BP Announces Production Decline

British oil and gas giant BP announced o Wednesday that oil and gas production decline in its fields about 3 per cent.

The company's key profit centers, which exclude its stake in Russian TNK-BP and new output from Azerbaijan, are expected to produce about 2 million barrels of oil equivalent per day in 2005 and are showing different decline rates,? Tony Hayward, the company's chief executive for exploration and production, said.

He added, "Alaska is mostly flat; the North Sea is declining somewhere between 6 and 8 per cent; and our South America business is growing, but taken as sub-segment of E&P, it's declining around 8 per cent," he said.