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Collaborating Authors
Petrochemicals
TRANSCENDENT STRATEGIES, A NEW VISION TO MANAGING THE PETROLEUM BUSINESS
Perez, A. (Instituto Mexicano del Petroleo, Mexico City) | Smith, W. (Instituto Mexicano del Petroleo, Mexico City) | Galina, S. (Universidad Anahuac, Mexico City) | Zelaya, E. (Universidad Anahuac, Mexico City) | Nuno, P. (Universidad Anahuac, Mexico City)
Abstract The oil industry face heightened challenges as it enters the 21st century. Five major forces are among those shaping the topography of its business landscape: increasing globalisation markets, societal demands for higher environmental performance, financial market demands for increased profitability and capital productivity, higher customer expectations, and changing work force requirements. Due to advanced technical progress and to the new competitive parameters which result from the improvement of both product performance and costs, oils companies must develop a competitive advantage through the effective use of their resources. Develop of a system of making of decisions by means of the evaluation of dimensions of impact social, environmental and economic, to carry out transcendent strategies; those which, they should be consistent between the natural-human resources and the corporate and business strategic objectives of the Petroleum industry. Amalgamating the decision maker's inputs is a new and unique decision model that can be classified as a transcendent-system and the business strategies that realise those objectives. The decision model can be applied iteratively in a define-analyse-and-refine cycle that highlights how proposed integral projects (economic, environmental & social) can be enhanced to better fulfil business-level strategic objectives. This research shows, first and foremost, that it must improve operations, with a focus on better management of the supply chain; improve efficiency in the use of resources, the reuse of recycled materials, and the generation and use of energy; balance environmental and economic considerations; and balance investments in technology by leveraging the capabilities of the society, environmental and industry as a whole trough targeted collaborative efforts in R&D. Introduction In the petroleum industry, most executives think it's good to be big in a globalizing economy. They declare that you can not look at the front pages of the news without seeing yet another megadeal in the headlines. Oils Companies seem to be combining at a rate almost unprecedented in history and on a global scale. In this sector, there's Exxon and Mobil, not to mention BP's mergers with Amoco and Atlantic Richfield. Similar merger examples can be found in industries as diverse as exploration, petrochemical, and chemical1. Pushing these huge and pricey-cross-border deals is the almost universal belief that industries will inevitable become more concentrated as the world's markets become more globalized. The spoils of the market are supposed to go to a select few in each industry. And oils companies believe that if they are going to be among the winners, they will have to shore up economi
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (0.35)
- Energy > Oil & Gas > Downstream (0.35)
TOWARDS UNDERSTANDING THE GENESIS AND REMOVAL OF NO X IN FCC REGENERATORS
Barth, J. O. (Institut für Technische Chemie, Lehrstuhl II, Technische Universität München, Munich, Germany) | Jentys, A. (Institut für Technische Chemie, Lehrstuhl II, Technische Universität München, Munich, Germany) | Lercher, J. A. (Institut für Technische Chemie, Lehrstuhl II, Technische Universität München, Munich, Germany)
Abstract The regeneration of FCC catalysts leads to significant NOx emissions requiring the development of novel additives that catalyze in situ the reduction of NOx to N2 in the regenerator of the FCC unit in order to fulfill existing and anticipated logistic demands. The identification of reaction intermediates is of utmost importance for understanding the mechanisms by which NOx is formed and reduced. Therefore, characterization of coke, using a wide range of physicochemical techniques (i.e., IR and NMR spectroscopy, elemental analysis, LD-/ MALDI-TOF-MS spectroscopy) has been carried out. The surface chemistry during the FCC regeneration process was investigated by temperature programmed desorption and oxidation experiments. From coke loaded spent FCC catalysts NH3 and HCN were formed via pyrolysis at temperatures above 350°C. The amount of NH3 released was significantly influenced by the concentration of water in the samples. Higher water contents favor the formation of NH3, which supports the hypothesis that nitrogen containing aromatic compounds such as pyridine can react to NH3 and CO2 via hydrolysis. TPO experiments indicated that polyaromatic derivatives