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Carl Henric-Svanberg

BP Doesn't Need Large Acquisition to Replace Reserves -Executives

BP PLC (BP BP.LN), which has recently completed a $38 billion divestment program in efforts to streamline the company and bolster its financial position, doesn't need a large acquisition to replace naturally declining reserves, the company's top bosses said Thursday.Instead, BP has a pipeline of around 45 potential high-quality upstream projects it can develop during the rest of this decade. Of these, BP is particularly focusing on four areas--the Gulf of Mexico, Angola, Azerbaijan and the North Sea, BP Chief Executive Bob Dudley told shareholders at the annual general meeting.Analysts and bankers have been touting BG Group PLC (BG.LN) as an acquisition target for BP. The company, like many of its peers, is facing an uphill battle to replace its reserves and a large acquisition could be a quick route for BP to lift its reserve replacement ratio, which last year fell to 77%. But Mr. Dudley and BP Chairman Carl-Henric Svanberg said the company has enough big projects coming up to grow th...

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