BP says some of its oil may have to stay in the ground

Oil companies are under increasing pressure to bring fuel to market faster and cheaper, leading BP to conclude some of its resources “won’t see the light of day”, according to its head of strategy.

Some of the “more complicated to extract” resources in the oil major’s portfolio may have to be sold or stay in the ground, said Dominic Emery, the company’s group head of strategy. They’re going to be too expensive and too time-consuming to get out, and the industry is under pressure to shorten the duration and size of projects, he said.