of pyrrole (carbazole) are cracked to CO and HCN, which can be subsequently oxidized to NO. Nitrogen and carbon containing species in the coke are oxidized sequentially during the regeneration process (C-species between 450 and 700°C; N-species above 650°C). Introduction Fluid catalytic cracking (FCC) is a key process in modern refineries.1 Worldwide approximately 300 FCC units are operated, converting vacuum gas oil and high boiling residues into lighter fuel products and petrochemical feedstock. Due to its central function in modern integrated refineries, a range of technological improvements has been implemented, to increase the economical benefits from FCC units.2 In addition to investments concerning the process design, new catalysts and additives have been developed to fulfill the economic demands of the market.3 However, refiners are bound to invest also in eco-efficient technologies for the production of fuels and petrochemicals with significantly reduced emissions of environmental pollutants. This is imposed by various stringent national and international regulations addressing emissions from a range of refinery processes and especially FCC regenerators, such as NO, SOx, CO and CO2 emissions from regenerator flue gases.1 Approximately 2000 t/yr NOx are released from a typical refinery. The FCC units contribute to approximately 50% of that. The concentrations of the NOx emissions from regenerator flue gases vary in the range of 50–500 ppm 4,5 depending on the nature of the feed, the operating conditions of the FCC unit and the amount of CO promoter added. In the fluid catalyti
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (1.00)
- Government > Regional Government > North America Government > United States Government (1.00)
- Energy > Oil & Gas > Downstream (1.00)
Abstract Among the principal "customers" energy companies must please are the public officials charged with protecting the public health and the environment. The traditional dynamic between fuels companies and regulators has been characterized by incremental clean-up of traditional fuels, often in adversarial processes that drag on for years. This approach can sacrifice whole-system optimization, produce suboptimal results, and generate unnecessary costs. One example is the near-universal dichotomy between air quality and fuel efficiency regulations, making them often at odds with one another even within national jurisdictions. Whole-system, life-cycle analysis could produce a very different technology path. Today's requirements of near-zero pollution together with drastic reductions in C O2 emissions make a host of other fuels look attractive. Some of the most efficient, clean technologies, such as near-zero emission hybrids and fuel cells, want similarly clean fuels, with hydrogen as the ideal end-point. At the same time, petroleum politics are causing many countries to look to natural gas as a feedstock for the transportation sector. This paper will discuss the fuel requirements of the "public as customer", and look at clean, available alternative fuel technologies, especially gas-to-liquids, in this light. Introduction Oil and energy companies operate in a context driven first and foremost by market competition, but their other principal context is that of government regulation. Government agencies charged with protecting the public good set standards for drilling, transporting, refining, and the ultimate distribution and use of energy. There are few aspects of the petroleum business that are not profoundly shaped by governmental regulations. In defense of the public interest, government regulations have required unleaded fuels and tighter restrictions on vehicle emissions. At the same time, government regulations and programs are shaped by politics, which often support national or highly local goals, including for example pricesupports for petroleum aimed at protecting the local producer. Energy company executives must try to divine the political forces of dozens of key governments as they build their business strategies. A march toward more stringent air pollution standards will force changes in fuel specifications. Increased pressure to reduce greenhouse gases will force process and feedstock changes. National security and price volatility concerns will continue to drive the promotion of alternatives to petroleum-based fuels. These and other concerns will strongly influence patterns of investment, choices of feedstock, refinery design, and indeed set the business course for entire companies. BLOCK 3 - - FORUM 18 281 ALTERNATIVE FUELS FUELS AND TH
- Europe (1.00)
- North America > United States > California (0.29)
- Transportation > Ground > Road (1.00)
- Law > Environmental Law (1.00)
- Government > Regional Government > North America Government > United States Government (1.00)
- (4 more...)
