(Oil Price) – BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday. BP is selling the 5% stake, out of its total of its 44% interest, to South Korea’s GS Energy. “The dilution reflects BP’s disciplined approach to portfolio management by
(World Oil) – Former bp Plc Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company’s version of events, deepening the turmoil around the UK oil major’s latest leadership change. bp ousted Manifold on Tuesday after eight months on the job, citing serious concerns related to “governance standards, oversight and conduct.” The company didn’t provide further details in
(World Oil) – bp said its board has removed Chairman Albert Manifold with immediate effect following what the company described as governance oversight and conduct concerns. Albert Manifold served as chair of bp for less than eight months before the company’s board removed him over governance and conduct concerns. The board unanimously decided Manifold should no longer serve as chair or director, according
(World Oil) — bp has signed three production sharing contracts (PSCs) in Indonesia, expanding its upstream exploration portfolio near the company’s existing Tangguh LNG operations in Papua Barat and adding participation in a new East Java block. The agreements cover the Bintuni and Drawa exploration blocks near the bp-operated Tangguh LNG project, as well as the INPEX-operated Barong block in East
(World Oil) – bp has entered the North Ustyurt production sharing agreement (PSA) in Uzbekistan, acquiring a 40% participating interest in six exploration blocks alongside SOCAR and Uzbekneftegaz as the company expands its upstream exploration portfolio in Central Asia. The agreement covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks located in the North Ustyurt region of Uzbekistan. Under the transaction, bp acquired a
(World Oil) – bp Plc and Venezuela agreed on a deal to explore for natural gas offshore as the South American country’s energy revival gathers pace following the U.S. capture of Nicolas Maduro. The memorandum of understanding between bp and Caracas establishes “potential areas for co-operation in material gas and future exploration,” bp said Wednesday in an emailed statement. Venezuela state firm
(BOE Report) – BP on Tuesday posted a first-quarter underlying replacement cost profit, its version of net income, of $3.2 billion, compared with expectations of $2.67 billion in a company-provided poll of analysts and $1.38 billion a year ago. BP’s customers and products business, including its oil trading desk which BP had already flagged as having an exceptionally strong
(Oil Price) – The Iran war and the loss of oil and gas supply from the Middle East have upended the stock performance of the biggest international majors. BP, the laggard of the past six years, has moved ahead of all others, while the top performer since 2020, ExxonMobil, has seen the worst stock showing among Big Oil since the war
(BOE Report) – BP said on Tuesday it expects its huge oil trading desk to post “exceptional” results for the first quarter, signalling a windfall from the spike in oil prices triggered by the U.S.-Israeli war against Iran. The company also said its net debt would rise to between $25 billion and $27 billion from just over $22 billion in
(World Oil)– Eco (Atlantic) Oil & Gas has signed an agreement to farm down a 60% participating interest in its offshore Namibia portfolio to bp, transferring operatorship across three exploration licenses in the Walvis basin. The transaction covers Petroleum Exploration Licenses (PEL) 97, 99 and 100. Upon completion, Eco will retain a 25% interest, while bp will assume operatorship and lead exploration
(BOE Report) – BP named Carol Howle as deputy chief executive on Thursday and said she would oversee the company’s ongoing portfolio review and strategy development. Howle, who served as interim chief executive before Meg O’Neill started the top job on Wednesday, will also return to her former role as head of supply, trading and shipping. BP is undergoing a
(BOE Report) – BP Chairman Albert Manifold on Friday announced plans for a slimmer board as part of the British oil major’s reset strategy, with former Shell chief financial officer Simon Henry among those departing. The leaner board is another of Manifold’s changes since coming on as chairman in October. Since then, Murray Auchincloss abruptly departed as CEO in December, with Woodside
