BP CEO Ben van Beurden says the company will not be able to keep pumping out as much oil as it is producing.
But he expects the company to be able tap into reserves, and said the company plans to raise more capital.
“We are going to continue pumping,” he said, adding that the company has enough reserves in the ground to pump into the future.BP said last week that it expects to hit a production milestone of 8.7 million barrels per day by the end of the year, compared to an average of about 6.2 million barrels a day from 2014.
That would make it the most profitable company in the U.S. for a year.BP and ExxonMobil are also battling over the future of the Deepwater Horizon oil rig in the Gulf of Mexico, which spilled more than 4.4 million barrels of oil into the ocean last summer.BP has repeatedly said it plans to resume production of the rig and the oil tanker Line 2 from its Marcellus Shale operations in Pennsylvania to New York by the first half of 2019.
ExxonMobil said last month that it is continuing to work on its own plans to restart production at the rig.BP also said last weekend that it would increase production in the United States by 1.3 million barrels to 5.4 billion barrels in 2020.
The company also said it would restart the U-Haul trucking business, which has been operating since 2012.