Monday, June 17, 2019

Bob Dudley News

BP Sells Egypt Assets to Dragon Oil

BP chief executive Bob Dudley (Photo: BP)

BP said on Monday it has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dubai-based Dragon Oil, as part of the supermajor’s plan to divest more than $10 billion in global assets over the next two years.Under the terms of the deal, Dragon Oil, a wholly-owned subsidiary of the Emirates National Oil Company (ENOC)…

Environmental Activists Block BP London HQ

Activists blockade entrances to the BP headquarters in London, demanding an end to new oil and gas exploration. The campaigners arrived at 3 a.m. on Monday and encased themselves in heavy containers before the oil company’s annual general meeting on Tuesday. Other activists are also climbing the building to hang signs from the windows. (© Chris J Ratcliffe / Greenpeace)

Greenpeace activists blocked the entrance to BP's London headquarters on Monday, demanding one of the world's biggest energy companies ends all new oil and gas exploration or goes out of business.Greenpeace activists arrived at the building in St James' Square in central London at 0200 GMT and encased themselves in specially designed…

Investors Push BP to Fight Climate Change

(Photo: BP)

BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years, the London-based major is being lobbied by activists and an increasing…

Higher Output Cushions BP's Profit Fall

(Photo: BP)

BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.The slump in profits marks the first significant dent in BP's steady recovery over the past 18 months following the sector's 2014 downturn."We produced…

BP Invests $6 Bln in Offshore Azerbaijan Project

Image: BP

The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day.

​​​​BP Plans to Exit China's Shale Gas

European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results.

BP Chief: US Oil Sector a 'Market Without a Brain'

BP Chief Executive Bob Dudley (CREDIT: BP)

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

 Graphic of renewable energy sources by BP

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

(Photo: BP)

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

(Photo: BP)

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

(Photo: BP)

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

© Mike Mareen/Adobe Stock

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

(Photo: BP)

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

(Photo: BP)

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

Equinor CEO Eldar Saetre (Photo: Ole Jørgen Bratland / Equinor)

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

(Photo: BP)

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

(Photo: Eni)

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

Photo: BP

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…