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 Novak was speaking as the Organization of the Petroleum Exporting Countries has been pushing Moscow to decide whether to deepen
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 $10 billion in 2019. That compared with $12.7 billion full-year net profit in 2018, reflecting a year-on-year fall of 21%. Analysts had
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 complexity of the global energy system,” Dudley told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland. “It’s very complex.” Nearly a year ago, Ocasio-Cortez, with
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 gas production division, will succeed Gilvary. The energy giant already announced last year that Bernard Looney, who runs that unit,
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 the plans. Shares in UK-based Premier surged as much as 19% after it said on Tuesday that it plans to
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 and Mauritania has proven successful, confirming the world-class scale of natural gas resources. Likewise, a consortium led by the French
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 U.S. giants ExxonMobil, Chevron and their European rivals Royal Dutch Shell, BP and Equinor with climate resolutions ahead of next
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) will ban ships from using fuels with a sulphur content above 0.5%, compared with 3.5% now. The regulations are aimed
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 companies like BP have been stepping up investment in renewable power to diversify their businesses in the face of global moves toward
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 fuel in an effort to slash greenhouse gas emissions is expected to accelerate in coming decades, leaving many oil companies
Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week
Source: Reuters LONDON (Reuters) – BP has yet to decide whether to boost its dividend by the end of the year, it said on Wednesday, after its shares fell sharply on the previous day on fears it would defer a decision to 2020. BP reported a 40% drop in third-quarter profits on Tuesday due to lower oil and gas prices,
