Post Tagged with: "BP"

Source: Reuters

BP reappoints Wise as head of crude trading in latest reshuffle

Reuters


LONDON – BP BP.L has reappointed Daniel Wise as global head of crude in the latest reshuffle of its trading division aimed at helping the company to boost margins during a transition to low-carbon energy.

Despite a broader reshuffle, …

Source: Reuters

BP starts Oman’s giant Ghazeer gas field

Reuters


LONDON – BP BP.L has started production at Oman’s giant Ghazeer natural gas field, which is set to underpin the company’s oil and gas output for years as it shifts to renewables.

The London-based firm said Ghazeer, the second …

BP terminates Deepsea Aberdeen contract

BP terminates Deepsea Aberdeen contract

Offshore Technology 


Oil & Gas Publishers Note: This contract termination falls right in line with BP’s plans to morph into a renewable energy company. We covered this on our “BP Week Podcast Series”. This change is also being followed by

Source: Reuters

BP enters offshore wind with $1.1 billion Equinor deal

Reuters


OSLO/LONDON – BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals.

The …

Source: Reuters

IEA calls for ‘dramatic’ scaling up of clean energy tech to meet climate goals

CNBC


MOSCOW – Russia’s largest oil producer, Rosneft, said on Thursday it had started to drill an exploration well at a hard-to-recover oil project, its first without any partners.

Russia plans to develop hard-to-recover oil and shale but is hampered …

Source: Reuters

Exclusive: BP poised to sell ‘stranded assets’ even if oil prices rally

Reuters


LONDON – BP (BP.L) is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three …

Source: CNBC

BP CEO says dividend cut ‘deeply rooted in strategy’ as energy giant ramps up renewable investment

CNBC


The CEO of oil and gas giant BP told CNBC on Wednesday that its decision to “reset” its dividend to 5.25 cents a share was “deeply rooted in strategy.”

The newly announced dividend represents a 50% reduction compared to

Source: Reuters

BP’s stranded Canadian, Angolan assets expose wider industry risks

Reuters


LONDON  – When BP (BP.L) slashed its long-term oil price outlook last week, prospects in Canada and Angola were rendered worthless, company sources and analysts said, exposing broader risks the industry faces as the world pivots to …

Source: CNBC

BP outlines how quickly global carbon emissions would need to fall to reach net zero by 2050

CNBC


The chief executive of energy giant BP said Wednesday that to get to net zero by 2050, the world would need to see lockdown-like reductions in carbon emissions every other year for the next 25 years.

In the London-based …

Source: CNBC

Major oil executives ‘optimistic’ amid anxiety over coronavirus ‘second wave’

CNBC


Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic.

“Each one of us …

June 17, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

BP wipes up to $17.5 billion from assets with bleaker oil outlook

Reuters


LONDON  – BP (BP.L) will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy …

Source: Reuters

Exclusive: Oil major BP to cut 15% of workforce

Reuters


LONDON – BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.…

Source: Reuters

BP turns over rights to operate South Caucasus Pipeline to unit of Azeri SOCAR

Reuters


BAKU (Reuters) – BP has turned over rights to operate the South Caucasus Pipeline (SCP), part of the network that is due to start carrying gas from Azerbaijan to Europe this year, to a unit of Azeri state energy …

Source: Reuters

Coronavirus widens climate rift between European and U.S. oil majors

Reuters


LONDON – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel …

Source: Reuters

Iraq emerging as OPEC’s main laggard in making record output cut: sources

Reuters


BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry …

Source: CNBC

BP’s net profit slides 67% in the first quarter following a historic fall in oil prices

CNBC


Energy giant BP reported a significant fall in first-quarter net profit on Tuesday, as oil prices continue to dive amid intensifying concerns about the coronavirus crisis and dwindling storage capacity.

