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But BP also said its capital spending would rise around 5% this year due to cost inflation and it would spend $1 billion more over the next four years to improve safety at its US refineries and to upgrade pipelines in Alaska.
The company also announced a further delay at its Thunder Horse platform in the Gulf of Mexico – one of BP’s largest new projects – after workers discovered leaks.
Subject to weather, BP now hopes the platform will start up in early 2007. The company said last month it was aiming for a start-up in the second half of this year. The platform was originally planned to come onstream last year.