Abstract Oil is a finite and scarce resource and it should therefore be used to the maximum extent possible to produce the high value "light" products for which it is still irreplaceable. Today's world refining industry, however, still produces by-products (petcoke or heavy fuel oil) at an average level of about 30 percent of the crude oil feedstock. In the near future, increased refinery deep conversion capacity has the potential to provide major benefits in meeting the increasing demand for light products with the environmental requirements thus optimising the use of a more and more valuable resource. The Eni Slurry Technology (EST) offers an attractive solution to maximise the heavy oil conversion to distillates limiting the by-product production to less than 2 percent. This result is achieved by integrating a slurry hydrocracking with a solvent deasphalting and handling these units in order to get a proper control of the asphaltene stability during the conversion process. The technical feasibility of this configuration, that overcomes the limit of the traditional thermal and hydrothermal conversion technologies (i.e. product stability), has been demonstrated by operating on a continuous pilot plant reproducing the whole process scheme. Very high conversion and extremely good product upgrading were obtained prolonging the run for several weeks in steady-state situation. Introduction The Refining Industry will undergo in the next years major changes due to following reasons: to meet the growing market demand for cleaner light and middle distillates, to face the declining demand for heavy fuel oil, to meet the tighter specifications for gasoline and diesel oil, to reduce the sulfur content in the fuel oil and to take in due consideration the increasing delta price between light and heavy crude oils1–2. On the other side economic and strategic reasons will promote the utilization of the huge reserves of heavy residues and oil sands bitumen. The proven reserves of extra-heavy crude oils in the Orinoco Belt exceed 100 billion bbls; in Canada the estimated recoverable oil reserves from the oil sands bitumen are in excess of 300 billion bbls. Similarly, Mexico is addressing new efforts to increase the utilization of the Maya Crude from its huge reservoir. In summary the Refiners have to face the following challenges for the coming years: BLOCK 2 - - FORUM 10 331 UPGRADING PETROLEUM RESIDUES WITH EST PROCESS to minimize fuel oil production, while reducing at the same time its sulfur and other pollutants (nitrogen, metals) content. In this context, the fuel oil may be replaced by natural gas which generates lower amounts of CO2; to develop new technologies to suitably upgrade the heavy and extra-heavy crudes. As a matter of fact, the firing of fuel oil in the Power Plants will cause s
- North America > Canada (0.35)
- South America > Venezuela > Orinoco Oil Belt (0.24)
- North America > Mexico (0.24)
- Energy > Oil & Gas > Upstream (1.00)
- Energy > Oil & Gas > Downstream (1.00)
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (0.69)
Abstract Regulations to reduce the sulfur level in gasoline and automotive diesel to less than 50 ppm are in place or planned in many countries. A number of technologies have been developed to enable production of these fuels. For instance, SCANfiningTM I is a highly selective process for reducing sulfur in fluid catalytic cracked (FCC) naphtha with minimum olefin saturation/octane loss. Recently ExxonMobil announced the development of SCANfining II, a process that can selectively reduce even the sourest FCC naphthas to ppm sulfur levels with low octane loss. Both of these processes use RT–225, a catalyst jointly developed and commercialized by ExxonMobil and Akzo Nobel. These companies have also recently completed the development of NEBULA, a hydroprocessing catalyst with more than double the activity of any other commercial catalyst at medium-high pressures. NEBULA has recently been applied in several refinery distillate hydrotreaters and is performing as expected. Some countries are now considering reducing fuel sulfur even lower, to 10–15 ppm or less. Achieving this ultra-low sulfur level without large additional expenditures is a major challenge. Both ExxonMobil and Akzo Nobel are continuing to develop new catalyst and process technology options to help the refining industry meet these future needs. Introduction Advanced designs of transportation vehicles to reduce air pollution have become increasingly dependent on the availability of low sulfur (S) fuels. Substantial reductions in gasoline and diesel sulfur levels have already begun to occur in some parts of North America, Europe, and Japan. This trend is expected to accelerate as additional regulations mandating 10–50 ppm S become effective between 2004–2008 in the U.S., Canada, Europe and elsewhere around the globe. Meeting the new low sulfur fuel specifications presents a significant challenge to the petroleum refiner. In order to minimize the cost of producing these fuels, new technology advances are needed. For gasoline, the greatest challenge is to deeply desulfurize fluid catalytic cracked (FCC) naphtha (which contributes most of the sulfur in gasoline), while minimizing the loss of octane resulting from olefin hydrogenation during the desulfurization step. For diesel, the objective is to achieve the ultra-low sulfur specifications at the lowest possible cost. The application of improved catalyst technologies, along with effective molecule management in the refinery offer the greatest potential for achieving this objective. ExxonMobil and Akzo Nobel are committed to developing cost-effective process and catalyst technology options for meeting current and future needs for mogas and diesel sulfur removal. ExxonMobil has commercialized the SCANfining process for producing ultra-low sulfur gasoline with minimum loss of oc
