below the company’s earlier goal.

http://www.marketwatch.com/news/story/BP-more-oil-gas-produced/story.aspx?guid={E99BC1A8-A4DF-44BA-96B5-573F20B53052}&dist=hplatest

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