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.
The government holds majority stakes in the country’s three operational LNG production facilities, alongside minority investors including international oil companies and large gas buyers. However, only companies that can commit gas supplies to the plant would be eligible to take an equity stake in Oman’s fourth LNG train.
BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by 2030, the UK-based supermajor said on Monday as it shifts its focus back on oil and gas.
BP Plc anticipates strong growth in the U.S. as President-Elect Donald Trump improves regulations on the oil and gas industry just as artificial intelligence boosts energy demand.
NCMA 2, located around 48 kilometres off Trinidad’s north coast and lying in water depths of around 200 metres, opens a new area of exploration for the energy giant in the country, as all of its current production comes from the Columbus Basin off Trinidad’s east coast.
Egyptian Minister for Petroleum and Mineral Resources, Karim Badawi, has met with BP’s Executive Vice President of Gas & Low Carbon Energy William Lin to review the company’s latest activities in Egypt including the exploration and production for natural gas.
BP has reported an underlying replacement cost (RC) profit, proxy for net profit, of $2.26bn in the third quarter of 2024 (Q3 2024), a 31.1% drop from $3.29bn during the same period in 2023.
In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030.