Sunday, May 20, 2018

Bp News

Investors Want Oil & Gas Industry to Do More on Climate Change

(File photo courtesy of BP)

Sixty global investors on Friday called on the oil and gas industry to do more to tackle climate change, ratcheting up pressure on company boards ahead of several high profile annual shareholder meetings.Companies needed to be more transparent about how they plan to change their operations as part of the global shift to a low-carbon economy…

BP Awards Vroon Offshore Services Multi-Ship Contract

Photo: VOS

Vroon Offshore Services Aberdeen has been awarded a long-term contract with BP. Under the multi-million pound contract, Vroon Offshore will provide emergency response and rescue vessels (ERRVs) to support BP’s on-going and future operations in the North Sea and West of Shetland. The contract is for two years with the option to extend to five.

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices. Offshore drilling company Ensco said it had received notice to terminate BP-operated rig DS-4 in the Gulf of Mexico. Rival…

BP Aims to Sell Down Stake in New Zealand Refining Company

BP Plc will sell roughly half its NZ$165 million ($115 million) stake in New Zealand Refining Company Limited, the New Zealand company said on Friday without naming a buyer. New Zealand Refining said in a statement to the New Zealand stock exchange that it was informed of the selldown by…

BP Appoints New Head for Asia Trading

BP has appointed a new head for its integrated supply and trading (IST) business in the eastern hemisphere, industry sources said on Friday. Janet Kong, currently head of trading analytics for the eastern hemisphere, will take over from Andy Milnes to head the business unit later this year, they said.

Iain Conn to Leave BP

Iain Conn, Group Managing Director and Chief Executive, Downstream

BP today announced that Iain Conn, Group Managing Director and Chief Executive, Downstream, is leaving the company and is to step down from BP’s board by the end of the year. Conn has had a career of 29 years with BP, serving on the board  for the past 10 years and in his current Downstream role for the past seven.

BP Says US Court Yet to Determine Penalty

Photo: BP

Oil major BP said on Thursday it will appeal a U.S. court decision that found it grossly negligent with respect to the Gulf of Mexico 2010 oil spill and added the court will hold additional proceedings due to begin next January. BP said it will immediately appeal to the United States Court…

BP, Det norske Join forces to form Aker BP

BP Logo

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…

BP Chairman Svanberg to Retire Next Year

BP Chairman Carl-Henric Svanberg has informed the oil company's board of his intention to retire, it said on Thursday. Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post, the company said in a statement. The board's…

BP’s LNG Carrier Fleet is Growing

BP said it will take delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers in 2018 and 2019 to support its expanding global LNG portfolio. BP’s finance partners KMarin and ICBC Leasing are investing more than $1 billion in the tankers. The vessels will join BP’s exixting…

Courts Upholds BP 'gross negligence' Gulf Spill Ruling

A U.S. The decision by U.S. District Judge Carl Barbier in New Orleans means BP could still face close to $18 billion of penalties for violating the federal Clean Water Act. It marks the latest setback in BP's effort to curb costs from the April 20, 2010, explosion of the Deepwater Horizon rig, which led to 11 deaths and the largest U.S. offshore oil spill.

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset. BP's fourth-quarter earnings could fall by more than two thirds from the previous quarter to 5 cents…

BP Names Former Statoil Boss Lund as Next Chairman

Helge Lund  Photo courtesy of BP

BP named Helge Lund, a former head of Norway's Statoil, as its next chairman on Thursday, as the British oil major looks to extend a period of rapid growth after recovering from a deadly oil spill in 2010.Lund, who also led BG Group during its acquisition by rival Royal Dutch Shell, will replace Carl-Henric Svanberg…

Odfjell Drilling buys “Deepsea Nordkapp”

Odfjell Drilling announced that Aker BP has today awarded Odfjell Drilling a 2 year firm drilling contract with 1+1 year optional periods. The day rates for the drilling contract will be based on market terms to be determined prior to commencement of drilling operations. In addition to the market linked day rate…

BP Profit Surges 71 pct

BP Chief Executive Officer Bob Dudley (CREDIT BP PLC)

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…

BP CFO Mulls Dividend Boost this Year

File Image (CREDIT: AdobeStock) / © Kasto)

BP Chief Financial Officer Brian Gilvary on Tuesday said the company might consider boosting dividends later this year following a recovery in oil prices and profits. "With these oil prices, we will now see net debt naturally start to decline and that will give an opportunity later this year…

In US Gulf, Robots, Drones Take on Dangerous Offshore Oil Work

File Image: A photo taken during an offshore DNV GL Drone-enabled survey (CREDIT: DNV GL)

At BP's massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed "Maggie" by BP, the dangerous inspection job was reserved for highly paid…

Aker BP Beats Street, May Increase Drilling

File Image: An Aker BP offshore installation at the Tambar Field. (CREDIT: Aker BP)

Norway's Aker BP, partly owned by oil major BP, beat quarterly earnings forecasts on Monday, helped by record output and higher oil prices, and said it may drill more wells this year than previously planned. The company, controlled by a Norwegian billionaire Kjell Inge Roekke, is focusing…

Iraq, BP Sign Kirkuk Oilfield Development Contract

Iraq's state-run North Oil Company on Monday signed an agreement with BP to develop the northern Kirkuk field, an Iraqi oil official said.The agreement was signed in the southern Iraqi city of Basra, he told Reuters.Reporting by Aref Mohammed; Writing by Maher Chmaytelli

BP, Woolworths Join Forces in Australia

Our new partnership with Woolworths will see us deliver fuel, convenience store and loyalty offers unlike any other in Australia. Photo  BP

* BP will be establishing a strategic partnership with Woolworths, one of Australia’s largest supermarket retailers. The agreement includes BP acquiring, rebranding and operating Woolworths’ existing 527 fuel and convenience sites, as well as an additional 16 sites currently under construction, across Australia for a total consideration of US$1.3 billion.