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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.
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.