Thursday, July 19, 2018

Bp News

ConocoPhillips sells 16.5 pct of North Sea Asset to BP

Ryan Lance, chief executive officer of ConocoPhillips

U.S. oil producer ConocoPhillips said on Tuesday it would sell a 16.5 percent stake in the Clair field to oil major BP for an undisclosed price. Houston, Texas-based ConocoPhillips will retain a 7.5 percent interest in the North Sea offshore oil field through a unit while BP will hold a 45.1 percent interest.

U.S. Court Dismisses Climate Change Lawsuits Against Oil Majors

File Image: Adobestock / © Renaschild

A California federal court dismissed climate change lawsuits against five oil companies by the cities of San Francisco and Oakland, saying the complaints required foreign and domestic policy decisions that were outside the purview of courts, Chevron Corp said on Monday. The cities of San Francisco and Oakland…

New LNG Contract Framework to Spur 'Oil-like' Trading Model

File Image (CREDIT: AdobeStock / © Kasto)

Introduction of GTC contracts could spur trading, cut costs; traders say existing system inefficient and tedious. A new umbrella contract meant to streamline trading of liquefied natural gas (LNG), bogged down in red tape and wrangling over terms, could boost liquidity, draw in new entrants and speed up the market's transition to an oil-like model.

Equinor Deepens Its Offshore Brazil Portfolio

Photo: Equinor

Equinor has expanded its portfolio in Brazil’s prolific Campos and Santos basins after winning the Uirapuru and Dois Irmãos blocks in the 4th Production Sharing Bidding Round in Brazil.Equinor, ExxonMobil and Petrogal Brasil presented the winning bid (75.49% profit oil) for the Uirapuru production sharing contract in the Santos basin.

Pope Warns Energy Bosses of Global Destruction without Fuel Shift

© andiz275 / Adobe Stock

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…

Briggs Marine Secures BP Contract in Caspian Sea

Pat Diamond (Briggs Marine)

Briggs Marine, a UK marine contractor, has boosted its global growth plans following a three-year contract award from BP Exploration, worth over $4 million. The project, based in Azerbaijan, will see Briggs Marine delivering fire and rescue services at Sangachal Terminal - one of the world’s…

Norway Awards Oil Permits to 11 Firms in Arctic Licensing Round

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland / Equinor)

Norway has awarded 12 oil and gas exploration licences to Equinor and 10 other companies focused mostly on the Arctic, where Oslo believes it has the greatest potential for significant new discoveries.Nine of the licences are located in the Barents Sea and three in the Norwegian Sea off central Norway…

Shell Sells $1.3 Billion of Oil and Gas Assets

Picture taken after today’s signing. From left: Ola Borten Moe (OKEA CCO), Rich Denny (Managing Director A/S Norske Shell) and Erik Haugane (OKEA CEO)

Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over $1.3 billion, bringing it closer to a target of $30 billion in disposals by year-end.The Anglo-Dutch company agreed to sell to OKEA, a Norwegian producer backed by private equity firm Seacrest Capital, its 45 percent interest in the Draugen Norwegian offsh

Italy's Eni Aims for Oil Industry First with Carbon Neutral Goal

Italian oil major Eni will make a binding commitment to becoming carbon neutral, its chief executive Claudio Descalzi said on Monday.Descalzi said Eni's "epochal" announcement on how it planned to reach its goal would be made by the end of the year, adding that no oil company as yet had laid…

Idled St. Croix Refinery to Restart, Produce Fuels by 2020

Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, which was once one of the world's largest refineries, plan to invest $1.4 billion to refurbish and restart a portion of the plant, they said on Monday. ArcLight Capital Partners, a private equity firm that owns 80 percent of Limetree Bay Terminals LLC…

BP to Boost Stake in UK's 'Giant' Clair Field

BP's Clair Ridge platform. Photo: BP

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…

Shell CEO: "foolhardy" to Set Carbon Reduction Targets

BP CEO Bob Dudley (CREDIT BP PLC)

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…

Britain Launches North Sea Frontier Oil, Gas Licensing Round

© Lukasz Z / Adobe Stock

Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370,000 square kilometres (142…

Hundreds of Norway Oil Workers Go On Strike

Photo courtesy of Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if…

Hundreds of Oil Workers Strike in Norway

Photo: Harald Pettersen / © Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if…

US Oil Boom Delivers Costly Surprise for Traders

© Denise Potrzeba Lett / Adobe Stock

The world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent in just a month, as surging U.S production upends the market.Trading desks of oil major BP and merchants Vitol , Gunvor and Trafigura have recorded…

Cairn Buys Into Seacrest-backed British North Sea Oilfield

Photo: Cairn

Cairn Energy has bought a 50 percent stake in the Agar-Plantain oilfields in the British North Sea from Azinor Catalyst, the companies said on Thursday, amid renewed interest in North Sea assets.Oil producers are returning to the North Sea having sold many assets in the past few years, often to private equity investors…

No Signs of Oil Shortage After Drop in Spending -BP CFO

Brian Gilvary (Photo: BP)

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.

Equinor Awards $3.7 Billion Service Deals

The Grane platform in the North Sea. (Photo: Harald Pettersen / Equinor ASA)

Norwegian oil and gas firm Equinor has awarded drilling and well service contracts worth 30 billion Norwegian crowns ($3.68 billion) to Schlumberger, Halliburton and Baker Hughes, it said on Monday.The contracts cover integrated well services, such as directional drilling, drill bits, fluids and cementing, for an initial four years, and can be extended for u

Oil Traders Ready for Musical Chairs as China Tariffs Loom

© Haris / Adobe Stock

Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S.

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