BP Drops Reserve Replacement Ratio ...Middle East

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BP Drops Reserve Replacement Ratio
source : OILPRICE ( Middle East ) () 13
The ratio of oil and gas reserve replacement has become the latest radical change UK supermajor BP has made on its road to a net-zero future. In its annual report for 2020 released this week, BP said it would no longer use the reserve replacement ratio as one of its key performance indicators because it was no longer a useful measure of its strategic performance. Like other supermajors, BP has struggled to replace its reserves fully in the last few years. Yet now it is pivoting to renewable energy, and the reserve replacement ratio may have become…

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