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Reliance-BP seek buyers for 5.5 mmscmd gas from KG-D6
April 5, 2021
Source: Energyworld

Reliance-BP seek buyers for 5.5 mmscmd gas from KG-D6

New Delhi: Reliance Industries Ltd and its partner BP Plc of UK have sought bids for sale of 5.5 million standard cubic meters per day of additional natural gas that will be available for sale from their eastern offshore KG-D6 block. The e-auction is slated for April 23 and the gas supply will start from late April or early May, according to the tender document.

BP posts weak Q4 results as coronavirus recovery drags on
Feb. 3, 2021
Source: world oil

BP posts weak Q4 results as coronavirus recovery drags on

BP eked out modest profit, but was just fraction of typical pre-pandemic levels. Cash flow, which failed to cover dividends and capital expenditure despite deep cuts to both, raised questions about company’s ability to sustain investor returns. Shares fell 4%. BP’s fourth-quarter net income was $115million, down from $2.57billion year earlier. Company fell short of average analyst estimate of $440million.

Neptune Energy commences Seagull drilling campaign
Jan. 29, 2021
Source: World oil

Neptune Energy commences Seagull drilling campaign

Neptune Energy and its joint venture partners bp and JAPEX, announced drilling has commenced on Seagull project in the UK Central North Sea. The Gorilla VI (JU-248) jack-up rig, operated by Valaris, will drill four wells for development over the course of drilling campaign which is expected to last 18 months. Seagull is expected to produce 50,000 boe/day (gross).

RIL and BP working on India's deepwater gas production
Dec. 28, 2020
Source: RT

RIL and BP working on India's deepwater gas production

A few days ago, Reliance Industries Limited (RIL) and BP announced the start of production from the R Cluster. It is an ultra-deepwater gas field in block KG D6 off the east coast of India. it is located at a depth of more than 2,000 meters, making R Cluster the deepest offshore gas field in Asia. RIL and BP are developing three deepwater gas projects in block KG D6.

Australian refining industry looks for Government aid.
Nov. 2, 2020
Source: Reuters

Australian refining industry looks for Government aid.

BP plc decided to shut Australia's biggest refinery. After the decision was made Exxon Mobil Corp persuaded the Australian government to provide some backing to oil refineries for continuous run. The Australian government has initiated to offer $1.6 billion in incentives to the refining industry for over 10 years to secure the nation's fuel security.

Energy supermajors plan to invest more in India
Oct. 28, 2020

Energy supermajors plan to invest more in India

Recently at the Indian Energy Forum, BP Plc announced its plan to extend its business in India along with its major partner Reliance Industries Ltd. This is the third joint venture between Reliance and BP Plc with 51% and 49% shares respectively. Another attendee, TOTAL SE also stated that they find India as the largest market in the world of energy and is investing to set major energy projects in India.

Total, Eni, BP make new gas discovery offshore Egypt
July 29, 2020
Source: Reuters

Total, Eni, BP make new gas discovery offshore Egypt

French oil company Total, along with its partners BP and ENI, it had made a gas discovery at a well off the coast of Egypt. The discovery had been made at the Bashrush well on the North El Hammad licence, located eleven kilometres (6.8 miles) off the Egyptian coast. ENI and BP both have 37.5% stakes in the North El Hammad licence, while Total has a 25% stake.

Oil major, bp concludes the sale of Alaskan producing assets to Hilcorp Energy
July 2, 2020
Source: Reuters

Oil major, bp concludes the sale of Alaskan producing assets to Hilcorp Energy

Oil supermajor, bp Plc has informed about concluding the sale of its Prudhoe Bay oil and gas producing assets to Hilcorp Energy, ending a 60-year streak of being the top Alaskan oil producer. The $5.6 billion deal, which also includes bp’s stake in the Trans Alaska Pipeline System, is estimated to wrap up this quarter, both companies said in statements.

bp to write down $17.5bn worth of assets due to coronavirus crisis
June 16, 2020
Source: World Oil

bp to write down $17.5bn worth of assets due to coronavirus crisis

bp has announced that it will write-down $17.5 bn worth of assets in the wake of coronavirus crisis, the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago. After a revision, the British giant cut its estimates for oil and gas prices in the coming decades between 20% and 30%. It also expects the cost of carbon emissions to be twice as high as before.

