Yahoo Finance LONDON – BP’s new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to slow
Oil Price The slump in oil prices so far this week has dragged down shares in the top UK-based oil and gas supermajors, Shell and BP, with their stock falling on Tuesday and pushing London’s main FTSE 100 index in the red. As oil prices fell by more than 3% on Monday and continued to drop early on Tuesday, shares
BOE Report Chevron said it is set to launch the sale of its remaining UK North Sea oil and gas assets, in a move that would mark the U.S. energy giant’s exit from the ageing basin after more than 55 years. The planned divestment, confirmed to Reuters on Thursday, comes as Chevron prepares for the $53 billion acquisition of rival Hess
World Oil On Day 2 (Tuesday, May 7) of OTC 2024, Andy Krieger—Senior V.P. for bp’s Gulf of Mexico (GOM) and Canadian businesses—played host for a panel on the company’s operations in the GOM at OTC 2024. Within the broader discussion of the company’s operations in the GOM, a few key topics surfaced: the potential and opportunities of the Paleogene
Oil Price As BP looks to please shareholders with higher returns and stock valuations, the UK-based supermajor is suggesting that a previous goal to reduce its oil and gas production by 2030 is now flexible and would depend more on returns rather than on volumes. BP has to decide in the coming years whether to proceed with more than 30
Oil Price Lower oil and gas prices and a prolonged refinery outage in the United States dragged down BP’s earnings for the first quarter to below analyst expectations. UK-based supermajor BP (NYSE: BP) reported on Tuesday an underlying replacement cost profit – the closest metric to net profit – of $2.7 billion for the first quarter of 2024, down from $3.0 billion
World Oil (WO) – Petrobras and bp signed a Memorandum of Understanding (MoU) to promote discussions and collaboration between the two companies. The non-binding agreement focuses on business opportunities in exploration, and production (E&P), sustainable fuels, carbon credits, refining. The companies will also work together on research, development, and innovation projects. The two companies are already partners in exploration blocks
Yahoo Finance LONDON – BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure. Dotzenrath, who joined BP in March 2022 from RWE Renewables to lead its efforts to rapidly expand in renewables and low-carbon energy,
Oil Price BP has cut over a tenth of its workforce in its EV charging business, BP Pulse, as the supermajor is downsizing the division and retreating from several countries to focus on just four key markets, Reuters reported on Monday, quoting sources at the company. BP has cut more than 100 out of BP Pulse’s 900 jobs, but many of the
Oil Price BP and Venezuela are jointly discussing the development of a gas field in Trinidad and Tobago, which the island nation shares with Venezuela. “BP can confirm that it is in discussions with the government of Trinidad and Tobago and the Bolivarian Republic of Venezuela on the potential development of gas resources in the Manakin-Cocuina field,” the supermajor said
Oil Price BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday. In March 2023, BP and the national oil company of one of the leading Middle Eastern oil and gas producers, the United Arab Emirates (UAE), offered
World Oil (WO) – Cost-efficient decommissioning has received a significant boost with the relaunch of a bigger, better digital data dashboard providing vital information about upcoming work to potential suppliers. The Decommissioning Data Visibility Dashboard now includes field-specific information from 15 operators, compared with three when it was piloted by the North Sea Transition Authority (NSTA) and the Decommissioning and
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