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SOUTHERN PROMISE BP Magazine Reports from Australia Where a Major Exploration Programme Off the South Coast Could Open a New Chapter for the Company

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SOUTHERN PROMISE BP Magazine Reports from Australia Where a Major Exploration Programme Off the South Coast Could Open a New Chapter for the Company 06 CEO INTERVIEW 10 IN MEMORY 60 ARC LIFE + Bob Dudley shares In Amenas Supporting social thoughts on 2013 tribute enterprise THE INTERNATIONAL MAGAZINE OF THE BP GROUP ISSUE 2 2013 BP MAGAZINE 36 SPOTLIGHT: AUSTRALIA SOUTHERN PROMISE BP Magazine reports from Australia where a major exploration programme off the south coast could open a new chapter for the company. Welcome. The beginning of 2013 was a difficult time for BP. On Wednesday 16 January, contents / issue 2 2013 an armed assault on the In Amenas joint venture gas plant in Algeria led to the deaths of + Features 40 men. Four of them were BP employees, the 06 Challenging times BP’s chief executive answers questions others colleagues from partner and contractor on the tragic events in Algeria, the completion of the Rosneft deal and what 2013 holds in store. Photography by Stuart Conway & Graham Trott companies. In this edition, we pay tribute to 10 In memory BP Magazine pays tribute to the 40 men who lost them (page 10) while BP’s chief executive Bob their lives in the assault on the In Amenas joint venture gas plant Dudley shares his thoughts on how BP and in Algeria. Main image by Associated Press its partners responded to the tragedy (page 6). 16 Number crunching Every year, BP publishes its Energy He also discusses 2012’s financial results and Outlook 2030, sharing the company’s projections on long-term energy trends. BP Magazine looks at some of the highlights from the completion of the deal to sell its stake in this year’s edition and asks chief economist Christof Rühl for his TNK-BP to Rosneft. Elsewhere, we take a look at thoughts. Infographics by Lance Bell & Phil Steed some of the key facts and figures on the world’s 26 New frontiers For the past 40 years, Castrol has provided specialist lubricants for some of NASA’s biggest space expeditions, energy industry from the latest edition of the BP most recently supplying the grease for the organisation’s Mars Energy Outlook 2030 publication (page 16) and Curiosity rover. By Helen Campbell Photography by Corbis bring you the first of two special reports from Cover story Australasia. This one looks at the exploration 34 Aussie rules BP’s longstanding relationship with Australia has seen it develop a business that spans the range programme in the waters of the Great Australian of its core activities. With exploration now taking place in the Bight (page 36) and includes an interview with Great Australian Bight, that relationship looks set to deepen. By Amanda Breen Photography by Aaron Tait the former minister for resources and energy and tourism (page 44). We also meet the BP retail 44 In conversation Australia’s former minister for resources and energy and tourism, Martin Ferguson discusses the country’s teams in New Zealand who are rebuilding their economic growth and new exploration opportunities that could unlock valuable resources. By Amanda Breen livelihoods two years after a series of devastating Photography by Aaron Tait earthquakes (page 52). 48 Australian gem Ten years after its launch, BP’s Opal Lisa Davison> Editor fuel continues to play a vital role in stamping out petrol sniffing in Aboriginal communities and is now part of a wider programme of national reconciliation. By Amanda Breen Photography and artwork by Gilimbaa 52 Christchurch rebuilt Two years after a series of devastating earthquakes, life in New Zealand’s third largest city is adjusting to a ‘new normal’. By Amanda Breen BP MAGAZINE Photography by New Zealand Herald/Aaron Tait The international magazine of the BP Group – ISSUE 2 2013 BP Magazine is published quarterly for external readers around the world, as well 60 Enterprising idea London 2012 may be over, but BP is as past and present BP employees. Its content does not necessarily reflect official helping ensure its legacy is not by backing a programme that company views. supports sustainable grass-roots businesses. By Nick Reed The copyright for photographs and illustrations in BP Magazine is not always Photography by Richard Davies owned by BP. Please contact BP Photographic Services for details. managing editor design + Regulars David Vigar Phil Steed – Steed Design [email protected] [email protected] 04 For the record A snapshot of BP news and statistics from www.steeddesign.com editor around the world. Lisa Davison print management [email protected] Williams Lea Luh Mirah Yuliarini on facing challenge in her role distribution image contributors 33 BP Faces Carolyn Copland AP Images as a petroleum engineer. Photography by Stuart Conway +44 (0) 20 7496 4340 BP Imageshop Corbis 58 Viewpoint Safety