BP has scrapped a previous target to reduce its oil and gas production by the end of the decade as the UK-based supermajor is pivoting back to its core hydrocarbons business to lift investor returns, Reuters reported on Monday, citing sources familiar with the plans.
During his visit to the UK, Minister of Petroleum and Mineral Resources Karim Badawi met with bp CEO Murray Auchincloss to discuss the company’s plans to accelerate exploration and production (E&P) activities in its Mediterranean concession areas. The meeting was also attended by William Lin, Executive Vice President of Low Carbon Energy Projects; Engineer Nader Zaki, Regional President of bp for the Middle East and North Africa; and Engineer Moataz Atef, Head of the Central Administration of the Technical Office and official spokesperson for the ministry.
SOCAR (State Oil Company of Azerbaijan Republic) and UK oil major BP have signed a memorandum of understanding (MoU) to explore potential collaboration opportunities in international oil and gas upstream projects. The partnership, focused on bolstering global energy security, underscores the companies’ commitment to a reliable and sustainable energy supply.
Transocean has been awarded a USD 232-million contract from BP for the Deepwater Atlas drillship to carry out works in the US Gulf of Mexico, the company said on Wednesday.
BP and EOG Resources have reached a final investment decision on the Coconut gasfield offshore Trinidad and Tobago, BP said earlier this week.
Two officials revealed on Tuesday that Iraq will split earnings with British Petroleum (BP), a British multinational oil and gas company headquartered in London, and boost the development of oil and gas reserves in the northern Iraqi governorate of Kirkuk.
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.