BP goes on US$3b spending spree

London

BP PLC is piling up assets with more than US$3 billion of deals in three days, as chief executive officer Bob Dudley sees the company emerging from the doldrums after a two-year price slump.

Since Saturday, BP has announced a US$2.2 billion expansion of output in Abu Dhabi and a US$916 million investment in fields in Mauritania and Senegal. That brings its 2016 acquisitions to more than US$3.8 billion, the highest in four years, according to data compiled by Bloomberg.

The spending spree may herald a return to growth for Mr Dudley, who has spent most of his six-year tenure divesting assets to pay for the catastrophic Gulf of Mexico oil spill in 2010, for which BP set aside mo…