bp plc reported operating cash flow of $7.8 billion and underlying replacement cost profit of $2.2 billion for the third quarter of 2025, reflecting stronger upstream performance and improved refining margins across its global portfolio. Chief Executive Officer Murray Auchincloss said bp delivered “another quarter of good performance across the business,” highlighting continued operational strength, cost […]
The UK-based energy giant, which is a co-venturer in the exploration license via its 50/50 company with Italy’s Eni, Azule Energy, can confirm the preliminary results of the Volans-1X exploration well, as reported by operator Rhino Resources earlier this month.
“The well found 26m of net pay in rich gas condensate-bearing reservoirs, with the reservoir showing excellent quality petrophysical properties and no observed water contact”, Rhino said in a press release. “Hot shot laboratory analysis on two samples (at the top and base of the reservoir interval) showed a high condensate to gas ratio (CGR) of >140 and a liquid density of around 40° API gravity.
A consortium between the State Oil Company of the Azerbaijan Republic (SOCAR) and Saipem SpA has won contracts for a $2.9-billion compression project in the BP PLC-operated Shah Deniz field on Azerbaijan’s side of the Caspian Sea, BP and Saipem said. The compression project will access low-pressure gas and enable the production of an additional […]
“Net debt at the end of the third quarter is expected to be broadly flat compared to the end of the second quarter at around $26 billion including the impact of the redemption of $1.2 billion perpetual hybrid bonds on 1 September as planned, higher income taxes paid of around $1 billion and a working capital release”.
The contract is expected to begin in the second quarter of 2026 and run for about 350 days, with a total estimated value of $140 million, including a mobilization fee. The agreement also provides options for three additional wells.
The 100% BP‑owned project will include a floating production platform with capacity to produce 80,000 barrels of oil per day, linked to six wells in the Tiber field and a two‑well tieback from the Guadalupe field.
bp itself made big bets on renewables in recent years that turned into money-losing ventures. The firm reset its strategy earlier this year to return to focusing on oil and gas after years of under performance.
The drilling campaign will target five wells at depths between 300 and 1,500 metres and is scheduled to begin in 2026. Any resulting production will be routed to BP’s existing infrastructure in the West Nile Delta.
Eni-BP joint venture Azule Energy will invest $5 billion in Angola over the next five years and drill 18 wells, with two-thirds operated by the company, according to a Reuters report on Wednesday. The spending is comparable to Azule’s outlays since the JV launched in 2022 and centers on sustaining output from core offshore assets.