(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
(Oil Price) – BP is looking to sell up to 49% of its U.S. natural gas pipeline network in a deal that could fetch up to $3 billion, Reuters reported on Friday, citing anonymous sources with knowledge of the plans. The potential sale would be part of BP’s efforts to reduce its net debt, which has recently increased, according to some of Reuters’s
(Oil Price) – European oil and gas supermajors BP, Equinor, Shell, and TotalEnergies are committing a joint investment of $500 million to help ensure access to affordable, reliable, sustainable, and modern energy for all. The joint investment commitment is part of the energy majors’ efforts to support promising, high-impact projects, primarily in Sub-Saharan Africa, South, and Southeast Asia. These projects are aimed at
(World Oil) – SLB today announced the award of a contract by bp to its OneSubsea joint venture for a subsea boosting system in the greenfield development of the Kaskida project in the deepwater U.S. Gulf of Mexico. This award marks the latest milestone in the long-standing relationship between SLB OneSubsea and bp and is the first engineering, procurement and
(Oil Price) – BP (NYSE: BP) booked third-quarter earnings above analyst expectations, although the profit was lower from a year earlier and the second quarter amid weaker oil prices and low refining margins. BP reported on Tuesday an underlying replacement cost (RC) profit – its key earnings metric closest to net profit – of $2.3 billion for the third quarter, down by 30%
(Oil Price) – Weak refining margins and weaker oil trading results are expected to dent BP’s third-quarter profit, the UK-based supermajor warned on Friday. BP is yet another oil major to flag weakness in their refining business for the past quarter, following warnings from Shell and ExxonMobil. Compared to the second quarter, BP expects its Q3 results to have been dented by weaker
(U.S. News) – LONDON -BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP’s strategy was the sector’s most ambitious with a pledge to cut output by 40% while
(Oil & Gas 360) – HOUSTON, Oct. 3, 2024 /PRNewswire/ – Enbridge Inc. (Enbridge) (TSX: ENB) (NYSE: ENB) announced today that it will build, own, and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida development, operated by BP Exploration & Production Company (“bp”). The crude oil pipeline, named the Canyon Oil Pipeline System
(Oil & Gas 360) – A review of recent valuations between international oil companies (IOCs) on both sides of the Atlantic Ocean suggests that size and strategy remain high on the list of investors’ criteria. One traditional indication is the price-to-earnings ratios (“PE”) for ExxonMobil and Chevron on the American side compared to their European counterparts, Shell, BP, and TotalEnergies.
(BOE Report) – U.S. oil producers were scrambling on Monday to evacuate staff from Gulf of Mexico oil production platforms as the second major hurricane in two weeks was predicted to tear through offshore oil producing fields. The U.S. National Hurricane Center said a potential Tropical Cyclone in the Caribbean was expected to rapidly intensify over the gulf’s warm waters
CNBC BP plans to sell its U.S. onshore wind energy business, it announced on Monday, saying the assets were not aligned with its growth plans. BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states. “We believe the business is
BOE Report Exxon Mobil said on Monday it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today’s levels, a forecast 25% higher than top European rival BP. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon’s production growth plans, the most ambitious among Western
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