- North America > United States (1.00)
- Europe (1.00)
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (1.00)
- Energy > Oil & Gas > Downstream (1.00)
Abstract This paper presents an overview of the critical factors governing the production of ultra low sulfur diesel (ULSD) i.e. diesel fuel with less than 50 ppm sulfur. To produce ULSD it is necessary to remove the most refractive sulfur compounds, which are certain alkyl-substituted dibenzothiophenes. Alkyl-substituted dibenzothiophenes are desulfurized via one of two routes: by direct extraction of the sulfur atom, or by hydrogenation of one of the aromatic rings followed by sulfur extraction. Factors affecting the relative rates of reaction for the two routes are discussed, in particular the inhibiting effect of certain nitrogen containing components of diesel oils on the hydrogenation route. CoMo catalysts are generally more active for the direct desulfurization route, whereas NiMoP catalysts show relatively higher activity for the hydrogenation route. The consequences for ULSD are demonstrated through a number of cases studies, which serve to illustrate the effect of catalyst choice on required catalyst volume, hydrogen consumption and product properties. The case studies are used to discuss the merits of revamps versus grassroots units. Many diesel hydrotreaters suffer from poor liquid distribution resulting in poor catalyst efficiency. Examples are given from industrial operation of how the application of state-of-the-art reactor internals improves reactor performance. Introduction Diesel fuel specifications are being tightened throughout the world as part of efforts to improve air quality. At the same time, the demand for diesel is increasing necessitating use of lower quality feedstocks. The combination of these factors places a heavy burden on the refiner's hydroprocessing capabilities. New hydrotreating capacity and revamp of existing facilities are needed to meet the future diesel specifications. The present emphasis is on the reduction of sulfur, but future requirements may include improvement of cetane number, reduction in polyaromatic content and reduction in density. For the production of ultra low sulfur diesel (ULSD), the refiner has to decide whether to revamp an existing hydrotreater or to build a new, grassroots unit. A revamp is less costly but will often be less flexible with respect to changes in feedstock and in required product properties. Many factors need to be considered in choosing the most cost-effective solution, but in all cases it is essential to have a thorough understanding of the kinetics for removal of the most refractive sulfur compounds. The kinetics of deep desulfurization is governed by the extent to which desulfurization (HDS) occurs by direct sulfur extraction, or by hydrogenation of the sulfur-containing molecule. The direct route is primarily inhibited by hydrogen sulfide, and the hydrogenation route by specific nitrogencontaining compounds. CoMo and NiMoP catalysts exhibit di
- Asia (0.68)
- North America > United States (0.68)
- Energy > Oil & Gas > Downstream (1.00)
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (0.36)
Summary Since 1996, Methanex Corporation and Synetix Inc. have been cooperating on the development of a new synthesis gas process based on reforming in an integrated gas-to-gas heat exchanger, the so-called Advanced Gas Heated Reformer or AGHR. This has resulted in the construction and operation of a flexible materials demonstration plant at Methanex Corporation's methanol production plant located in New Plymouth, New Zealand, and the development of some new analytical techniques for the rapid determination of metal dusting resistance in materials. Initial results from this facility have been evaluated together with previous operating experience that Synetix has with the basic technology in Ammonia synthesis plants, to provide Methanex with the confidence to push ahead with the design of a full-scale methanol plant at it's new production site on the Burrup Peninsula in Western Australia. The benefits of the technology are increased gas efficiency, significantly reduced unit capital costs, scale increase, and lower operating costs as a result of improved reliability. The technology being demonstrated depends wholly on some breakthrough technology in materials of construction to avoid metal dusting as the key piece of equipment, the AGHR, is operating totally in the known metal dusting region. Methanex and Synetix believe that confirmed success with this technology will open up opportunities for further expansion of methanol and methanol derivative scale as well as the potential for the use of the technology as the synthesis gas step in the production of Fischer Tropsch liquids. The technology will also contribute to the more rapid development of technologies for other chemical synthesis based on methanol and DME such as Methanol to