Long term oil will continue to decline as they don't have much left to explore to find new oil unless they acquire something and the existing oil wells are all mature and in terminal decline.
The oil fields they do have are mature and the reserves are reducing every year.
For 2024/25 I'm forecasting oil to only be 12% of production volume and about 21% of EBITDA and it will likely get worse each year after that.
BPT is now all about Gas and LPG as thats where the growth is in the company.
Over the past 10 quarters they have spent $2.23B on Capex so its about time we started seeing production increasing through Gas/LPG and hence a return on that investment.
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