FT reports that BP has held discussions to sell North Sea assets for PS2 billion to Ithaca.
The Financial Times reported that BP had advanced 'talks' to sell its UK North Sea assets to Ithaca _Energy _in a??deal worth $2.69 billion, citing sources familiar with the situation. The report stated that despite the failure of the recent talks, BP is still exploring its options and could pursue a 'deal' with another competitor. Ithaca Energy?refused to comment while BP didn't immediately respond to a?request for comment. Bloomberg News reported that last month BP was weighing the sale of all or part of its UK North Sea Operations.
Amanda Blanc, an independent director, is tasked by BP to head the search for the next chairman.
Ian 'Tyler, the BP interim chair said that BP had asked Amanda Blanc, a senior independent -director to lead the scouting for the next chairman. Tyler stated that "as with previous searches, this will be an intense process involving all members of the Board. The Financial Times was the first to report this news. Multiple London financial figures, including major?investors and the former chairman of the oil giant, Albert Manifold was ousted just eight months after his appointment. Blanc, who is also the CEO of British insurer Aviva?, oversaw Manifold’s appointment last October.
WSJ reports that BP's ousted Chairman Manifold had a clash with the director over deal negotiations.
The Wall Street Journal, citing sources familiar with the situation, reported that BP's formerly ousted chairman Albert Manifold had a disagreement with a fellow director, Simon Henry, earlier this year, over the handling of sensitive discussions related to a possible deal. BP dismissed?Manifold Tuesday and expressed serious concern about his 'governance standards and oversight, and conduct. Manifold claimed he had been?removed with no warning' and denied the description of his conduct. The Journal reported that Manifold accused Henry privately of overstepping his authority and of excluding other directors from communication…
BP Gas and Low Carbon Chief William Lin to depart -memo confirmed as true by spokesperson
William Lin, BP's head of low-carbon gas and business, is preparing to leave as the oil giant reorganises. A BP spokesperson confirmed this after a Monday internal message was sent to thank Lin for his'services. BP CEO Meg O'Neill who was appointed in April told BP staff last month that a reorganisation of the business into two major?units - downstream and upstream – bundling production of oil and gas – would begin in June. This was to make BP more valuable and simpler. BP has three major business units. The gas and low-carbon unit covers gas production while the production and operations unit covers oil production, U.S. Onshore Business and refining.
BP begins commercial production of non-associated gas at Azerbaijan’s ACG field
British ?energy major BP said on Monday ?commercial production of non-associated gas ?has begun at the ?energy-rich Azeri-Chirag-Gunashli (ACG) ?field ?off the coast of Azerbaijan. Non-associated natural gas is gas that comes from wells where there is no crude oil. It's produced independently, rather than as a byproduct. BP stated that ACG has estimated non-associated gas reserves of 4 trillion cubic ft with a potential of 6 trillion cubic ft. BP is refocusing its efforts on fossil fuels after a push for renewable energy. Last week, citing sources in the industry, it was reported that BP would become the operator of 'the Babek Gas Field in Azerbaijan.
BP sells 5% of the Australian Browse LNG Project to South Korea’s GS Energy
GS Energy, a South Korean company, has agreed to buy 5% of BP's stake in Browse - a liquefied gas project in Western Australia. The deal leaves BP with a stake of 39.33% in the Woodside project. This project is estimated to cost A$48.7billion ($34.96billion) and aims to develop Australia’s largest untapped 'gas resource. "BP and its Partners continue to?see long-term value?? The North West Shelf is one of Australia's largest LNG export facilities. However, the progress has been slowed by regulatory approvals. BP sold its stake after Inpex, a Japanese company, announced last month that it would purchase PetroChina's 10% share in the 'project.
Baker Hughes reports that US drillers have added oil and natural gas rigs to their fleet for the sixth consecutive week.
Energy services firm Baker Hughes said that U.S. energy firms added oil and gas rigs in the United States for a sixth consecutive week. This is the first time since May '2022. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending May 29 to 562, its highest level since May 2025. Baker Hughes stated that despite this week's increase in rigs, the total number of rigs was still down by one rig compared to this time last year. Baker Hughes reported that oil rigs increased by four this week to 429, the highest level since June 2025.
Export surge and record-low U.S. shale oil backlog slow production gains
U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move ?quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war ?on Iran. Since the start of the conflict, US producers have increased their exports to Asia and Europe. Iran has effectively closed the Strait?of?Hormuz and stifled the Middle Eastern oil market. This has caused a rapid decline in U.S. oil stocks. According to data from the government, U.S.
Sources say that the ousted BP chair met with activist shareholder Elliott, without knowing other directors directly.
Two sources familiar with the situation said that former BP chairman Albert Manifold had met with activist shareholder Elliott Management while he was on the board, without telling his fellow members. Manifold was fired by BP this week, after?less that eight months as Chairman. This sent BP's share price plummeting and dealt a serious blow to the leaderships 'attempt' to prove they had stabilized the ship. BP cited conduct and governance issues as the reason for Manifold's dismissal. BP hired Manifold in the last year to oversee efforts to restore investor confidence following years of strategy, leadership and debt changes.
