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Australia Edition 1

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THE MARKET World oil

THE MARKET World oil consumption is huge and rising. In 1995, for example, the world used 3227 million tonnes of oil, of which Australia's share was 35 million tonnes (780.000 barrels/day) The market is growing at about 1 2% for lhe main product - gasoline - and at around 3-4% for diesel and jet fuel. As one of the world's maJOr oil companies, BP's market slwe 1s close to 20%. World natural gas consumption 1n 1995 was 1884 million tonnes oil equiValent ( 18 mllion tonnes oil equ1va1ent In Australia). ACHIEVEMENTS The sheer scale of BP's achievement is stagger· 1ng Worldwide. BP has annual revenues of some £44.731 million ( 1996). a workforce of 56.000 people across 100 countries. and regularly ranks 1n the world's top ten companies. It has well established operations 1n Europe, the USA, Australasia and Afnca, and is currently expanding 1n southeast Asia, South America and Eastem Europe BP's geolog1sts and petroleum engineers, however. have a remarkable record for locating big 011 and gas fields, and for tuming tMm 1nto efficient and prof1table operations. In the UK. BP accounts for about one 1n five barrels of oil production and more than 10% of the country's natural gas. It was BP which made the first maJOr gas find 1n the North Sea, 1n 1965. and oil discoveries were not far bel1ind. In 1970 BP found the Forties field, lhe largest 1n the UK sector of the North Sea. Since then, BP has developed major fields in both the UK and Norwegian sectors of the North Sea. Using innovative technology, BP also operates Europe's largest onshore oilfield 111 southern England. BP is the largest producer in the US, produc1ng about one-twelfth of all US oil. The company holds 51% of the g1ant PrudMe Bay oilfield In Alaska. and this maJOr held- developed in lhe 1970s in some of the harshest terrarn in U1e world - still accounts for much of BP's US production. Off the northwest coast of Australia. BP has a one-s1xth share in the billion North West Shelf oil and gas development proJect, Australia's largest commercial venture of any klncl. Seven million tonnes of liquet1ed natural gas (LNG) from the project 1s exported to Japan every year, w1th other buyers in Korea and Europe and in mau1land Australia. The Nortll West Sl1elf 1s already producing eam1ngs for Auslralia 1n the same league as the country's revenues from coal, wheal and wool . and fresh gas discoveries were made in the area in the last year. BP Australia 1s headquartered in Melbourne and new development and exploration actiVIties 1n the region are managed irom here. Among these actiVItieS are major development pro;ects in Papua New Guinea. BP's 1nterests 1n oil and gas around the world give it reserve,s whtch will last it for at least a decade, even though BP's product,on levels are rising all the time. Currently. BP sells and trades more than three mlhon barrels or relined products every day - enough to supply the entire oil needs of Germ8ny. HISTORY Though 1 is one of the world's best known British cornpan,es. BP was founded wiH1 Australian money. The story started in 1883 INhen William Knox O'Arcy, a young lawyer from Devon 1n England. came to Queensland to work 1n his father's law firm. From the start D'A1cy hnd an eye for the earth's hidden treasures. and he quickly made a fortune from Queensland gold He at once started looking further afield tor underground gold of a different kJnd - the black. liqu1d gold which had made nch men out of 1IS d1scoverers 1n the USA. D'Arcy had vision and faitt1: against much current opinon he believed there was oil to be found 1n tile Bribsn controlled territories of the Mrddle East, and backed h1s r1unch by sending a team to look for oil in Persia (now Iran) His team toiled tor seven years. while D'Arcy's fortunA dwindled and many 1n tt1e oil business taugred at him. Then on 26 May 1908 a fountain of oil burst skywards from a l1uge underground reservoir at 1922 - 1 931 Masjid-I-Sute1man. D'Arcy's fa1th was VIndicated. the Middle East's glittering era ot oil prosperiry was launched, and, 1n tme a company called Brillsh Petroleum (BP) was formed with D'Arcy as its founder. BP Australia was established a few years later, 1n 1920. Today, 90 years after 1ts foundation. BP is among an elite handful of the world's prem1er compan1es. Its core business however remains oil. gas and petrochemicals. And despite the huge technological advances s1nce D'Arcy's the basic chain of the business rernaillS what it has always been: exploration. produchon. transportation, refining, chemcals, processing, and market· ing. THE PRODUCT Finding and produc1ng tile oil ('upstream' actiVIty) 1s only one part of the chain. Turning that raw material into a qual1ty product the 'downstream' part of the business · requires a different set of sk1lls and a huge and complex infrastructure. Natural gas can be used as a fuel with mu11111al processing, but crude oil needs met1culous processu1Q to tum 1t into tl1e dlstinctluels that power cars. trucks, ships and planes, and into the vast range of tubncants wl11ch modern tndustry needs Further process- 1ng shillS needed to produce the bewitdenng vanety of cllem,cals. used IO' everything from agriculture to phonrlaceulicals. which can be extracted from hydrocarbons. These downstream act1vittes centre on the refinery. and BP's 26

eflnenes supply fuels to almost every sector of rnclustry Hnd commerce- t18Uinge fums. light and heavy rn.::H ruftJ::tunng ('nterpnses. power statrons. offices. shops and agncu lure. TI1e company's comorehensiVt~ ranqe o' lub11cants. hycJraullc or s. cuttrr~g f111ds

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