Oil giant bp to cut 10,000 jobs on coronavirus fallout
June 9, 2020
Source: Reuters

Oil giant bp to cut 10,000 jobs on coronavirus fallout

British energy giant bp on Monday announced plans to axe "close to 10,000" jobs, or almost 15 percent of its global workforce, after the coronavirus pandemic slashed demand for oil. "We will now begin a process that will see close to 10,000 people leaving BP -- most by the end of this year,", Chief Executive, Bernard Looney said in an email to its 70,000 staff seen by media.

bp cuts Gulf of Mexico output, evacuates workers as storm approaches
June 4, 2020
Source: Reuters

bp cuts Gulf of Mexico output, evacuates workers as storm approaches

bp Plc began shutting down production at three platforms in the northern Gulf of Mexico and evacuating workers, in preparation for the Tropical Storm Cristobal. The storm is forecasted to make landfall in Louisiana over the weekend. bp is reducing production at its Thunder Horse, Atlantis and Na Kika platforms. Non-essential workers are being pulled from the Mad Dog platform, but production is not being cut back.

Houston firm lands artificial intelligence deal with bp
June 3, 2020

Houston firm lands artificial intelligence deal with bp

Bluware has landed an AI deal with British oil major bp. Bluware had entered into an agreement with bp to improve its ability to interpret seismic data. Financial terms remain undisclosed. Large seismic data sets are difficult to move and use in workflows. The interpretation of these data sets is also time-consuming. Using this tool, geoscientists can interactively train and correct deep learning results, thereby, improving structural interpretation workflows.

BP extends digital collaboration with Petrofac
May 14, 2020

BP extends digital collaboration with Petrofac

BP has extended Petrofac’s inspection and maintenance contract for its North Sea facilities for a further three years. The award is in addition to a new four-year metering contract that covers offshore and onshore consulting and support. Last year the two parties collaborated to demonstrate new execution techniques. Petrofac combined the use of Digital Twin technology, Connected Worker and its proprietary software BuildME to digitalize all campaign maintenance and inspection.

Have we already reached peak oil demand?
May 13, 2020
Source: Oil Price

Have we already reached peak oil demand?

With the oil prices surging, following the historical “Zero-Dollar” oil façade; economies have begun to reopen. But, oil executives from Shell and BP believe that we might have already reached peak demand for oil and are amid a crisis of uncertainty. Demand destruction on the order of nearly 30 million barrels per day (mb/d) may have been brief, but we are a long way from the old 100-mb/d oil market.

BP invests big to study green hydrogen opportunity in Australia
May 12, 2020

BP invests big to study green hydrogen opportunity in Australia

BP Australia has announced a feasibility study into an export-scale renewable hydrogen production facility in Western Australia. This will help the energy sector to understand the possibilities of using hydrogen to export renewable energy. The project will include an initial investment from BP of (AUS) $2.7 million, with another $1.7 million by Australian Renewable Energy Agency (ARENA). It has committed to releasing the results of the study to the public.

BP Plc registers $2.93b in loss for 1Q20
April 29, 2020
Source: Market Watch

BP Plc registers $2.93b in loss for 1Q20

Oil supermajor, BP Plc yesterday reported a slump in its earnings for the first quarter, sliding over the challenging circumstances generated due to declining oil prices and collapse in the demand. The British energy giant recorded a net loss of $4.37 billion from a profit of $2.93 billion for the quarter that ended March 31. However, BP has still maintained its quarterly dividend at 10.25 cents a share.

BP issues force majeure to Golar
April 9, 2020

BP issues force majeure to Golar

The energy major, BP has issued force majeure to Golar LNG. Golar said that BP is expecting one year delay for the African Tortue Ahmeyim project. BP further sees no possibility to reduce the time frame due to the pandemic. "While the full impact cannot yet be determined, as a reasonable and prudent operator, BP is engaging transparently and collaboratively with key stakeholders to mitigate risks", said BP's spokesperson.

No BP staff to lose their job over next three months: CEO Looney
March 31, 2020
Source: Reuters

No BP staff to lose their job over next three months: CEO Looney

As energy firms around the world cut costs amidst the oil price crash, oil supermajor BP plc has decided to not cut jobs over the next three months. A Linkedin post from Chief Executive Officer, Bernard Looney read that the company’s response to the crisis “will not include making any BP staff redundant over the next 3 months.” BP employs over 73,000 staff across several countries.

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