Future growth
In an exceptional year for exploration success, we announced 12 discoveries. This includes Bumerangue in Brazil, our largest exploration discovery in 25 years, plus further finds in Brazil, Egypt, the Gulf of America, Libya and Trinidad, as well as discoveries in Namibia and Angola through Azule Energy, our 50-50 joint venture with Eni.
On top of this, we’ve made progress on several new major projects. These include reaching final investment decision on the Tiber-Guadalupe project in the Gulf of America. It will replicate 85% of the design of its sister project Kaskida, helping to contribute to an expected $3 per barrel lower development cost in comparison.
We also progressed plans to rehabilitate several giant oil fields and related gas processing facilities at Kirkuk, in Iraq. In India, we began working with ONGC, the country’s largest government-owned oil and gas exploration and production company, as the technical services provider at Mumbai High offshore oilfield. And in Azerbaijan we signed four major deals to boost exploration and production.
