BP Exits Alaska with $5.6Bln Sale
British oil major BP Alaska announced that it is selling its entire business to Hilcorp Alaska, marking the exit from Alaska after six decades.The $5.6 billion sale includes Opens a New Window. interests in the Prudhoe Bay oil field, Point Thomson gas field and the trans-Alaska pipeline system, BP said in a release.Bob Dudley, BP group chief executive…
BP and Eni Ink Exploration Deal in Oman
Supermajors BP and Eni on Wednesday signed an exploration and production sharing agreement (EPSA) for Block 77 in central Oman with the Ministry of Oil and Gas of the Sultanate of Oman.Block 77 covers a total area of over 2,700 square kilometers. BP and Eni will each hold a 50% interest in the EPSA, with Eni acting as operator during the exploration…
BP Nears FID at Platina Field Offshore Angola
Angola’s Sonangol and British supermajor BP on Monday signed an agreement to progress to final investment decision (FID) for the development of the Platina field in the BP-operated deepwater Block 18, offshore Angola.Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013. It would be the second phase of development in Block 18…
BP Chairman to Retire
BP has announced that Carl-Henric Svanberg has informed the company’s board of directors of his intention to retire as chairman. Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post. Ian Davis, the BP board’s senior independent director, will now lead the process to identify and appoint BP’s next chairman.
BP back in the black
BP has made a profit of $115 million for the year 2016. This compares to its loss of $6.5 billion in the previous year. The company in its report stated having focused on growth: strategic portfolio additions, new projects coming onstream, costs and spending reduced ahead of schedule. Bob Dudley, BP group chief executive, commented, "2016 was the year we made significant strides in creating a stronger platform for growth.
BP Gets 10% Stake in Abu Dhabi’s ADCO
BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years. In addition to the interest in the ADCO concession, BP becomes a 10% shareholder in ADCO, the Abu Dhabi Company for Onshore Petroleum Operations Limited, which operates the concession.
BP, CNPC Ink Second Chinese Shale Gas Deal
BP today announced that it has signed a second production sharing contract (PSC) for shale gas exploration, development and production with China National Petroleum Corporation (CNPC). The PSC, signed on 27th July, covers an area of approximately 1,000 square kilometres at Rong Chang Bei in the Sichuan Basin. In March 2016, BP and CNPC signed their first shale gas PSC on the adjoining Neijiang-Dazu block.
BP to Expand Indonesia’s Tangguh LNG Facility
BP, on behalf of Tangguh Production Sharing Contract Partners, today announced that the Final Investment Decision (FID) has been approved for the development of the Tangguh Expansion Project in the Papua Barat Province of Indonesia. “The Tangguh Expansion Project demonstrates BP and its partners’ continued confidence in Indonesia and our commitment to work closely with the government to meet the country’s energy needs…
BP Fast-tracks Development of Atoll Discovery
BP announced today that together with the Egyptian Natural Gas Holding Company (EGAS), it has sanctioned development of the Atoll Phase One project which is an early production scheme that will bring up to 300 million cubic feet a day (mmscfd) gross of gas to the Egyptian domestic gas market starting in the first half of 2018. BP has a 100% interest in the concession.
Technip Acquires BP Chemicals’ Hummingbird
Technip has completed the acquisition of Hummingbird ethanol to ethylene technology from BP Chemicals Ltd. Utilizing a proprietary catalyst operating under mild operating conditions, the technology converts ethanol to ethylene through dehydration. The process uses a wide range of ethanol feedstocks and can easily be integrated into existing ethylene facilities.
BP, Det norske Join forces to form Aker BP
Deal creates strategic platform for long-term growth in Norway, combining Det norske’s efficient operating model with BP’s experience and technical expertise. BP and Det norske oljeselskap today announced the creation of Aker BP ASA, an independent oil and gas company combining the assets and expertise from both companies’ Norwegian exploration…
BP Sells Partial Stake in Castrol India
BP today announced that its wholly-owned subsidiary, Castrol Limited, has been successful in selling part of the shareholding it holds in Castrol India. Castrol Limited today sold approximately 11.5% from the 71% stake it held in Castrol India to a range of domestic and international investors. Castrol India is listed on the Mumbai Stock Exchange (BSE: CSTRL IB EQUITY) and the National Stock Exchange (NSE: CSTRL IS EQUITY)…
BP, CNPC Ink BP’s Gas Production Sharing Contract
BP and China National Petroleum Corporation (CNPC) today signed a production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China. Witnessed by BP Group Chief Executive Bob Dudley and CNPC Chairman Wang Yilin, the contract is BP’s first shale gas PSC in China and covers an area of approximately 1,500 square kilometres.
BP to further Develop Oman's Khazzan Gas Field
BP and Oman Oil today signed a heads of agreement with the Government of the Sultanate of Oman committing to amend the Oman Block 61 exploration and production sharing agreement (EPSA), extending the licence area of the block and enabling a further development of the major Khazzan tight gas field. BP is the operator of Block 61 with a 60% interest and Oman Oil holds the other 40%.
BP: Technology Will Double Energy Resources
Existing technology to reduce need for exploration; alternative power further lower fears of supply crunch. The world is no longer at risk of running out of oil or gas for decades ahead with existing technology capable of unlocking so much that global reserves would almost double by 2050 despite booming consumption, oil major BP said on Monday.
Rosneft's AGM Declares Dividend
At the Annual General Meeting of Rosneft shareholders held in St.Petersburg on June 17, 2015 it was decided to distribute the profit of 87 billion rubles as dividend at the rate of 8 rubles 21 kopecks per share for 2014. The approved dividend amount equals 25% of Company’s IFRS net profit. The dividends will be paid to the nominal shareholders and professional securities market participants by July 13…
Rosneft Repaid Two Syndicated Loans of the Former TNK- BP Group
On May 28, Rosneft delivered a payment to the group of international banks repaying two syndicated loans which were obtained by former TNK- BP group in 2011-2012. The Chairman of Rosneft Management Board Igor Sechin said in this regard: “The Company responsibly refers to the fulfilment of liabilities to its creditors.
BP Posts 1Q 2015 Results
BP today reported its results for first quarter of 2015. Underlying replacement cost profit1 for the quarter was $2.6 billion compared with $3.2 billion for the same period in 2014 and $2.2 billion for the fourth quarter of 2014. “We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower prices. Our results…
BP in Second Egypt Find
BP Egypt announced today another important gas discovery in the North Damietta Offshore Concession in the East Nile Delta. The “Atoll-1” deepwater exploration well, currently being drilled using the 6th generation semi-submersible rig “Maersk Discoverer,” has reached 6,400 metres depth and penetrated approximately 50 metres of gas pay in high quality Oligocene sandstones.
BP To Develop West Nile Delta Gas Fields
BP today signed the final agreements of the West Nile Delta project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates with an estimated investment of around $12 billion by BP and its partner. The project underlines BP’s commitment to the Egyptian market and is a vote of confidence in Egypt’s investment climate and economic potential.
