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
World Oil (Bloomberg) – bp Plc is preparing to drill a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to show for it. The London-based major is getting ready to drill at the Pau Brasil field in Brazil’s so-called pre-salt
World Oil (Bloomberg) – bp Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners. Four years into its plan to shift away from oil and gas, bp is under increasing pressure from some shareholders to
Oil Price BP (NYSE: BP) is accelerating share buybacks as it looks to return more cash to shareholders after posting Q4 and full-year 2023 earnings above expectations. BP reported on Tuesday an underlying replacement cost profit – the closest metric to net profit –of $3.0 billion for the fourth quarter, compared with $3.3 billion for the previous quarter. The earnings beat analyst
Oil Price TotalEnergies’ Texas refinery in Port Arthur restarted on Friday, people familiar with the operations told Reuters. The 238,000-barrel-per-day refinery has been shuttered since mid-January due to a power outage that triggered a malfunction at its gasoline-producing fluidic catalytic cracker. Two crude distillation units and two vacuum distillation units were shuttered—those units convert crude oil into feedstock for the other units
World Oil (Bloomberg) – Hedge fund Bluebell Capital Partners called on bp Plc to bolster investments into oil and gas and cut spending on renewable energy, saying the company’s shift away from fossil fuels is misguided and weighing on the share price. bp should spend $1.5 billion a year more through 2030 on oil and gas production and halt any
CNBC LONDON — Oil and gas major BP appointed Murray Auchincloss as permanent CEO, the company said Wednesday. His appointment comes roughly four months after his predecessor Bernard Looney resigned after less than four years in the post, citing undisclosed personal relationships with colleagues prior to becoming CEO. Auchincloss, then chief financial officer, was named interim CEO at the time of
World Oil (WO) – Danos has secured a contract with bp to renew its comprehensive drilling logistical services for the integrated energy company’s Gulf of Mexico assets, building on a relationship that began in 2017. Leveraging the company’s 76 years of expertise, Danos will oversee the coordination of materials and personnel to and from multiple bp locations, ensuring streamlined and
Nasdaq LONDON – BP’s BP.L board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as chief executive, three company and industry sources told Reuters. BP was thrown into turmoil after Looney resigned on Sept. 12 for failing to disclose relationships with employees and leaving no clear succession plan in place. The company’s
Yahoo Finance (Bloomberg) — BP Plc’s former Chief Executive Officer Bernard Looney will forfeit as much as £32.4 million ($40.6 million) in pay after resigning in September because he lied about his personal relationships with other employees. “Mr Looney knowingly misled the board,” the company said in a statement on Wednesday. “The board has determined that this amounts to serious
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