BP opening 200-person Denver HQ for a major U.S. division

BP said today it will establish a 200-person office in Denver as the new headquarters for its onshore division for the lower 48 states.

The global oil and gas company (NYSE: BP), which has its global headquarters in London, said it wanted to be closer to its “substantial operating asset position in the Rocky Mountain region and an important energy hub of the future.”

BP said its move highlights its Lower 48 division’s continued momentum despite the ongoing challenges surrounding low commodity prices for oil and natural gas.

The move also “marks a return to Denver, where BP legacy companies once had a significant presence,” the company said.

The new Denver office is expected to open in the first quarter of 2018, BP said.

“In some ways, this is a homecoming for us,” said David Lawler, CEO of BP Lower 48, in the announcement.

“With two thirds of our operated oil and natural gas production and proved reserves in the Rockies, world-class universities nearby and a wealth of industry expertise in the region, Denver is a logical – and strategic – place for us to be and a natural fit for our business,” he said.

BP began operating its U.S. Lower 48 assets as a separate business entity in early 2015.

The business unit has operations in five states — Colorado, New Mexico, Oklahoma, Texas and Wyoming — and in seven oil and gas basins that together cover an area roughly the size of New Jersey, the company said.

BP said its Lower 48 unit is the largest energy company working on the Colorado side of the San Juan Basin, which sprawls across the Colorado-New Mexico border. BP has interests in 1,300 wells there.

About 30 percent of the unit’s production comes from the San Juan Basin, which contains what the company called one of the best coalbed methane reservoirs in the world. The company’s operations in the area are run out of offices in Durango and Farmington, New Mexico.

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