Wednesday, December 12, 2018

Bp News

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…

Shell to Go Ahead with Shearwater Gas Expansion

(Photo: Shell)

Royal Dutch Shell said on Monday it would expand the Shearwater gas hub in the British North Sea, its seventh project to get the green light in the ageing basin this year.The project, a joint venture with Exxon Mobil and BP, will include a modification of the Shearwater platform to allow production and processing of wet gas as well as the construction of a 2

Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession

Image: ENI

Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS)…

HydraWell Executes Valhall Field Plugging Program

Pic: HydraWell

Norwegian oil and gas services company HydraWell has contributed towards Aker BP executing its plugging programme significantly quicker than planned through utilisation of the PWC(Perforate, Wash & Cement) plug and abandonment method (P&A) on the Valhall field.A press release from the company pointed out that since May 2017…

EnQuest Sees 20% Higher Oil Production in 2019

(Photo: EnQuest)

EnQuest expects to produce about 20 percent more oil next year as the indebted British North Sea producer strives to recover from a series of minor setbacks at its flagship field.The company said on Wednesday it expected to produce between 63,000 and 70,000 barrels of oil equivalent per day (boepd) in 2019…

BP to Shut Azeri Platforms for Maintenance

International energy group BP plans to shut two oil producing platforms in Azerbaijan for up to 15 days in 2019 for planned maintenance, BP Azerbaijan's vice president said on Wednesday.He declined to say when exactly the maintenance would take place.(Reporting by Nailia Bagirova; Writing by Tom Balmforth; Editing by Mark Potter)

Shell Sets Carbon Cutting Targets

Ben van Beurden (Photo: Shell)

Royal Dutch Shell caved in to growing investor pressure over climate change on Monday with plans to set short-term targets for reducing its carbon footprint.BP and Total have already set short-term targets, but Shell Chief Executive Officer Ben van Beurden had previously resisted setting hard goals…

Trinidad Signs Pact with BP, Shell

Cabinet appointed Empowered Negotiations Team continued negotiations with British Petroleum Trinidad and Tobago (BPTT) and Shell Trinidad and Tobago Limited. Photo: Government of the Republic of Trinidad and Tobago

The government of Trinidad and Tobago (T&T) has entered into an agreement with energy giantsShell and BP over gas pricing and LNG activities.According to local media reports, the agree­ment in­volves new pric­ing arrange­ments, the ex­ten­sion of the At­lantic LNG Train 1 by a fur­ther five years…

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.

Petronas Sets Up Team for Renewables Push

© bphoto / Adobe Stock

Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.Petronas has expressed interest over the last year to diversify into renewables amid low oil prices.

Big Oil Digs North Sea's 'Final Frontier'

Clair Ridge (Photo: BP)

"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…

BP to Invest $1 Bln in South Africa

(Photo: BP)

BP Southern Africa (BPSA) will invest $1 billion in South Africa in the next five years with more than a quarter of that set aside to upgrade the SAPREF refinery to produce lower sulphur diesel, its chief executive said on Thursday.The 180,00 barrels per day SAPREF refinery, South Africa's largest…

BP Producing 588,000 BPD in Azerbaijan

(Photo: BP)

Oil output at the BP-led Azeri-Chirag-Guneshli oilfields in Azerbaijan totalled 588,000 barrels per day in the January to September period, BP-Azerbaijan said on Wednesday.(Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Jan Harvey)

North Sea Crude: Forties Falls to Three-year Low

© davispics / Adobe Stock

North Sea Forties crude differentials fell to a three-year low on Monday, pressured by ample prompt supplies and limited demand.Ekofisk DelaysSome Ekofisk cargoes for loading in November have been delayed by a few days because of unplanned maintenance, trade sources said. Ekofisk Operator…

Ineos to Buy ConocoPhillips North Sea Assets

North Sea. Image: ConocoPhillips

Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S.

BP to Supply Crude to St. Croix Refinery

(Photo: BP)

BP Plc's trading arm on Friday entered a tolling agreement with the owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, cementing plans to bring the plant back online six years after it was idled by previous owners, the company said.Under BP's tolling agreement with Limetree Bay Refining LLC…

Angola Battles to Revive Oil Exploration

(Photo: Total)

On Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It's not clear when he, or his peers, will be cracking open the bubbly in Angola again.Without another mega-project like Total's Kaombo on the horizon and fields getting old…

Offshore Platforms Controlled from Land

The Ivar Aasen platform (Photo: Aker BP)

Aker BP said it will become the first oil company in Norway to control operations of a permanently manned offshore platform from land from next year.Operating platforms remotely can be done with fewer staff than doing it offshore and other oil companies are also looking to do so to reduce…

ADNOC LNG Wins Extension of Gas Supply Contract to 2040

Image: ADNOC

The Abu Dhabi National Oil Company (ADNOC), has agreed, in principle, to extend to 2040 its gas supply agreement with ADNOC LNG, in coordination with ADNOC LNG’s joint venture partners, Mitsui, BP and Total.The the state-owned oil company of the United Arab Emirates said that the new gas supply agreement is scheduled to take effect from April 1…

Oil Majors Spending 'Sweet Spot' to Last to 2020

© EK / Adobe Stock

Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday.Oil and gas giants such as Royal Dutch Shell, Chevron and BP are generating…