BP – Page 14 – Oil & Gas 360

BP’s Tech Startups Paying Off – Lytt is like Downloading 1000 Netflix Films Simultaneously

May 9, 2019

BP recently created BP Launchpad as a business incubator From the Houston Chronicle BP is getting into the startup business launching its own well technology business, called Lytt, with [other tech startups] on the way. BP developed the acoustic, fiber-optics technology a couple of years ago to help identify sand interference in its offshore wells and the British energy supermajor

BP To Boost Gulf of Mexico Spending as Shale-Focused Rivals Pull Back

May 6, 2019

From Reuters BP Plc on Monday announced new production units in the Gulf of Mexico, enhancing its standing as the largest producer there at a time when rival global oil majors are scrambling to expand vast U.S. onshore shale drilling. Britain-based BP will add two new subsea production units about two miles (3.2 km) south of its existing giant Thunder

BP Latest Oil Major to Exit China’s Shale Gas After Poor Drilling Results

April 11, 2019

From Reuters European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week. BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring

BP and Shell Both Claim to Be Number One in Investor Returns

March 29, 2019

From Bloomberg In the cutthroat game of global capitalism, there can be only one winner. Unless you’re an oil company. Both BP Plc and Royal Dutch Shell Plc are claiming the top spot for investor returns within their peer group from 2016 to 2018. That’s an important metric — taking first place was a significant element in the doubling of Shell Chief Executive Officer Ben van

BP’s Sale Plan Buried by Snow in Wyoming Oil and Gas Field

March 28, 2019

From Reuters BP’s plan to sell its interest in a half-million acres (202,340 hectares) of land in Wyoming dotted with 2,000 oil and gas wells has been put on ice. Over 4 feet (1.3 meters) of snow fell this winter in the Wamsutter field in south-central Wyoming – more than double the usual average – and that buried anything a

U.S. Buyers of Venezuelan Oil Sub in Shell, Bp Offshore Crude

March 25, 2019

From Reuters Sanctions on Venezuela’s oil industry have made winners out of Gulf of Mexico offshore heavyweights Royal Dutch Shell Plc and BP Plc as U.S. refiners in need of substitutes are scooping up oil produced in the region. The two major oil companies produce notable amounts of crude oil that refiners have settled on as the immediate replacement for

BP has invested more money in Egypt than anywhere else in the last two years, CEO says

February 12, 2019

From CNBC BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC. “Today (the scale of our operations) is very big,” Dudley told CNBC Monday. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push

BP Profit Soars, Fueled by Higher Output

February 5, 2019

From The Wall Street Journal BP PLC tripled its annual earnings and swung to a fourth-quarter profit on increased output and higher crude prices, in line with other major oil companies that registered boosts on their balance sheets last year. The U.K. energy company said Tuesday that it recorded a $2.7 billion replacement-cost profit—a measure akin to the net income

After Billion-Barrel Bonanza, BP Goes Global with Seismic Tech

January 21, 2019

From Reuters Buoyed by the success of seismic imaging that found an extra billion barrels of oil in the Gulf of Mexico, BP is looking to take its latest technology to Angola and Brazil. The software used in the Gulf, based on an algorithm created by Xukai Shen, a geophysicist straight out of Stanford University, led to BP discovering the

BP Thinks It’s Sitting on Another Giant Gas Field in the Caspian

January 10, 2019

From Bloomberg BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start. The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met,

BP Identifies 1.4 Billion Barrels of Oil in Gulf

January 8, 2019

Atlantis Phase 3 FID announced BP (stock ticker: BP) has big plans for the Gulf of Mexico, as the company announced several new developments in the GOM today. BP has approved Phase 3 development at the Atlantis field, authorizing a new subsea production system that will be tied into the existing platform. The company will drill eight new wells targeting

Kosmos Energy Announces FID for Phase 1 of LNG Project

December 27, 2018

Offshore gas resource estimated at 15 Tcf Dallas-based deepwater oil and gas company Kosmos Energy Ltd (stock ticker: KOS) and its partners agreed today on a Final Investment Decision (FID) for Phase 1 of its Greater Tortue Ahmeyim project. The project will produce gas from a deepwater subsea system and mid-water floating production storage and offloading unit (FPSO) to a

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