The British oil company British Petroleum (BP) conducted last year a net profit of 115 million dollars (107 million euros), higher than the one recorded in 2015, when it registered losses of 6.5 billion dollars (6.083 billion euros ), according to an announcement performed by the company, EFE agency reports.

The general manager, Bob Dudley, said that 2016 was the year in which the company has become more competitive and has made significant steps for creating a platform for growth.

“In the fourth quarter, the company benefits were 400 million dollars (374 million euros) over the same period in 2015, of 196 million dollars, due to the recent surge in oil prices, which currently exceed 50 dollars/barrel”, said the company director.

Among the challenges that BP has faced, there was the average price of Brent oil, which fluctuated around 44 dollars, the lowest in 12 years.

“We achieved solid results in the context of difficult conditions and we are well prepared for any volatility of the oil prices”, said the company official.

Dudley said that BP has launched six major projects of “start-up” in 2016, from Algeria to the Gulf of Mexico and took final decisions regarding investments relating to five projects.

Besides, the company’s director also said that in order to achieve the objectives it is essential that BP continues to apply “a tough on cost discipline.”