The U.K.-based oil and gas company posted first-quarter underlying

Source: Reuters

BP revises $5.6 billion Alaska deal after oil price crash

Reuters


BP (BP.L) said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead to a lower …

Source: Reuters

U.S. Supreme Court sides with BP unit to curtail Superfund site cleanup lawsuits

Reuters


The U.S. Supreme Court handed BP Plc (BP.L) unit Atlantic Richfield Co a victory on Monday, making it harder for Montana landowners to seek a more extensive cleanup of a hazardous waste site than the federal government …

April 20, 2020 - 1:00 pm Closing Bell Story‎, Energy News, Regulatory
Source: CNBC

As oil prices tank, BP CFO warns demand could be negative in 2020

CNBC


Demand for oil will likely be negative in 2020, adding further downward pressure to plummeting prices, according to BP CFO Brian Gilvary.

Around the time of its earnings report in early February, the energy giant anticipated that demand would …

Source: Houston Chronicle

All eyes on Exxon, Chevron after BP vows carbon neutrality

Houston Chronicle


BP Plc’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more.…

Source: Reuters

Russia says it needs more time to decide on any OPEC oil output cut

Reuters


MINERALNYE VODY, Russia – Russia said on Friday it needed more time to decide whether to join any additional oil output cut by OPEC, saying U.S. crude production growth would slow and global demand remained solid.

Energy Minister Alexander …

February 7, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC, Popular 2
Source: Reuters

BP full-year net profit falls 21% on weak oil and gas prices

CNBC


Energy giant BP reported better-than-expected full-year net profit on Tuesday, outperforming analyst expectations despite lower oil and gas prices.

The U.K.-based oil and gas company posted full-year underlying replacement cost profit, used as a proxy for net profit, of …

Source: CNBC

BP’s CEO chides AOC and Bernie Sanders for their ‘completely unrealistic’ Green New Deal ideas

CNBC


Outgoing BP chief Bob Dudley on Wednesday criticized sweeping climate proposals from Sen. Bernie Sanders, a top-tier 2020 Democratic presidential candidate, and Rep. Alexandria Ocasio-Cortez, a champion of the far-left.

“They have a completely unrealistic idea of the …

Source: Houston Chronicle

BP names new CFO as Gilvary plans to retire

Houston Chronicle


BP Plc handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year.

Murray Auchincloss, currently the finance chief of BP’s oil and …

Source: Reuters

Premier Oil plans $500 million rights issue for North Sea buying spree

Reuters


LONDON- Premier Oil is set to buy North Sea assets from BP and increase its stake in the Tolmount gas project, funded by a $500 million rights issue, but faces opposition from hedge fund ARCM, which vowed to fight …

Source: Houston Chronicle

Big Oil shows new commitments to offshore African projects

Houston Chronicle


A bevy of Big Oil majors are making new commitments to developing oil and gas projects in West Africa, specifically in Senegal, Mauritania and Angola.

The British energy major BP said its three-well exploration campaign offshore of Senegal …

Source: Reuters

Exxon, Chevron face new round of shareholder climate resolutions

Reuters


LONDON (Reuters) – An activist group is increasing the pressure on five big U.S. and European oil companies with shareholder resolutions urging them to meet the Paris climate goals and cut carbon emissions.

Dutch group Follow This is targeting …

December 16, 2019 - 2:00 pm Closing Bell Story‎, Energy News, ESG, International
Source: Reuters

Factbox: IMO 2020 – a major shake-up for oil and shipping

Reuters


Tougher rules on sulphur emissions from ships will come into effect next year in the biggest shake-up for the oil and shipping industries for decades.

IMO 2020

From January 2020, United Nations shipping agency the International Maritime Organization (IMO) …

December 13, 2019 - 1:00 pm Closing Bell Story‎, Energy News, Regulatory
Source: Reuters

BP increases stake in solar energy firm Lightsource BP

Reuters


LONDON – BP (BP.L) is increasing its stake in solar energy developer Lightsource BP to 50% from 43% and is aiming for rapid growth over the next few years, the two companies said on Thursday.

European oil …

Source: Reuters/Christopher Pike

Oil is our gold and we aim to use all of it, ADNOC official says

Reuters:


Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.

The world’s transition away from fossil …