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, BP has chosen a safe pair of hands by reappointing Wise, who helped the company to generate hundreds of millions of
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 phase of the development of Block 61, started four months ahead of schedule. BP is in the midst of the largest
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 other major oil companies. Norwegian drilling contractor Odfjell Drilling has announced that oil major BP has terminated the contract for
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 British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over
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 by Western sanctions over Moscow’s annexation of Crimea from Ukraine in 2014. Rosneft has started to drill a first exploration
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 sources familiar with BP’s thinking said. The strategy was discussed at a BP executives meeting in July, the sources said, soon after
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 the 10.50 cents per share in the first quarter of 2020 and comes as the U.K.-based firm looks to ramp up its
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 low-carbon energy. The $17.5 billion write-down, part of Chief Executive Bernard Looney’s drive to wean BP off fossil fuel, was the biggest
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 oil and gas giant’s annual Statistical Review of World Energy, the group said some aspects of global energy trends prior to the coronavirus
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 has had to guide our respective organizations through these difficult times,” said UAE Minister of State Dr. Sultan Ahmed Al Jaber, who
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 demand and accelerate a shift away from fossil fuels. Like its rivals, the British oil major is set to take a big
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. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100.
