bp's DRO team scouting discovered oil and gas opportunities
- Formed in 2024, the discovered resources opportunities (DRO) team screened around 130 potential opportunities in its first year.
- The team shortlisted about 15 projects, supported eight offers and six have been agreed or announced.
- Key outcomes include a June 2026 technical services contract for 43 blocks in India’s Western Offshore Basin and support to develop more than 3 billion barrels of oil equivalent in Kirkuk, Iraq.
- The team advanced Phase 2 of Venezuela’s Loran field with an estimated 4 trillion cubic feet of recoverable gas and helped attract ConocoPhillips and Türkiye Petrolleri to the Kirkuk partnership, subject to approvals.
Purpose and structure
The discovered resource opportunities (DRO) team, set up in 2024, combines subsurface, wells, projects, production and business development specialists to identify discovered oil and gas resources that best fit bp and can create value.
Working method
The team uses integrated squads to compress rigorous technical and commercial assessments into weeks or months rather than the typical six-to-twelve-month studies. Members enter digital data rooms, travel to review information that cannot be shared remotely, analyse geological and well histories and work side‑by‑side with potential partners.
Early performance
In its first year the DRO team screened around 130 opportunities, shortlisted roughly 15, supported eight offers and helped secure six agreed or announced opportunities. Criteria for selection included resource size, strategic fit, commercial potential and whether bp could add the right expertise.
Case studies
In Iraq the team evaluated redevelopment plans in the Kirkuk basin, supporting development of more than 3 billion barrels of oil equivalent across multiple domes and fields and helping bring ConocoPhillips and Türkiye Petrolleri into the partnership, subject to regulatory approvals.
In India the DRO analysis led to a successful bid and a technical services contract signed in June 2026 covering 43 blocks in the Western Offshore Basin. The team also supported an agreement to advance Phase 2 of Venezuela’s Loran field, estimated at 4 trillion cubic feet of recoverable gas.
Source: bp