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BP has informed about first gas from Baltim field two months ahead of schedule. The firm has achieved an initial production rate of around 100 mmscfd. The production rate is expected to increase and reach 500 mmscfd before mid-2020. The production will be divided amongst BP, Eni (contractor), and the Egyptian General Petroleum Corporation. BSW was discovered in May 2016 and is said to have the potential of 610 BCF.
Celebrated corporate raider and energy industry magnate, T. Boone Pickens passed away yesterday at the age of 91. Pickens, who suffered a stroke back in 2016, closed his BP Capital energy hedge fund. The oil tycoon contributed heavily towards the advances in medical research, athletic and educational initiatives. He will also be remembered for encouraging the increased domestic utilization of abundant natural gas.
Oil supermajor, BP has agreed to trade its entire business in Alaska to Hilcorp Alaska for $5.6 billion. Under the terms of the agreement, the deal will gain Hilcorp the ownership to BP's entire upstream and midstream business in the state, including BP Exploration (Alaska) and BP Pipelines (Alaska). The Alaskan business farm out is in line with BP’s strategy to divest $10 billion of assets over 2019 and 2020.
Oil supermajor, BP has awarded a three-year contract to the Aberdeen-based FMS for the provision of mooring equipment for North Sea operations. FMS is a leading independent supplier of mooring equipment. MD at the firm, Steven Brown, said, “This award demonstrates our capability and capacity to support the mooring equipment requirements for one of the leading operators in the UKCS.”
Oil Ministry of Iraq is in conversation with energy giant ExxonMobil. Both the parties are discussing over a deal to enhance Iraq's southern oil infrastructure. Iraq has also made it clear that its deal with BP and Eni was for the construction of two seabed oil pipelines for its southern exports through the Gulf. And also, it was not a part of the $53 billion 30-year southern mega-project.
Supermajor, BP has announced its joint venture with Ambani-led Reliance Industries. This venture is intended to expand RIL's fuel retail network to 5,500 over the next five years. 51% of the venture will be held by RIL and rest 49% by BP. "This partnership is a testimony to the strong ties between BP and Reliance", said Ambani. This JV will also involve RIL's aviation fuels business.
BP sustains falling profits in the second quarter this year. Slumping crude prices led to a 35% profit decline for the company. "Reliable performance and disciplined growth across our businesses are delivering strong earnings, cash flow and returns to shareholders", said the CEO. Revenue of BP slipped by 4% and was at $73.747 billion in the second quarter.
Neptune Energy and BP have awarded Seagull development contract to TechnipFMC. Seagull North Sea development is a 50 million barrel project. Under the scope of this deal, the EPC giant will provide engineering, procurement, construction and installation (EPCI) services in a Target Cost contract. The offshore construction campaign is slated for commencement in the second quarter of 2020.
BP's Chief Executive has informed that both RIL and BP will be together investing $5 billion on three gas development projects. These projects are located in the Krishna-Godavari (KG) basin. “Strong relationship between BP and reliance is another great example of what can be achieved by working together at scale", said Looney. Under the latest OALP, the companies have also won an ultra deep-water offshore block in the KG basin.
One of the BP-run oil tankers is sheltering inside the Persian Gulf amidst fears of Iranian retaliation to the arrest in Gibraltar last week. The British Royal Marines seized a vessel hauling the Islamic Republic’s crude. BP-chartered British Heritage was on its due course towards Basrah terminal when it made an unexpected turn on July 6. BP is thought to be concerned about becoming a target of Iranian retaliation.
Nayara Energy has raised $750 million through an offshore loan. It has planned to reduce the company's cost of debt and strengthen its balance sheet with this money. According to a source, "The deal structure allows Nayara to leverage its regular export flows to optimise its capital structure and liability profile”. The loan is termed as Prepayment Finance Facility. Under this deal, Nayara will deliver gasoil to BP and Trafigura.
UK-based EnQuest yesterday informed that it will shed around 80 of its employees deployed at the Sullom Voe Terminal by the end of 2019. EnQuest regarded the move as “essential” to maintain the competitiveness of the oil terminal and empower it to retain and win new business. The employees expected to be dropped consists of around 60 full-time staff members and 20 contractors.
Kosmos Energy and its partners have discovered gas at the Greater Tortue Ahmeyim-1 well (GTA-1) in the Albian reservoir. The GTA-1 well was drilled using the Ensco DS-12 rig. The Greater Tortue Ahmeyim gas project is situated offshore Mauritania and Senegal. The LNG project is expected to yield first gas in the first half of 2022.
Climate group, Greenpeace has ended a 12-day standstill with oil supermajor BP. Greenpeace had forced BP-contracted Transocean drilling rig to cancel on its journey to Vorlich field several times over the past week. With the campaigners blocking the track with an icebreaker ship and two inflatable launches, BP suffered a loss of over £1.5 million.
Protests from Greenpeace activists continue at Transocean’s drilling rig on Friday to prevent it from heading to a BP oilfield in the UK North Sea. A statement released by Greenpeace read how police had removed and arrested two Greenpeace activists on Thursday night. Friday saw another couple of Greenpeace activists climbing up a leg of the rig. BP has said that it is coordinating with Transocean and Scottish police.
C-Innovation has received a contract to perform riserless light well intervention (RLWI) activities for BP in the Gulf of Mexico. The initial contract includes both mechanical and hydraulic acid stimulations which will be performed by C-I’s flagship Gulf of Mexico assets. Subsea Manager of C-I said, "We look forward to continuing to grow our relationship with BP by offering unique and cost-effective turnkey solutions”.
Energy major BP along with Reliance Industries Ltd. will develop their deepwater gas field project in India. In the last two years, both the companies have sanctioned development of two other projects. All three projects are expected to require an investment of approximately 350 billion Indian rupees. The development of about 3 trillion cubic feet of discovered gas resources is expected from the projects.
For an undisclosed sum, BP has agreed to sell its interests in the Gulf of Suez oil concessions in Egypt to Dragon Oil based in Dubai. As per the agreement, Dragon Oil will purchase exploration and production concessions, including BP’s assets in GUPCO (Gulf of Suez Petroleum Company). BP’s CEO said in a statement, “Egypt is a core growth and investment region for BP”.