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Oil and gas group, BP's annual shareholder meeting on Tuesday was disturbed by the protestors. “this is a crime scene” was the frequent noise disrupting the meeting. Shell, on the other hand, has been praised by the investors for its recent emissions policies. Both the companies are working with the shareholders to meet the 2015 Paris climate agreement. BP's overall carbon emission were the highest in 2018 in six years.
In a statement yesterday, CEO at Nayara Energy said that the firm has concluded a $750 million pre-payment deal with BP and Trafigura. The deal will require Nayara Energy to repay the two firms with the supply of gasoline and gasoil over the course of the next four years. Nayara, formerly known as Essar Oil, was acquired in 2017 by Rosneft-led consortium where Russian fund UCP and Geneva-based Trafigura are partners.
Energy giant Shell has informed about its ongoing talk with BP to procure its Shearwater oil and gas field stakes in the British North Sea. The cost of acquisition will be $250 million. In Shearwater, Shell holds 28% stake, BP has 27.5% and the remaining 44.5% stakes are held by ExxonMobil. The gas export capacity of Shearwater at the time of peak production is expected to be 70,000 boped.
Oil supermajor BP has awarded a drilling and engineering contract to the Turan Drilling & Engineering Company LLC, a joint venture between KCA Deutag and SOCAR AQS. The contract award builds on the successful local content development strategy by BP. The scope of the contract includes offshore operations and maintenance activities for BP-operated rigs in the Azeri-Chirag-Gunashli (ACG) oil and Shah Deniz gas fields.
BP has awarded contracts for the Greater Tortue Ahmeyim natural gas project to McDermott International and BHGE. Both the companies have received contracts for subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment. BHGE's VP said, "Together with McDermott, we will deliver the best-in-class solution to BP with cost-efficiency and industry-leading safety". The preliminary subsea infrastructure will connect the first four of 12 wells.
$100 million has been committed by the energy giant BP for the funding of new greenhouse gas (GHG) emission reduction projects. The firm has informed that this Upstream Carbon Fund will help in reducing emission in its upstream oil and gas operations. BP's Upstream Chief Executive said, "A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly".
Subsea 7 has inked a multi-million pound contract with BP. Under the scope of this contract, Subsea 7 will provide subsea construction, inspection, repair and maintenance services. The exact value of the deal has not been disclosed but is expected to be worth around £110-£225 million. The contract covers all the assets of BP in the North Sea and west of Shetland.
Supermajor BP Plc registered a strong performance in its fourth quarter results. Profits in 2018 for the Anglo-Dutch oil firm doubled to five-year highs of $12.7 billion and were driven by the rise in oil and gas production. BP reported production of 3.7 million boepd in 2018. However, debt on BP grew and the share buyback scheme couldn’t keep up with the pace in the last quarter.
Houston-based start-up Belmont Technology has received an investment of £3.8 million from oil supermajor, BP Plc. Belmont has developed a cloud-based geoscience platform using AI, which links geology, geophysics, reservoir and project information. The platform will enabled BP to gain a clearer understanding of its subsurface assets. Belmont’s technology aims at a 90% time-reduction in data collection, interpretation and simulation.
EPC giant, McDermott International has secured an EPC contract from BP Trinidad & Tobago, LLC. McDermott will carry out the engineering, procurement, construction, hook-up and commissioning of the Cassia Compression Platform, offshore Trinidad. Brownfield modifications at Cassia B are also a part of the scope of the contract. McDermott will provide engineering services from its offices in Houston, Chennai and Dubai.
Canada-based Niko Resources has served an arbitration notice to its partners in India’s KG-D6 block, RIL and BP plc. According to an earnings statement from RIL, Niko Resources, which holds 10% stakes in the KG-D6 block, had defaulted on cash calls during the October-December quarter. As Niko failed to cure the default, a default notice was triggered and the Canadian oil and gas firm was asked to exit the block.
Supermajor BP has announced an investment of $1.3 billion to expand its Atlantis development in the Gulf of Mexico. The oil major will construct a new subsea production system, which will be used to tie eight new wells into the existing Atlantis platform. BP’s advanced seismic imaging has revealed the existence of an additional 400 million barrels of oil at the Atlantis field.
Supermajor, BP and Azerbaijani state-owned SOCAR’s subsidiary in Turkey yesterday entered into a Heads of Agreement (HoA). Under the agreement, the two oil firms agreed to assess the formation of a joint venture for building and operating a world-scale petrochemicals complex in Turkey. The complex is expected to manufacture 1.25 million tpa of purified terephthalic acid (PTA), 840,000 tpa paraxylene (PX) and 340,000 tpa benzene.
Norway’s energy service firm, Aker Solutions has confirmed the contract award from BP. The oil and gas super major has given the responsibility of engineering services for Clair South project to Aker. This project is located at UK North Sea. London team of Aker will be working on the contract and will deliver the project over an 11-month period. The companies have decided not to reveal the value of the contract.
BP Trinidad and Tobago has approved two new gas development offshore projects, Cassia Compression and Matapal. The Cassia project will enhance recovery from its existing resources, enabling BPTT to produce low pressure gas reserves. With the help of Matapal project, BPTT will develop gas resources discovered in 2017. Both these projects will help BPTT to stay true to its supply commitments to Trinidad’s National Gas Company and Atlantic LNG.
Petroleum Ministry of Egypt has given approval to energy major BP and UAE’s Mubadala Investment Co., enabling them to buy stakes in the Nour gas field. Mubadala will buy 20% and BP will buy 25% of the Nour concession from Eni. After this, Eni will be holding only 40% of the concession. Remaining 15% will be held by Tharwa Petroleum Company of Egypt.
UK-based EnQuest has concluded the acquisition of BP’s remaining 75% stakes in the Magnus oil field in £230 million. Additional 9% of the Sullom Voe Oil terminal and two pipeline systems was also sold to EnQuest. The deal will add 60 million barrels of oil equivalent (boe) to EnQuest’s reserves portfolio. EnQuest had acquired 25% stakes in Magnus in December 2017.
Worley Parsons informed that as a part of its JV with BP Plc, it has planned on taking 50% shareholding in New Zealand Oil Services (NZOSL).Under the deal between Worley Parsons and BP Oil New Zealand, NZOSL will assist with engineering, project delivery and asset management services for BP’s 7 fuel storage, handling and distribution facilities in New Zealand. Worley Parsons will become the preferred contractor of NZOSL.