Sources say that Trinidad's Atlantic LNG has shut down its processing unit to perform maintenance.
Gerald Ramdeen, the Chairman of the National Gas Company of Trinidad and Tobago (NGC) and two other people familiar with the operation, said that the flagship?LNG?facility of Trinidad and Tobago shut down its Train 4 processing unit for planned maintenance on Tuesday. Sources said that the outage could last for nearly two months and affect as much as 50% of Atlantic LNG’s total production capacity. The Caribbean's liquefied natural gas supply is now more limited in the short-term due to the interruption. Global markets are already constrained by the loss of Qatari volumes.
BP ousts Chairman Albert Manifold, citing unnamed Governance Issues
BP announced on Tuesday that it had removed Albert Manifold as its Chair 'with immediate effect'. The company cited governance and conduct concerns, just months after he was appointed to oversee a new strategy. BP launched a plan to switch the focus from renewable energy to fossil fuels in February '2025. It also appointed Meg O'Neill as its fifth CEO since last year. In a Tuesday statement, BP announced that its?board unanimously agreed to remove Albert Manifold as chairman and director. BP stated that the decision was made in response to serious concerns expressed to the board regarding important?governance, oversight and behavior standards.
BP Whiting Refinery revises its proposal to the union in ongoing negotiations
BP announced that its Whiting refinery had returned 'to the bargaining table' with the United Steelworkers - Local 7-1 negotiating committee on Friday and presented a revised proposal to bring the parties closer together. In response to union concerns, the company said that it has withdrawn the voluntary reductions of up to 42 employees of maintenance crafts. BP said the proposal included an average 13% 'pay increase' over the first four?years of a six-year proposed agreement.?Pay increases in the last two?years would match those?set out in the 2030 National Oil Bargaining.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, an energy services firm, said in its widely-read report published on Friday that U.S. firms added oil and gas rigs this week for the 'fifth consecutive week' for the 'first time since February 2025. The number of oil and gas drilling rigs, a good indicator of future production, increased by seven in the week ending May 22 to 558, its highest level since June 2025. Baker Hughes reported that despite this week's increase in?rigs, the total count is still eight rigs lower, or 1%, than this time last. Baker Hughes reported that oil rigs increased by 10 this week to 425. This is their highest level since July 2025.
Shell subsidiary sells stakes to QatarEnergy in offshore blocks of Uruguay
QatarEnergy acquired three offshore exploration blocks in Uruguay from Shell's subsidiary, marking its first entry in the South American nation's upstream energy sector. The state-owned firm said on Wednesday that it would not disclose financial details. Shell, a key partner in Qatar's energy projects, is also strengthened by the Qatari energy giant’s South American exploration expansion. Over the past few years, the company has built up an upstream portfolio, which includes interests in Brazil and Cyprus as well as Egypt. QatarEnergy acquired 30% of the?stakes? in blocks OFF-2 and OFF-7 where Shell holds 70% and 40%, respectively.
Shell subsidiary sells stakes to QatarEnergy in offshore blocks of Uruguay
QatarEnergy acquired three offshore exploration blocks in Uruguay from Shell's subsidiary, marking its first entry in the South American nation's upstream energy sector. The state-owned firm said on Wednesday that it would not disclose financial details. Shell, a key partner in Qatar's energy projects, is also strengthened by the Qatari energy giant’s South American exploration expansion. Over the past few years, the company has built up an upstream portfolio, which includes interests in Brazil and Cyprus as well as Egypt. QatarEnergy acquired 30% of the?stakes? in blocks OFF-2 and OFF-7 where Shell holds 70% and 40%, respectively.
Venezuelan Oil Minister tells Houston Conference that country is open to dispute resolution
The Venezuelan Oil Minister Paula Henao announced on Tuesday that the new framework for hydrocarbons in the country is open to?dispute settlement outside of the country. This was a major wish expressed by many foreign oil firms before they begin operations in the South American nation. She said this at a conference outside Houston. "We hope it never comes to that but if it does, we will resolve any issues through this channel." Her remarks at the event hosted by the American Association of Petroleum Geologists, in The Woodlands in Texas, marked her first trip to the U.S. since the January ouster of President Nicolas Maduro by American forces.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fourth consecutive week.
Baker Hughes, a closely watched energy services firm, said in its report on Friday that U.S. firms added oil and gas rigs for a fourth consecutive week. In the week ending May 15, the oil and gas rig counts, which is an early indicator of future production, increased by three, to 551 - its highest level since late March. Baker Hughes reported that despite a?this week?s increase in rig count, the total number was still down 25 rigs or 4% from this time last year. Baker Hughes reported that oil rigs increased by five this week to 415, the highest level since November 2025.
Sources say BP will cut its pipeline gas trading team, as the focus on LNG grows.
