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.
The three brands of gasoline sold by Shell in the country are unavailable at some locations until further notice, according to a statement on its website. The company – which accounts for a small part of Indonesia’s market – is coordinating with the country’s Energy Ministry to ensure fuel availability, it said.
BP, which announces its half-year results on Tuesday, said last month that it would sell its share in 10 US onshore windfarms to the New York-headquartered LS Power. On Monday it launched its 50:50 offshore wind joint venture with the Japanese wind company Jera worth up to £4.5bn, which it plans to use to gain some access to zero-carbon wind energy developments while focusing on fossil fuels.
Baker Hughes has secured a long-term service agreement award from bp for its Tangguh Liquefied Natural Gas (LNG) plant in Papua Barat, Indonesia. This comprehensive 90-month agreement covers spare parts, repair services, and field service engineering support for critical turbomachinery at the facility including heavy-duty gas turbines, steam turbines and compressors for three LNG trains.