Shell Plc is working with advisers to evaluate a potential acquisition of BP Plc, though it’s waiting for further stock and oil price declines before deciding whether to pursue a bid, according to people familiar with the matter.
The oil major has been more seriously discussing the feasibility and merits of a BP takeover with its advisers in recent weeks, the people said, asking not be identified because the information is private.
Shareholders, especially activist hedge fund Elliott, will want to make their position known at the AGM votes on Thursday. Activist investor Elliott, which has been pushing for dramatic changes at BP since amassing a 5% stake in the supermajor, is likely to express its continued frustration with BP’s performance by voting against the re-election of directors.
bp Trinidad and Tobago (bpTT) today confirms its Cypre development has safely delivered its first gas.
bp’s Juniper rig, offshore Trinidad
Cypre is one of bp’s 10 major projects expected to start up worldwide between 2025 and 2027, announced as part of bp’s reset strategy to grow the upstream. Production from Cypre will make a significant contribution towards the 250,000 barrels of oil equivalent per day (boed) combined peak net production expected from these 10 projects.
BP cut planned annual investment in renewable energy businesses by more than $5 billion, from its previous forecast, to between $1.5 billion and $2 billion per year. It now aims to grow oil and gas production to between 2.3 million and 2.5 million barrels of oil equivalent per day (boepd) in 2030. It pumped 2.36 million boepd in 2024.
bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq.
The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.
bp today reached agreement on all contractual terms with the Government of the Republic of Iraq to invest in several giant oil fields in Kirkuk providing for the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.
The discovery in the country’s northern Mediterranean waters was announced by Egyptian Prime Minister Mostafa Madbouly, who was quoted by news outlet Caliber.
BP and the Iraqi government agreed the majority of commercial terms toward reviving the Kirkuk oil field on Tuesday, further progress toward a final agreement that is expected early this year.
KBR announced today it has been awarded a global agreement by bp for engineering, procurement and construction management (EPCM) services.
Arcius Energy is 51% owned by bp and 49% by XRG and will initially focus on the development of gas assets in Egypt. At the outset, it includes interests assigned by BP across two development concessions in the country, as well as exploration agreements.