checks on board the British Trader liquefied iStock Images natural gas tanker. Photography by Richard Davies Lance Bell Illustration 66 Archive BP’s business in Australia stretches back almost a Cover image: Preparing streamer sections on board the Petroleum Geo- century. Photography by BP Archive Services (PGS) Ramform Sterling seismic vessel, Australia. The offshore seismic study is one of the largest ever conducted in Australia. The vessel tows 12 ‘streamers’ behind it, each eight kilometres long and equipped with 70 Parting shot A permanent reminder to the Queensland hydrophones that pick up sound waves generated by popping bubbles of flooding in Australia. Photography by Aaron Tait compressed air at the surface. © BP p.l.c., 2013 26 Mission to Mars BP Magazine reports on the work Castrol does with NASA to supply specialist lubricants for space exploration. 6 60 For the record Highlights from around the globe > Spring 2013 RUSSIA: BP AND ROSNEFT COMPLETE DEAL BP has completed a landmark transaction with Russian oil giant Rosneft that will see it taking a stake of almost 20% in what is now the world’s largest publicly traded oil company. Following completion, BP also announced it is to carry out a share repurchase, or buy-back, programme with a total value of up to $8 billion. Russian terminal: the Nakhodka terminal Under the deal, Rosneft bought board Igor Sechin said: “We in Primorsk Territory is used mainly for BP’s 50% stake in TNK-BP – are delighted to close this export of petroleum products from Rosneft’s itself Russia’s third largest oil transaction ahead of schedule refinery at Komsomolsk. and gas producer – as well as the and would like to thank our remaining 50% formerly held partners in BP for their co- winning author of The Prize Dudley said: “BP is moving by AAR. operation throughout the and the founder of Cambridge on to the next phase of its With the acquisition, process. We look forward to Energy Research Associates business in Russia, becoming Rosneft’s existing portfolio working with BP and we are (CERA). the largest private shareholder of upstream assets across all convinced Rosneft will benefit During BP’s involvement, in Rosneft, Russia’s leading of Russia’s major oil and gas from BP’s significant experience TNK-BP’s production rose by oil company. In the process, producing regions will be and successful track-record of more than 40% over nine years, we have also released cash, enhanced by the addition of applying best international while proved reserves grew by equivalent to at least six years of TNK-BP’s operations, including practices in Russia.” more than 50%, partly due to BP’s anticipated future dividends major oil and gas fields in BP chief executive Bob the application of specialist BP from TNK-BP. We look forward Siberia and the Yamal Peninsula. Dudley has been nominated as technologies, such as enhanced now to working closely with These include both mature a candidate to join the Rosneft oil recovery. BP plans to work Rosneft and together developing ‘brownfield’ reservoirs and vast board of directors ahead of in partnership with Rosneft as opportunities to create value for undeveloped ‘greenfield’ areas. completion of the transaction. similar technologies are applied both companies.” Rosneft’s Russia-wide network He is also a member of Rosneft’s at brownfield assets, potentially BP intends to retain the of refineries and service stations steering commitee on TNK-BP achieving results on an even additional cash consideration of will be complemented by TNK- integration. Other members larger scale. $4.48 billion received from the BP’s downstream operations, include Sechin, first vice Meanwhile, BP’s share buy- sale of its interest in TNK-BP to including those serving the president and deputy chairman back programme is expected reduce BP Group debt as part of Moscow and St Petersburg areas. of the Rosneft management to return to BP shareholders its continuing commitment to Rosneft president and board, Eduard Khudainatov and an amount equivalent to that maintaining a strong balance chairman of the management Daniel Yergin, the Pulitzer Prize- originally invested in TNK-BP. sheet. 19.75% 4.1 million +21 million >$28 billion BP’s total stake in The number of barrels The number of barrels The total value of the Rosneft, including of oil a day Rosneft of oil equivalent deal to BP in terms the 1.25% stake it will produce following Russia produces of cash and Rosneft already owns, making the purchase of TNK- every day, making it shares it the second largest BP, making it the the world’s largest shareholder after the world’s largest publicly producer of oil and gas Russian state traded oil firm combined 4 Issue 2 2013 BP MAGAZINE oil and condensate and over 1.5 in the southern part of the of the company’s history, most NEWS IN BRIEF trillion cubic feet of rich gas. It Norwegian North Sea in notably in the integrations of is one of a series of new major January 2013.
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