(Oil Price) – BP has started to simplify its portfolio and cut costs, and will make fewer but better choices in which projects to invest, chief executive Meg O’Neill said on Thursday. “We are taking concrete action to grow long-term value for shareholders: simplifying our portfolio, reducing costs, maintaining tight discipline on capex and strengthening the balance sheet,” O’Neill, the first
(World Oil) – bp has agreed to sell its non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada, to operator Equinor, continuing its strategy of simplifying its upstream portfolio and focusing capital on higher-value opportunities. The transaction includes bp’s interests across 10 licenses associated with the Bay du Nord development, representing an average 37.2% working interest. Financial terms were not
(BOE Report) – British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O’Neill’s first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a sale of minority
(World Oil) — SLB’s OneSubsea joint venture has secured a contract from bp to provide a subsea boosting system for the Thunder Horse development in the deepwater Gulf of America/Gulf of Mexico, extending the operator’s use of standardized subsea processing technology across multiple offshore projects. The engineering, procurement and construction (EPC) contract follows recent subsea boosting awards for bp’s Kaskida and Tiber developments.
(Oil Price) – BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday. BP is selling the 5% stake, out of its total of its 44% interest, to South Korea’s GS Energy. “The dilution reflects BP’s disciplined approach to portfolio management by
(World Oil) – Former bp Plc Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company’s version of events, deepening the turmoil around the UK oil major’s latest leadership change. bp ousted Manifold on Tuesday after eight months on the job, citing serious concerns related to “governance standards, oversight and conduct.” The company didn’t provide further details in
(World Oil) – bp said its board has removed Chairman Albert Manifold with immediate effect following what the company described as governance oversight and conduct concerns. Albert Manifold served as chair of bp for less than eight months before the company’s board removed him over governance and conduct concerns. The board unanimously decided Manifold should no longer serve as chair or director, according
(World Oil) — bp has signed three production sharing contracts (PSCs) in Indonesia, expanding its upstream exploration portfolio near the company’s existing Tangguh LNG operations in Papua Barat and adding participation in a new East Java block. The agreements cover the Bintuni and Drawa exploration blocks near the bp-operated Tangguh LNG project, as well as the INPEX-operated Barong block in East
(World Oil) – bp has entered the North Ustyurt production sharing agreement (PSA) in Uzbekistan, acquiring a 40% participating interest in six exploration blocks alongside SOCAR and Uzbekneftegaz as the company expands its upstream exploration portfolio in Central Asia. The agreement covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks located in the North Ustyurt region of Uzbekistan. Under the transaction, bp acquired a
(World Oil) – bp Plc and Venezuela agreed on a deal to explore for natural gas offshore as the South American country’s energy revival gathers pace following the U.S. capture of Nicolas Maduro. The memorandum of understanding between bp and Caracas establishes “potential areas for co-operation in material gas and future exploration,” bp said Wednesday in an emailed statement. Venezuela state firm
(BOE Report) – BP on Tuesday posted a first-quarter underlying replacement cost profit, its version of net income, of $3.2 billion, compared with expectations of $2.67 billion in a company-provided poll of analysts and $1.38 billion a year ago. BP’s customers and products business, including its oil trading desk which BP had already flagged as having an exceptionally strong
(Oil Price) – The Iran war and the loss of oil and gas supply from the Middle East have upended the stock performance of the biggest international majors. BP, the laggard of the past six years, has moved ahead of all others, while the top performer since 2020, ExxonMobil, has seen the worst stock showing among Big Oil since the war
