BP has acquired an interest in a Chinese company that develops sustainable aviation fuel—an alternative to jet fuel seen as a tool for lowering the emissions footprint of the air transport industry.
With oil, gas, and liquefied natural gas (LNG) still running the global energy show as the crown jewels within the ebbs and flows in the worldwide energy demand, the European and U.S. oil majors – the UK’s duo Shell and BP, France’s TotalEnergies, and Italy’s Eni alongside U.S.-based trio: ExxonMobil, Chevron, and ConocoPhillips – have collected a staggering $31.65 billion in combined profit during the second quarter of 2024. BP, Shell, Eni, ExxonMobil, and Conoco Phillips are among the lucky ones, which beat analysts’ expectations. However, TotalEnergies and Chevron got the shorter end of the stick with their financial performance falling below forecasts.
SLB, OneSubsea, Subsea 7 and the Subsea Integration Alliance will increase speed of tool delivery, optimize installation and reduce rig days at BP’s Murlach development in the North Sea.
New boss Murray Auchincloss, who took the helm in January, has shifted the company’s focus towards high growth and increased returns to shareholders amid weakened profit margins.
British oil giant BP posted underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion for the second quarter.
That beat analyst expectations of $2.6 billion, according to an LSEG-compiled consensus.
The energy firm announced it had increased its dividend by 10% and extended its share repurchasing program.
Venezuela on Wednesday granted a 20-year license to British energy producer BP and state-owned National Gas Company of Trinidad and Tobago (NGC) to develop the Venezuelan side of a natural gas field that extends into the Caribbean country’s waters.
Continued investment in oil and natural gas is critical while carbon capture and removal technologies will play a key role in meeting decarbonization targets, according to oil and natural gas supermajor bp in its 2024 Energy Outlook.
$5.2 bil Woodside project pumping 100,000 b/d of medium sour oil
Maran Poseidon ship arrives, Shell International Trading the charterer
Production adds to non-OPEC+ supply as alliance eyes price boost
The initial well is being reviewed along with other discoveries in the area for possible joint development.
John Browne, the former head of BP, has seemingly backed a Labour Party pledge to end North Sea oil and gas exploration.
The industry heavyweight, who joined the energy giant as an apprentice in the 1960s, said that plans for the North Sea and the “energy transition” would be important issues at the next election.