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BP Plc, operator of more than 3,700 convenience stores in the United States, said its production of oil in the United States will be 33 percent higher in 2005 than it is currently.
Deputy Chief Executive Rodney Chase, addressing a U.S.-British business meeting in Houston, also said BP would invest $6 billion in the United States this year and a similar amount in 2002.
Chase noted that BP is already the biggest producer of oil and natural gas in the United States. The company has daily U.S. production of about 750,000 barrels of oil, according to Reuters.
The London-based company has greatly expanded its presence in the United States in recent years with the acquisitions of Amoco and Atlantic Richfield (ARCO). Chase said there was no reason why the United States should fear an energy supply crisis, saying there are ample resources to meet the nation's needs.
Oil and gas would continue to play a central role in meeting those needs in the foreseeable future, but in the longer term renewable energy resources would have to be developed, the report said.