BP Chief: U.S. Oil Sector a 'market without brain'
BP Chief Executive Bob Dudley described the United States' high-pace shale oil sector as a "market without a brain" that, unlike Saudi Arabia and Russia, only responds to market signals.The U.S. shale oil sector, which has helped the country to become the world's biggest oil producer last year, needs oil to sell at between $40 to $60…
India, China to Lead Rapid Growth in Energy
The major chunk of global energy supply growth is expected to come from renewables and natural gas over the next two decades, but steep investment in oil exploration and production will be needed to meet crude demand in 2040.The global energy demand is set to rise by around a third by 2040, driven by improvement in living standards…
BP to Invest $1.8 bln in Egypt
BP Chief Executive Bob Dudley on Monday said the company will invest about $1.8 billion in Egypt this year and he expects a crude oil price of $50-65 a barrel over the next year.Dudley added that the current oil price is healthy and fair and that the market feels balanced.(Reuters, Reporting by Nadine Awadalla and Aidan Lewis; Writing by Eric Knecht and Yousef Saba; Editing by David Goodman)
Giza and Fayoum Gas Fields Come Onstream
BP on Monday announced first gas production from the second stage of its West Nile Delta development offshore Egypt, marking the second start-up in a string of new upstream projects expected to be brought on line by the supermajor in 2019.The project, which produces gas from the Giza and Fayoum fields, was developed as a deepwater…
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…
BP to Expand Emissions Disclosure
BP has agreed to broaden its disclosure on greenhouse gas emissions to show how it thinks future investments in oil and gas align with U.N.-backed climate goals, it said on Friday.Following talks with a large group of investors, BP also agreed to back a shareholder resolution on the measures at its annual general meeting (AGM), further…
DAVOS: Oil Majors Huddle in DAVOS to Mull Future
When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer?
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.
BP Targeted with First Shareholder Resolution on Climate Goals
Pressure on oil companies to tackle climate change is growing after an activist group for the first time filed a shareholder resolution urging BP to set hard targets for reducing overall carbon emissions.Follow this, a Dutch organization that spearheaded a number of climate shareholder resolutions at Royal Dutch Shell's AGMs over the…
BP and Equinor Spending Steady
The spending plans of oil majors BP and Equinor are unaffected by the more than 25 percent drop in oil prices since early October, their CEOs said on Wednesday.Oil and gas companies were boosted over the first nine months of the year by a recovery in crude prices as years of cost cuts started to kick in. But the drop in oil prices…
BP Profits Soar to Five-year High
BP reported on Tuesday that profits had more than doubled in the third quarter, boosted by stronger oil prices that hit a four-year high in the period and as production rose thanks to new fields.BP reported third-quarter underlying replacement cost profit, the company's definition of net income, of $3.8 billion, far exceeding forecasts of $2.85 billion based on a company-provided survey of analysts.That compared
Eni to Acquire Half of BP's Libya Oil and Gas Assets
Italy's Eni has agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday.Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent…
Eni to Acquire Half of BP's Libya Oil and Gas Assets
Italy's ENI agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday.Eni will acquire the 42.5 percent stake from BP and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, they said in a statement.The two com
BP Pays $10.5 bln for BHP Shale Assets
BP Plc has agreed to buy U.S. shale oil and gas assets from global miner BHP Billiton for $10.5 billion, expanding the British oil major's footprint in some of the nation's most productive oil basins in its biggest deal in nearly 20 years.The acquisition of about 500,000 producing acres marks a turning point for BP since the Deepwater Horizon rig disaster in the Gulf of Mexico in 2010…
Shell CEO: "foolhardy" to Set Carbon Reduction Targets
CEO says a target will expose Shell to lawsuits; BP has also taken cautious approach on targets. Royal Dutch Shell's boss said it would be "foolhardy" for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges. The energy industry has struggled in recent years…
No Signs of Oil Shortage After Drop in Spending -BP CFO
BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company's Chief Financial Officer Brian Gilvary said on Thursday.Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S. shale oil production has surged in recent years as drillers adapted.The U.S.
Pope Warns Energy Bosses of Global Destruction without Fuel Shift
Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe."Civilisation requires energy but energy use must not destroy civilisation," the pope told top oil company executives at the end of a two-day conference in the Vatican.Climate change was a challenge of "epochal proportions"…
Brent Tilts into the Red, but U.S.-China Trade Truce Limits Losses
Brent crude oil declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.Brent crude futures eased by 12 cents to $78.39 a barrel by 1352 GMT, having reached a session high of $79.19. U.S. crude futures were up 30 cents at $71.55."Oil prices are finely balanced in today’s trading session.
BP Shareholders Approve CEO's Pay
BP shareholders on Monday approved Chief Executive Bob Dudley's 2017 remuneration package by a more than 96 percent majority.Dudley's remuneration rose by 13 percent to $13.4 million last year as the oil and gas giant's profit more than doubled and production soared.In 2016 Dudley's pay package was cut by 40 percent after a majority of shareholders opposed the company's pay policy.Reporting by Ron Bousso
BP Profit Surges 71 pct
BP reported a 71 percent jump in profit in the first quarter on Tuesday, driven by higher oil and gas prices and increased production as it undergoes an era of rapid growth. London-based BP reported first-quarter underlying replacement cost profit, the company's definition of net income, of $2.6 billion, exceeding forecasts of $2.2 billion, according to a company-provided survey of analysts.