Markets are essentially balanced, but it may not become apparent until stocks drain After two years of low oil prices caused by global oversupply, markets have found balance, according to BP (ticker: BP) CEO Bob Dudley. “The oil market is pretty much in balance,” Dudley said on the sidelines of the World Energy Conference in Istanbul. “[We’re] within half a
BP signs second shale gas production sharing contract with China National Petroleum Corporation International oil major BP (ticker: BP) said Thursday that the company has signed its second shale gas production sharing contract with China National Petroleum Corp (CNPC). The contract with the state-owned company covers an area of about 1,000 square kilometers at Rong Chang Bei in the Sichuan
BP sees market balance in the second half of the year, oil at $50-$60 in 2017 BP (ticker: BP) released its second quarter earnings today, reporting the third consecutive loss as the international oil major continues to struggle with low oil prices. The company reported a $2.3 billion loss this quarter, but BP Group Chief Bob Dudley was more bullish
Natural gas “is the single most important driver” in the $50 billion decline in the value of Norway’s oil and gas assets Low oil and gas prices have hit Norway hard, according to the country’s government. The value of Norway’s state-owned oil and gas fields dropped 34%, or $50 billion, after oil prices plummeted in late 2014. A report from
BP mergers Norway assets Det Norske for $1.3 billion London-based BP (ticker: BP) announced that it will spin off its Norwegian oil and gas fields, combining them in a new, publicly traded company with Norwegian firm Det Norske Oljeselskap ASA. The new company will be the largest independent European oil and gas E&P, producing 122 MBOEPD. Under the agreement, Det
Proved oil reserves remain sufficient to meet more than 50 years of global production; North American Shale Revolution added 15% technically recoverable oil and gas resources The substantial decline in the value of crude oil at the end of 2014 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its
Colorado Supreme Court decision changes tax burden of oil and gas companies The Colorado Supreme Court found in favor of BP (ticker: BP) in a case that could have major tax ramifications for the state. The court unanimously sided with the company that the State of Colorado incorrectly disallowed tax deductions related to BP’s cost of capital in the transportation,
Colorado Supreme Court decision finds in favor of BP with reversal of lower court decision on a severance tax deduction A decision from the Colorado Supreme Court could entitle a number of oil and gas companies to significant tax refunds for expenses related to cost of capital in the transportation and processing of their oil and gas over the past three years.
Natural gas will overtake oil as the leading fuel around 2023 Asia demand growth makes it the biggest energy importer North American energy production expected to grow 1.2% per annum through 2035 North American LNG exports grow to~25% of global trade by 2035 Increasing production of oil and natural gas, along with lower levels of consumption, will allow North America
A federal judge has granted final approval of BP’s settlement over claims related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico for $20.8 billion. The Deepwater Horizon rig explosion killed eleven workers and millions of gallons of oil spilled into the Gulf of Mexico. The settlement was reached with the federal government and state authorities in
Technological innovation to drive U.S. shale oil output to nearly 8 MMBOPD by 2035 While the U.S. shale industry is currently taking a beating along with most other crude oil producers around the globe, BP’s (ticker: BP, BP.com) 2016 Energy Outlook forecasts that the industry will get back on the track of growth, and double output in the next 20
New laws allow for exploration and hydraulic fracturing under national parks The United Kingdom’s Oil and Gas Authority awarded 93 new licenses to explore for oil and gas last week. Around 75% of those exploration licenses relate to shale oil and gas, which will likely require companies to use hydraulic fracturing to produce. The areas covered by the licenses include
