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In a regulatory filing, RIL yesterday informed that the firm has shut down its only oilfield in KG-D6 block, due to null production. The D26 or MA oilfield began production in September 2008. RIL was operating the oilfield in a joint venture with BP and NIKO. In the first quarter of FY19, MA field’s contribution was less than 0.1% in terms of revenue at RIL consolidated level.
The three weeks off, three weeks on rotas are affecting the mental health of the employees and because of this reason, the Unite trade union wants a review of the working patterns on BP’s North Sea. The union and Petrofac have raised a “collective grievance” for the same. BP has acknowledged the issues faced by the workers and said, the company is “committed to supporting mental health in the workplace”.
British supermajor, BP Plc is utilising a technology used by Scotland Police to construct data-rich virtual replicas of its oil and gas platforms in a bid to reduce costs. Scotland Police uses the sophisticated 360-degree imaging programme to document crime scenes, which in turn enables detectives to virtually revisit a crime scene. The oil major will roll out the programme across the majority of its platforms after the North Sea.
After BP, oil giant ExxonMobil has now entered into an agreement with the Alaska Gasline Development Corp. for the Alaska North Slope natural gas sale. The sale will be to a state-sanctioned corporation who wants to build a LNG project worth $34 billion, including 800-mile pipeline. Currently, Alaska Gasline is negotiating with ConocoPhillips for the same. These three oil majors are intended to be a part of this project.
The merger of PKN Orlen and Grupa Lotos, two largest refineries of Poland, is a matter of concern for BP. According to the London’s oil major, this merger can halt the market competition in the east European country. If the sources were to be believed, BP can choose from its options and can file a complaint with European or Polish authorities regarding this matter.
ANP, oil industry regulator of Brazil has permitted 6 energy companies, Shell, Total, BP, DEA of Germany, CNODC Brasil Petroleo e Gas Ltda of China and QPI from Qatar to bid for four pre-salt blocks located in the Campos and Santos Basins. The auction will be on Sept. 28. The fifth pre-salt round will be the final chance for the companies to lock Brazil’s offshore oil deposit stakes.
Oil Search Ltd has informed that the Papua New Guinea LNG project has entered into an agreement to supply liquefied natural gas (LNG) to British oil supermajor, BP. In a statement released yesterday, Oil Search said that about 450,000 tonnes of LNG will be supplied annually to a BP unit, over an initial three-year period. The firm did not disclose any deal amount.
The International Tribunal which heard the Reliance-ONGC row has rejected BP Plc’s claim to any legal cost from the Government of India. The bench ordered the Indian Government to pay USD 8.3 million to Reliance Industries for covering the legal cost. The panel, earlier, gave the verdict in favour of Reliance saying it could produce and sell any gas that migrated from adjoining fields of state-owned ONGC into its area.
Shell and BP Plc, in two different deals, are looking to acquire leading petroleum dealers in Rwanda. Royal Dutch Shell’s African operation, Vivo Energy is in talks with Engen to procure all the firm’s operations and its service stations in Rwanda. BP Plc will be acquiring majority stakes in one of the important distributors and importers of petroleum products informed the source.
An International arbitration panel has rejected Indian government’s argument of unjust enrichment in the gas siphoning case. The information came from a filing to stock exchange by Reliance Industries. The panel said that the consortium of RIL, BP and Niko Resources was entitled to produce all gas from its contract area. The arbitration tribunal also directed the Government of India to pay $8.3m to the consortium as cost of arbitration.
UK oil giant, BP has entered into an agreement to acquire onshore shale assets of BHP in $10.5 billion. The deal will add 190,000 b/d of oil equivalent to BP's production of 315, 000 boe/d from seven oil and gas basins. Considering the expected boost in cash flow, BP has augmented its upstream free cash flow target to $14 billion-$15 billion in 2021.
Oil majors, Royal Dutch Shell and BP Plc are looking forward to moving to a unified tariff for pipelines in India, but the firms want separate marketing and transportation business before they do so. In an open house called by the Petroleum and Natural Gas Regulatory Board (PNGRB), GAIL regarded unification of tariff as a separate exercise and said that it is not related to unbundling of their business arms.
A suit filed in NYC court against five top-notch oil and gas companies, alleging them for contributing to climate change, has been tossed out. ExxonMobil, Chevron, BP, Shell, and ConocoPhillips were named in the suit. The court cited that concerns like these must be addressed by the other branches of government, rather than the judiciary. There have been similar rulings in favor of the companies in San Francisco and California.
Stonewall, that works for the rights of LGBT, released its 2018 list of top global employers for Lesbian, Gay, Bisexual, and Transexual (LGBT) staff and named BP plc on the top. BP in a statement showed enthusiasm on this achievement and said that the company is ‘delighted’ to be listed on top of the Stonewall’s list. The other companies on the list are Accenture, Barclays, Herbert Smith Freehills, and Vodafone.
ExxonMobil’s stock performance has not been so good this year, with its stock down by almost 1%, so far in 2018. Its competitors Europe-based Royal Dutch Shell, Total, and BP are, however, up somewhere between 8-16%. Experts are now speculating on whether the Houston-based operator is moving towards a buy-out. Exxon had been leading the pack for many years with regard to return on capital employed (ROCE).
India’s 9th City Gas Distribution (CGD) bidding round is scheduled for closure today evening. 86 permits for retailing CNG and piped cooking gas in 22 states and union territories have been offered in this round. Major oil and gas companies like Indraprastha Gas Ltd, India Gas Solutions Pvt Ltd (RIL-BP JV), IGL and Essel Infraprojects Ltd are bidding for the licenses, auctioned by PNGRB.
Sources have confirmed that the British oil major, BP Plc is reportedly leading the auction for the sale of BHP’s onshore shale assets in US. It was after the submission of the offer of over $10 billion that BP became a front-runner. BHP’s sale domain includes their $12 billion takeover of Petrohawk Energy in 2011 whose share value dropped down to $1.60 last year.
BP and its partners yesterday commenced operations at the $28-billion Shah Deniz 2 gas development in Azerbaijan. It is the origin of the Southern Gas Corridor to carry gas supplies into Europe and is being seen as a move to reduce Europe’s dependence on Russia. Shah Deniz is the largest gas discovery ever made by BP, in 1999. Shah Deniz 1, the first-phase of field development, began production in 2006.