BP aims to dismantle the team that trades pipeline gas, according to two sources familiar with the matter. The oil major is focusing on a larger?liquefied gas (LNG), trading. Sources said that BP would lay off 20 employees from its pipeline gas division and fold the rest into the fast-growing LNG business. The move "underscores" a wider shift that has been occurring since 2022 when Europe shifted away from Russian pipeline gas to LNG. BP refused to comment. European majors spent "decades" building large trading desks in order to profit from price differences across time periods, regions and derivatives markets.
Sources say that BP is considering selling some Egyptian gas assets
Four people close to the matter have confirmed that BP may sell some of its natural gas assets located in Egypt. This is as Meg O'Neill, the new CEO, restructures BP to reduce debt and focus on more profitable projects. Over the past six decades, BP has invested a total of?more than?$35 billion in Egypt. Joint ventures in the East Nile Delta and BP-operated fields on West Nile Delta produce?about?60% of Egypt's natural gas. Over the past six decades, BP has invested more than?$35? The sources said that no final decisions had been made. A BP spokesperson stated that the company doesn't comment on market speculation.
BP will meet with union leaders for Whiting refinery talks next week
BP and the United Steelworkers union announced on Wednesday that they will be meeting with 'union leaders' on Monday in order to re-start contract negotiations at their oil refinery in Whiting, Indiana. We look forward to returning the table for negotiations to reach an agreement which will preserve strong jobs by improving refinery performance and safety. This will also keep the site competitive over the long-term in various economic conditions. BP stated that they have been negotiating in good faith since the'start' and would continue to do so. Some 800 workers at the 440,000-barrel-per-day refinery, the largest in the U.S.
Iran ceasefire is a major factor in the growth of most Gulf markets ahead of Trump's China visit
As 'investors' watched the fragile Middle East truce and the upcoming 'high-stakes meetings' between U.S. President Donald Trump and Chinese president Xi Jinping. U.S. Treasury Sec. Scott Bessent said the two presidents would discuss the Iran War, and asked?China to 'join us in the international operation' to open the Strait of Hormuz for international shipping. Analysts say that while Beijing worked behind the scenes last month to persuade Iran to attend peace talks in Pakistan with 'the U.S.,' it did not act solely on Washington’s orders. Saudi Arabia's benchmark indices gained 0.2%.
Europe's first-quarter earnings are a mixed bag for consumers and growth.
A majority of European companies have reported their first-quarter earnings. As a result, the corporate profits will rise faster than ever in three years. This is due to strong growth from the financial and energy sectors. As the war drags on, concerns are growing for consumers. According to LSEG I/B/E/S earnings in Europe are expected to be up 10.2% for the first quarter based on results?of the companies who have already reported and estimates of those that still have to report. This would be the 'fastest?growth rate in the first quarter since 2023.
US loans 53.3 million barrels from Strategic Petroleum Reserve
The Trump Administration announced on Monday that it would loan 'energy companies' 53.3 million.barrels from the U.S..Strategic.Petroleum Reserve, as part of a worldwide agreement to calm down oil markets which have spiked due to the U.S. -Israeli War with Iran. Exxon Mobil and Trafigura are among the nine companies that borrowed less than 58% of the 92.5 million barrels offered by the Department of Energy to the SPR last month. This spring, the DOE had already borrowed about 80 million barrels. It is aiming to release a combined 172 million barrels. The U.S.
Woodside Energy's delayed Browse Liquefied Natural Gas project is expected to cost 35 billion dollars
Woodside Energy has commissioned a report that estimates the cost of its long-delayed Browse project to be A$48.7billion ($35.2billion). The proposal to develop Australia's biggest?untapped gas resources was submitted to?regulators? in 2018. It was estimated at A$27.3billion in 2019 but in 2023, a major component of carbon capture and storing (CCS) was added to the plan. Environmental approvals and negotiations over a processing contract have slowed down the Browse project. Deloitte's economic impact analysis, commissioned by the Woodside company and released on Monday…
Sources say that BP CEO told staff in June to expect a reorganisation of the company.
Three sources said that BP CEO Meg O'Neill notified staff of a reorganization?into 'two main business unit' - upstream & downstream - starting in June. BP announced in April that it would restructure according to this plan, but did not provide a timetable. O'Neill took over as oil major's 5th chief on April 1, becoming the first to make such a move. BP has three major business units. The gas and low-carbon unit covers gas-focused production, while the oil production and operation unit includes oil?output and its U.S. Onshore Business?and refinement. Customers and Products includes fuel sales, petrol station and lubricants.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand. World has used temporary buffers to absorb the shock of the Middle East war. These include commercial stocks, oil in transit or stored at sea, and emergency reserves. Executives from major energy companies and investment banks…
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S. and Iran reach a peaceful agreement to end their conflict, oil supplies will tighten in the coming weeks. It will take weeks for oil to be shipped from the Middle East Gulf to refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the peak summer demand. World has temporarily buffered the impact of the Middle East war by using?commercial stocks, oil in transit and stored at sea as well as emergency?reserves. Markets and global economies have yet to feel the full impact of the disruption to oil supplies.
