BP CEO: Oil, gas is a high-tech industry

By Business LeadersFOXBusiness

BP CEO: We are continuing to invest more and more in the US

BP CEO Bob Dudley on the outlook for oil demand, the company's growth, the regulatory environment, the company's alternative energy push and the outlook for oil prices.

BP, one of the world’s top oil and gas companies, is betting on technology to be a game changer for the industry.

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“We’ve got all kinds of efforts and data analytics for everything we do and putting sensors all through our equipment, allow people to even stay away from hazardous areas—it’s going to change our industry like the aircraft industry,” said BP CEO Bob Dudley to FOX Business’ Maria Bartiromo during an interview at the World Economic Forum on Wednesday. “People think that oil and gas is not a high-tech business—it is.”

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Last year the British oil company completed a $10.5 billion acquisition of BHP’s shale assets in order to expand its U.S. business. Because of this, BP is making massive technological breakthroughs in the Gulf of Mexico.

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“We’ve produced about 20 percent of what we have in the ground in the Gulf of Mexico. It’s great for the United States,” Dudley said. “By using new technology we imaged things, we can see the reservoir easier and we’ve found what we think are another billion barrels of reserves without having to drill to find them.”

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Dudley added that he expects close to 3 percent growth and plans to continue to invest more in the U.S.

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