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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.
Oil supermajor BP Plc yesterday denied “any serious disruption” to its operations owing to the COVID-19 outbreak. The British oil firm informed about enforcing a new ‘team-based’ shift model to curtail any kind of contact between two teams at major operational sites, including refineries. The ongoing coronavirus pandemic and the collapse of a supply cut deal have forced several oil and gas firms, including BP to announce spending cuts.
As coronavirus pandemic spreads throughout the world, major energy companies in the United States enforced work-from-home rules for office staff and began health checks for remote or critical workers starting Monday. Firms like BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell have directed most office staff to work from home. The COVID-19 pandemic has infected over 156,000 people, with more than 5800 deaths worldwide.
EPC giant, TechnipFMC has landed an integrated EPCI contract from BP Angola for the Platina field. The contract, worth between $75m and $250m, will see TechnipFMC carrying out the manufacturing, delivery and installation of subsea equipment at Block 18 of the Platina field. TechnipFMC Subsea President, Arnaud Pieton commented: “We are very pleased to have been selected by BP for this important deepwater development offshore Angola.
Australian E&P major, Santos has inked a non-binding agreement with oil supermajor, BP which will pave the path for A$20 million investment in Australia's Moomba carbon capture and storage (CCS) project. The project aims at capturing 1.7 million tonnes of carbon dioxide currently separated from natural gas at the Moomba gas processing plant each year. This captured carbon will be then reinjected into the same geological formations.
Oil supermajor, BP Plc has established a new purpose and 2050 net-zero emissions plan. BP's new Group CEO, Bernard Looney said the company does not currently have short-term targets, adding: “We don’t expect progress to be in a straight line. But make no mistake… The direction is set.” BP has published a ten-point plan, that proposes a company restructuring, a new corporate purpose and an ambition to continue evolving despite changes.
Oil supermajor, BP has acquired majority stakes in fibre optic innovation company, Fotech through its business development branch, Launchpad. Founded in 2008, Fotech develops fibre optics products for transportation, smart cities, energy and the security sector. The UK-based firm deploys artificial intelligence and edge computing in its products, spanning areas like surveillance, transport management, cable monitoring and rail management.
If sources were to be believed, oil supermajor BP has decided to withdraw from Iraq’s Kirkuk oilfield. BP's $100 million exploration contract lapsed with no agreement on the field’s development, dealing a major setback to Iraq’s hopes to enhance its oil output. The pullout comes as the energy companies re-evaluate their activities in Iraq amid political turmoil and escalating tensions between the US and Iran.
After Total, BP has also come together with the companies across the plastic value chain to rapidly improve the recycling technology. “This is an exciting step towards a circular economy for the polyester industry”, says BP. The cross country partners of BP are Danone SA and Unilever NV, and recycling specialist ALPLA. However, BP has been already working on a technology called Infinia which is used for polyethylene terephthalate.
Oil supermajor, BP has awarded the project management services contract for its operations in Azerbaijan and Georgia to the SOCAR-Petrofac joint venture. The three-year contract requires the JV to provide support for both onshore and offshore activity across BP operated projects in the Caspian Sea area including Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC), South Caucasus Pipeline (SCP) and Western Route Export Pipeline (WREP).
Aker Solutions has bagged a contract for the FEED study of BP’s Cypre project. BP Trinidad and Tobago are operating this project. After FEED, Aker might win a full EPC contract combining green- and brownfield scopes. "We are excited to be expanding the collaboration with BP to develop the oil and gas resources in Trinidad and Tobago, which is a new region for us", said Aker's CEO.
The elite club of energy supermajors saw a new entry on Tuesday, with India’s Reliance Industries making into the world's energy royalty. The Indian conglomerate, owned by billionaire Mukesh Ambani, was valued at $138 billion, eclipsing BP Plc’s $132 billion value, at the close of trading on Tuesday. Reliance has rallied 40% this year, buoyed up by Ambani’s plan to cut the company’s net debt to zero in 18 months.
BP has reported a sharp decline in profit in Q3. Its revenue was hurt the most by a fall in oil prices. Although strong refining operations have helped BP perform better than expected by the market. The firm has taken one-off charge of $2.6 billion linked to large asset sales. "BP delivered strong operating cash flow and underlying earnings in a quarter that saw significant hurricane impacts", informed it's CEO.
The annual Oil and Money conference dinner last night was stormed by Greenpeace climate activists, who branded oil majors Shell and BP as ‘Climate Criminals’. The protests happened as the Executive of the Year award was due to pass from BP CEO Bob Dudley to Shell’s Ben van Beurden. The protestors also labeled the event as a “climate crime scene”.
After a 40-year career with oil supermajor BP, Group CEO Bob Dudley will step-down from the company’s board in February 2020 and later retire on 31 March 2020. In a statement released by BP yesterday, the firm informed that Bernard Looney, the current chief executive (upstream), will step up as the CEO of the company. Dudley remained at the helm of the supermajor for more than nine years.
The Ministry of External Affairs, yesterday, said that Prime Minister Modi’s meeting with executives of energy sector giants remained ‘fruitful’. The Ministry informed that the meeting focused on collaboration for energy security and developing opportunities of mutual investment between India and the United States. The Prime Minister of India is on a week-long to the United States.
Talos Energy has struck a deal with BP and Exxon separately in the U.S. Gulf of Mexico. The company has acquired the Hershey prospect from Exxon and will help BP drill and evaluate the Puma West prospect. "As these transactions prove, Talos is well-positioned to continue unlocking material resource opportunities in our basin through multiple creative business development avenues", said Talos CEO.
The Foreign Ministry of India, yesterday, informed about a meeting of Prime Minister Modi with executives of BP and Exxon, scheduled for next week in the United States. The Prime Minister will also meet executives from JP Morgan & Chase, Lockheed Martin, Walmart and Mastercard in a separate event. Attacks on Saudi facilities have pushed India to look at raising oil imports from Russia.