(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment
(World Oil) – Climate activist Follow This is calling for investors in bp Plc to vote against the reappointment of Chairman Helge Lund at next month’s annual general meeting, in a public rebuke to the company’s recent pivot back toward oil and gas. Follow This has a history of pressuring bp to do more to tackle global warming, backing an
(Oil Price) – BP is looking to raise the number of its board members and hire two more directors as part of its strategy to boost oil and gas production and shareholder returns, the Financial Times reported on Tuesday, citing sources familiar with the plans. Last week, BP said that it is increasing its investment in upstream oil and gas to $10 billion per
(Oil Price) – BP is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year in the highly anticipated strategy reset announced on Wednesday. BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years. The BP board has been
(Oil Price) – BP is expected to announce this week that it is shifting its focus back to oil and gas, ditching a target to boost renewable energy capacity generation 20-fold by 2030, sources familiar with the new strategy told Reuters on Monday. BP earlier this month pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and
(Oil Price) – Japanese oil and gas firm Japex is pivoting back to its core business after seeing poor returns in the renewable energy sector, as it becomes the latest major company to scale back green energy investments. “For now, the investment focus will remain on oil and gas exploration and production… as securing a fair return from renewable energy sources
(Oil Price) – Elliott Management is pushing for major asset sales at BP to address the undervalued shares of the UK-based supermajor after the U.S. activist investor built a stake of nearly 5% worth about $4.75 billion (3.8 billion British pounds), the Financial Times reported on Thursday, quoting sources familiar with the matter. News of Elliott’s recently-built stake in BP, which now makes
(Oil Price) – BP (NYSE: BP) on Tuesday pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and seeks to push up its stock performance and regain investor trust. “Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance,
(Oil Price) – Crude oil demand will remain at current levels over the next 15 years at least, commodity trading major Vitol has forecast, shattering earlier predictions from outlets such as the International Energy Agency that has consistently been predicting peak oil demand growth before 2030. Demand for crude is set to rise further in the coming years, to peak at
(Yahoo Finance) – Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs. The British firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday, but has not said how many roles will be affected in each country it operates in.
( Oil Price) – Equinor has secured a project financing package of over $3 billion for its U.S. offshore wind project Empire Wind 1, Norway’s energy major said on Thursday. Empire Wind 1 is planned to power 500,000 New York homes and is expected to reach its commercial operation date in 2027. With a contracted capacity of 810 megawatts (MW), Empire Wind 1
(Oil Price) – BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by 2030, the UK-based supermajor said on Monday as it shifts its focus back on oil and gas. BP has been seeking for months to offload spending
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