BP (BP +1%) CEO Bob Dudley shows little enthusiasm for pursuing drilling in new areas off America’s coasts, in response to the Trump administration's proposal to open up vast areas of federal waters to new leasing.
"We’ve got a very full plate in the United States,” Dudley says in an interview with Axios. “We don’t have a plan that says, ‘Here’s what we’re interested in’ because we have prioritized a lot of activity, including reducing exploration and the size of the company.”
Amy Harder, the interviewer, thinks Dudley's caution likely is shared by other major oil companies because of pressure by shareholders to continue keeping costs down, continued focus on onshore shale oil and natural gas, and regulatory and litigation obstacles in some of the new areas.
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