BP's 2018 Profit Doubles as Output Soars
BP's profit doubled to $12.7 billion in 2018, driven by strong growth in oil and gas output following the acquisition of a large portfolio of U.S. shale assets.The company's debt rose however, and the pace of its share buyback scheme slowed in the last quarter as it completed the $10.5 billion BHP acquisition."We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline.
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea…
BP to Boost Stake in UK's 'Giant' Clair Field
BP announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP’s North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska. BP has entered into an agreement to purchase from ConocoPhillips a 16.5% interest in the BP-operated Clair field…
BP to Shed North Sea Bruce Field Stakes
BP said on Tuesday it had agreed to sell stakes in three fields in its Bruce assets in the North Sea to Serica Energy plc. The company said it expects to receive around 300 million pounds ($398 million), with a majority of it in the next four years. Serica said it would buy a 36 percent interest in Bruce, 34.83 percent in Keith and 50 percent in Rhum. BP will retain a 1 percent stake in Bruce.
BP, Shell Double Down on North Sea
BP, Shell plan around 10 exploration wells, even though both companies have sold many North Sea assets. Two of the most veteran oil and gas producers in the UK North Sea, Royal Dutch Shell and BP, still tie their future to the ageing offshore basin despite a broad retreat in recent years. Both companies plan to explore this year for new resources in the North Sea, one of the oldest deepwater hubs faced with harsh weather conditions, executives told Reuters.
Sparrows Group Retains BP North Sea Contract
Sparrows Group has successfully retained its current North Sea Mechanical Handling and Crane Management contract with BP, which will extend the working partnership between the two companies to over 50 years. The contract sees the lifting and mechanical handling specialist operating and maintaining all 21 of BP’s pedestal cranes in the North Sea across eight assets. This includes the soon to be commissioned Clair Ridge platform and Glen Lyon FPSO.
Shell to Sell Some North Sea Assets to Chrysaor
Shell has agreed to sell a package of UK North Sea assets to Chrysaor for a total of up to $3.8bn, including an initial consideration of $3.0bn and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future discoveries. The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin…
Keppel FELS Delivers Accommodation Unit to Floatel
Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered Floatel Triumph, a fifth high-specification accommodation semisubmersible (semi), to Floatel International Ltd (Floatel). The semi, which is built to Keppel's proprietary SSAUTM5000NG design, will be chartered by Chevron Corporation for work in the Wheatstone field in Western Australia. Floatel Triumph is scheduled to arrive on location in mid-October 2016.
BP's Exploration Strategy Shrinks
BP exploration boss leaves after limited success. The surprise departure of BP's exploration boss has turned the spotlight on an oil search strategy that, after years of spending cuts, is focusing mainly on expanding existing fields rather than venturing expensively into the unknown. That caution reflects a firm chastened by the $55 billion cost of its 2010 Gulf of Mexico spill…
BP Boosts Culzean field Stake
BP announced today it has doubled its interest in the Culzean development in the UK Central North Sea, following its acquisition of an additional 16% interest from JX Nippon. The acquisition increases BP’s interest in the development from 16% to 32%. “We are pleased to have deepened our interest in Culzean and we look forward to helping Maersk make this important central North Sea development a success,” said Mark Thomas, BP Regional President North Sea Region.
Claire Ridge Topside Modules Safely Installed West of Shetland
BP and its co-venturers, ConocoPhillips, Chevron and Shell, confirm the safe installation of the new Clair Ridge platform’s quarters and utilities (QU) topside modules, a major milestone in the Clair Ridge project. The QU platform comprises three modules – the quarters and utilities integrated deck (QUID) which has a lift weight of 9,400te; the power generation (GM) module which has a lift weight of 4…
Alphastrut Completes Seven Figure North Sea Contract
Alphastrut has announced the completion of a seven figure contract with BP which has saved the supermajor around 54 tonnes in weight. Alphastrut comprises engineered aluminium extrusions and fabricated brackets which are bolted together to form support frames, used in everything from load-bearing raised-access floors to ceiling grids and bulkhead supports. The Alphastrut aluminium system was successfully installed on the BP Clair Ridge accommodation module…
AGSL Software Chosen for BP’s Quad 204 Project
Asset Guardian Solutions Ltd (AGSL), which specializes in protecting companies’ process critical software assets, announced that its software management platform Asset Guardian has been chosen by BP to manage the process control software used to operate Quad 204. Quad 204 is a field redevelopment project located West of Shetland in the U.K. The aim of the project is to construct a new Floating…
BP Selects AGSL Software for Clair Ridge Project
Asset Guardian Solutions Ltd (AGSL), which specializes in protecting companies’ process critical software assets, announced that BP has selected its proprietary software management platform Asset Guardian for the company’s iconic Clair Ridge project. BP will use the Asset Guardian toolset to improve the performance and security of the process control software that it will use throughout the Clair Ridge project…
Durastic Supplies North Sea Oil Platform in Korea
Marine flooring manufacturer Durastic has supplied a range of its specialist products to Hyundai Heavy Industries in South Korea to help build a major new North Sea oil platform for BP. Durastic, which has sites in Liverpool, Jarrow and Southampton, U.K., has supplied underlay and floor coverings along with other material and fittings for the new BP Quad 204 platform being…
Use a new EOR technology brings award for BP
In recognition of the breakthrough new enhanced oil recovery – or EOR – technology, BP has been presented with the Distinguished Achievement Award. The award was presented on 4 May, 2014 at the Offshore Technology Conference (OTC) in Houston, Texas. This is the second time in four years that BP has won the award at this major annual gathering for oil and gas professionals.
BP to Outline Enhanced Oil Recovery
Euan Duncan, Discipline Lead Reservoir Engineer at BP, will address SPE Aberdeen’s members and the wider public on April 23, at a presentation covering how EOR works and the opportunities this technology presents when conditions are right. Duncan will discuss the BP North Sea EOR program and lessons learned from water-alternating gas projects in the Miller, Ula and Magnus fields.