Olefins, Gas to Olefins and the Methanol to Propylene technology being promoted by Lurgi Oel and Gas. This paper covers some of the history of development and the current state of the technology and some comparisons of expected results with conventional steam reforming and other synthesis gas technologies. History of In 1996, Methanex Corporation undertook an evaluation of current and developing synthesis gas Development technologies with a particular reference point based on its unique position as the operator of nine different methanol plants based in North America, Chile and New Zealand. The plants had similar operating performance histories and, in particular, had all lived through at least one major event that caused significant shutdowns and repair costs. We also had an extensive history of general maintenance issues effecting the reliability and on-stream time of methanol plants. The way in which the company had come together also brought together a number of operating philosophies and basic steam reforming technologies so that the commonality could be ascr
- Oceania > Australia > Western Australia (0.25)
- Oceania > New Zealand > Taranaki > New Plymouth (0.24)
- Health, Safety, Environment & Sustainability > Sustainability/Social Responsibility > Sustainable development (0.69)
- Facilities Design, Construction and Operation > Natural Gas Conversion and Storage > Liquified natural gas (LNG) (0.69)
- Facilities Design, Construction and Operation > Processing Systems and Design > Gas processing (0.49)
- Health, Safety, Environment & Sustainability > Environment > Climate change (0.47)
Abstract A method selection of residual product processing, especially that of vacuum residuum, becomes more and more important recently but creates a serious technical and economic challenge for every refinery. One of possible approaches to this issue is an hydrocracking and hydrodesulfurization process of vacuum residue, H-Oil, offered by IFP (Axens) Company. This paper shows some aspects concerning stability of products received from the process when processing vacuum residue derived from Ural crude oil. Taking proper corrective measures in the process itself and respective product preparation we succeeded to improve product stability caused by specific chemical composition of vacuum residue received from Ural crude oil. 1 Introduction The radical constrains referred to environment protection regulations and the resulting limits for harmful substances emissions have brought the violent increase of quality requirements for fuels produced in petroleum refineries, during the last 10 years. It concerns the motor fuels and fuel oils. The necessity of substantial emissions decrease from power stations has forced the direct impact on fuels structure change. Heavy fuel oils are gradually replaced with light oils and fuel gas. The growth of demand for middle distillates is observed in result of these changes (motor fuel oils and light fuel oils). In parallel the low sulphur fuels are required. The very rigorous requirements for low sulphur residue fuel oils are difficult to fulfil and strongly influence the whole crude oil processing scheme and residue oils disposal The one problem solution may be the residue oil hydrocracking and hydrodesulphurisation. In this process the desulphurised residue oil and motor fuel distillates are obtained. The product properties depend on process conditions and conversion. In commercial scale two residue hydrocracking processes are used: LC-Fining (ABB Lummus Global) and H-Oil (IFP). The seventh H-Oil Plant was started up in PKN Orlen SA refinery, in Plock, Poland, in 1999. The Unit is processing vacuum residue from Russian Ural crude oil. 2 H-Oil process Process H-Oil with ebullated-bed reactor was invented by HRI in the mid-1960's to overcome characteristic problems experienced by fixed-bed processes when processing heavy or dirty feedstocks. To fully develop and commercialise the process, HRI teamed-up with Cities Service R&D (CSRD). This effort resulted in the construction and successful operation of a 2,500 BPSD demonstration plant at Cities' Lake Charles refinery in 1963 and the licensing of the first commercial plant to the Kuwait National Petroleum Corp. In 1981, HRI teamed up with Texaco to continue the development and BLOCK 2 - - FORUM 10 317 SOLVING STABILITY PROBL
- Europe > Poland (0.34)
- North America > United States (0.29)
- Asia > Middle East > Kuwait (0.24)
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (1.00)
- Energy > Oil & Gas > Downstream (1.00)
Abstract The world's plentiful gas supply sources, continued technological innovation, the desire for less carbon intensive fuels, and the need for cleaner air in urban areas, will ensure a significant increase in the use of natural gas as an energy source. The resulting Gas Economy will be supplied from a truly global market consisting of large gas reservoirs geographically spread but linked to consumers by a range of technologies. The development of a "syngas" hub at the centre of a Gas to Product (GTP) business will yield significant value addition and will require the development of new technologies that both reduce cost and lend themselves to intensive process integration. We are working hard on many fronts to make GTP technologies, particularly low-cost syngas play their part. We are aggressively pursuing this objective with our GTL Test Facility programme in Alaska, and in high-risk, highly leverage breakthrough R&D programmes such as the OTM (Oxygen Transport Membrane) alliance. Ultimately we are aiming to move beyond syngas to the direct conversion of methane to chemicals and fuels. To this end we have made major commitment supporting R&D efforts at the world leading universities of Berkeley, Caltech in the US and Tsinghua and Dalian in China. 