Dudley credits standardization, simplification In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea. “This focus on standardization, simplification and discipline on cost has contributed to our average production costs in the North Sea coming
Out of Azerbaijan, and Into India A current existing deal between international oil giant BP (ticker: BP) and SOCAR in the Azeri-Chirag-Guneshli (ACG) field is due to expire in 2024. A new plan will take SOCAR’s stake in the field to 20% from the current 11.6% while BP’s share is predicted to drop to 30% from the current 35.8%, according
Presenters added to EnerCom’s Oilfield Tech & Innovation Day – Aug. 17, 2017 EnerCom has announced the speakers and agenda for The Oil & Gas Conference® 22 on August 13-17, 2017, in Denver, at the Westin Denver Downtown. The four-day conference will feature presentations from C-level executives at publicly traded and private oil and natural gas companies, as well as
International oil giant BP (ticker: BP) reported that its Q2 2017 production—at 2.431 MMBOEPD was 10% higher than Q2, 2016. The company earned $144 million during the second quarter, bringing its profit to $1.593 billion during the first half of 2017. This compares to a loss of approximately $2 billion during the first half of 2016. BP’s capital expenditure was
A new MoU between BP and Rosneft will see more Russian natural gas flowing to Europe BP (ticker: BP) and Russian oil giant Rosneft signed a Memorandum of Understanding (MoU) in St. Petersburg Friday to bring a new stream of Russian natural gas to Europe by the end of this decade. Previously, BP said it could receive between 7 and
BP said it started gas production from the first two fields, Taurus and Libra, of the West Nile Delta development in Egypt, eight months ahead of schedule. First gas was exported to Egypt’s national grid on March 24, 2017 and the commissioning of all nine wells of the development’s first two fields and ramp up to stable operations has
BP seeks access to key producing basins in Rockies, sees move as strategic platform for growth BP (ticker: BP) is moving a U.S. headquarters from Houston to Denver. The company said its U.S. Lower 48 onshore Denver headquarters operations will be closer to its asset position in the Rocky Mountain region, which the company designated as “an important energy hub of
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
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