The Mauritanian government has opted not to renew international oil company bp’s contract for the exploitation of the BirAllah gas field, located in the coastal basin of Mauritania.
UK-headquartered oil and gas giant BP has recorded a fall in profit on a quarterly and year-over-year (y-o-y) basis driven by the downturn in energy prices. However, Britain’s oil major still raked in a multimillion-dollar profit in the first quarter of 2024 while upping its oil production ante.
BP’s new Azeri-Central-East (ACE) facility is expected to boost oil production by 25 percent.
The ACE facility has the capacity to handle up to 2.6 bcm of gas per year, which could help Azerbaijan meet its gas supply commitments to the European Union.
The launch of the ACE facility comes at a fortuitous time for Azerbaijan, which is heavily dependent on hydrocarbon exports.
Azule Energy, an equal joint venture between BP and Italian oil major Eni for their Angolan business, has signed an agreement with Rhino Resources of Namibia for a 42.5 per cent interest in the country’s offshore oil bloc in the Orange Basin.
Senegal’s newly elected President Bassirou Diomaye Faye has stated that he would conduct a thorough audit of Senegal’s oil , gas and mining sectors.
BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.
All major oil and gas companies plan fossil fuel expansion incompatible with limiting warming to 1.5 degrees Celsius, a new report said Wednesday.
Geopolitics and supply chain dynamics will dictate the oil and gas outlook in 2024.
For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive.
Several oil majors beat expectations despite reporting smaller overall profits in 2023 compared to 2022.
The combined profits of Big Oil came in at around $107.5 billion last year
The floating liquefied natural gas (FLNG) vessel for a Mauritania-Senegal project of BP PLC has arrived at its destination on the maritime border of the two countries, the British energy giant said.