1.0 The Gas Throughout most of our history, man's primary energy source has been wood. With the onset of Economy severe deforestation in Western Europe, the desire for increased mobility and the development of new technology, early in the 19th century the western world moved from a wood burning economy to a coal burning economy. Early in the 20th century, largely as a result of the need to fuel the emerging mechanised military machine, we moved rapidly from the coal based economy to the oil based economy of today. It would seem to us that the world is now at the next inflexion point as the global demand growth in primary energy is supplied by gas ahead of oil and coal. For the last ten years or so, gas has taken market share in preference to oil and coal. Whilst it is not possible to be precise about the fossil fuels mix of the future, we can say with some certainty that natural gas will meet many of the mid term demands of society. Plentiful gas supply, continuing technological innovation, the liberalising of energy markets and most importantly, the desire for less carbon intensive fuels all point to an increasing demand for gas. Indeed it is possible to now envision an economy powered principally by BLOCK 3 - - FORUM 18 311 LOW-COST SYNGAS AND ITS ROLE IN THE GAS ECONOMY natural gas - The Gas Economy (). As we consider these shifts in fossil fuel mix we can see that we are on a journey towards cleaner, lower carbon energy sources that will eventually take us towards achieving true sustainable development. We see The Gas Economy as a major step
- Europe (0.87)
- North America > United States > Alaska (0.26)
- Asia > China > Liaoning Province > Dalian (0.25)
- Energy > Oil & Gas > Upstream (1.00)
- Energy > Oil & Gas > Downstream (1.00)
- Materials > Chemicals > Commodity Chemicals > Petrochemicals (0.49)
- Health, Safety, Environment & Sustainability > Sustainability/Social Responsibility > Sustainable development (1.00)
- Health, Safety, Environment & Sustainability > Environment > Climate change (1.00)
- Data Science & Engineering Analytics > Research and Development and Emerging Technology Programs (1.00)
Introduction and The oil industry remains in a period of significant of change: Background3 years ago there were three super-majors in the oil industry, now there are five; Chevron recently completed the takeover of Texaco; Phillips and Conoco have announced a zero-premium merger, which is yet to close; Smaller companies continue to combine - excluding the bigger transactions, there have been 70 transactions in the recent past in our industry totalling some $70 billion As a catalyst for discussion, this paper will cover the following areas:Highlights of BP's M&A experience over the last 3 years, The strategic rationale behind BP's acquisitions, in particular Amoco and Veba, How BP planned and executed these transactions, and he role of M&A in the delivery of BP's strategy. Mergers and Inorganic growth has played an instrumental role in BP's success. It has been a key focus of BP's Acquisitions - activities for the last four years. Success has been underpinned by a clear strategy, sound processes Strategy in Action and a solid financial framework. Through inorganic growth, BP has gained:Material, long-life resources, Number one market positions in U.S. retail, U.S. gas and European retail, 5 global brands, A materially shifted portfolio (oil to gas - 40%+ and growing). BP has also improved its position with:A restructured cost base, Economies of scale, Enhanced returns through upgrade - disposal of $19 billion non-strategic/bottom quartile assets from the post-acquisition portfolio, and One "Group" team – "best of the best" (very best people from the heritage companies). The BP - Amoco merger in 1998, at the time, the largest industrial merger ($110 billion) ever, repositioned BP as a super-major and initiated a period of major consolidation in the industry. BP followed it with $45 billion of acquisitions - Arco, Vastar, Mobil downstream in Europe, Castrol, Erdoelchemie, Solvay and Veba to increase the scale and reach of the new company:A total of $125 billion of deals moving BP's enterprise value close to $200 billion, The combination of these deals along with BP's divestment activity has delivered a more focused organization with robust financial performance $6 billion of cash cost reduction, Upstream volume growth of 5.5% per annum, BLOCK 4 - - FORUM 24 227 MERGERS & ACQUISITIONS - A BP PERSPECTIVE Mid-cycle earnings growth over the last three years of 34%, Sector leading ROACE. History Heritage BP: Prior to the mergers and acquisitions, BP had a high performing business in a fragmented market. The majority of the world's reserves (80%) were, and are, off limits to the private sector. The remaining 20% were fragmented among more than 12 players. It was evident BP needed scale and reach to compete with Exxon and Shell; econ
- Europe (0.93)
- North America > United States (0.47)
- Asia > Azerbaijan (0.89)
- Africa > Angola (0.89)