BP plc

BP Sees Gains in Global Trading Arm and Forecasts LNG Supply to Grow

BP Sees Gains in Global Trading Arm and Forecasts LNG Supply to Grow

A new executive team has taken the reins at BP plc, but the strategy remains focused on providing energy solutions while remaining pragmatic because the world continues to need natural gas and oil, CEO Murray Auchincloss said. Auchincloss discussed the London-based supermajor’s fourth quarter and full-year results during a conference call Tuesday. Formerly CFO, Auchincloss…

February 6, 2024
Shell Looks to Join BP’s Push for Calcasieu Pass LNG Commissioning Probe

Shell Looks to Join BP’s Push for Calcasieu Pass LNG Commissioning Probe

Shell plc is looking to intervene in a complaint against Venture Global LNG Inc. one of its fellow contract holders, BP plc, filed with FERC late last year. In December, BP filed a request with the Federal Energy Regulatory Commission requesting it compel Virginia-based Venture Global to release confidential information about the extended commissioning process…

January 3, 2024
Naval Force Mobilizing to Stop Red Sea Attacks Eases Natural Gas Supply Concerns in Europe

Naval Force Mobilizing to Stop Red Sea Attacks Eases Natural Gas Supply Concerns in Europe

European natural gas prices retreated on Tuesday after the United States announced an international naval force to protect commercial and energy cargoes transiting the Red Sea. The Title Transfer Facility erased the gains it made Monday amid escalating tensions in the Middle East. The prompt month contract fell 8% to close at $10.47/MMBtu, its lowest…

December 19, 2023
Venture Global CEO Criticizes Shell, BP as Dispute With LNG Offtakers Continues

Venture Global CEO Criticizes Shell, BP as Dispute With LNG Offtakers Continues

Venture Global LNG Inc. CEO Michael Sabel said some of the company’s long-term offtakers are attempting to undermine the new exporter’s competitive edge in pointed comments published Tuesday by the Financial Times. Sabel’s comments are some of his strongest yet in what’s become a very public dispute with offtakers that have accused the company of…

December 5, 2023
BP Exits Senegal’s Yakaar-Teranga Natural Gas Field as Greater Tortue LNG Project Faces Delay

BP Exits Senegal’s Yakaar-Teranga Natural Gas Field as Greater Tortue LNG Project Faces Delay

BP plc has reshuffled its priorities for West African natural gas development as it progresses offshore activities and the Greater Tortue Ahmeyim (GTA) LNG project. Kosmos Energy Ltd., BP’s partner in Senegal’s estimated 25 Tcf Yakaar-Teranga gas discoveries, has assumed majority ownership and operator status with acquisition of BP’s working interest earlier in the month.…

November 15, 2023
BP Chief Looney Abruptly Resigns; CFO Auchincloss Appointed Interim Boss

BP Chief Looney Abruptly Resigns; CFO Auchincloss Appointed Interim Boss

BP plc CEO Bernard Looney, who has spent his entire career at the global energy major, resigned on Tuesday for failing to disclose information about previous relationships with colleagues, according to the company. CFO Murray Auchincloss was appointed interim chief, a BP spokesperson said. The BP board said it reviewed allegations last year regarding Looney’s…

September 12, 2023
BP Claims All Natural Gas Offtake from Canada’s Woodfibre LNG in Latest Agreement

BP Claims All Natural Gas Offtake from Canada’s Woodfibre LNG in Latest Agreement

Pacific Energy Corp. Ltd.’s Woodfibre LNG project in Western Canada is fully subscribed after the latest agreement with BP plc, according to the company. BP has inked a third sales and purchase agreement for 15 years of offtake on a free-on-board basis from the export project in British Columbia, covering a combined 1.95 million metric…

September 5, 2023
BP Sets ‘Drive to ‘25’ as Options Climb for LNG, Lower 48 Oil, Gas Production

BP Sets ‘Drive to ‘25’ as Options Climb for LNG, Lower 48 Oil, Gas Production

Europe has a better forecast for natural gas storage ahead of this coming winter, but it’s too soon to say whether the continent is fully prepared, BP plc CEO Bernard Looney said Tuesday. During the conference call to discuss second quarter results, Looney said the weather, as usual, will be the deciding factor.  Regarding Europe’s…

August 1, 2023
BP Settles 2008 HSC Natural Gas Price Manipulation Case for $10.75M

BP Settles 2008 HSC Natural Gas Price Manipulation Case for $10.75M

BP plc said it has reached an agreement with FERC to “fully resolve disputes, allegations and claims” over the energy major’s natural gas trading transactions in 2008 for alleged manipulation of U.S. natural gas prices. The settlement represents less than one-half of the original amount BP has already paid in the case. Under the settlement,…

July 11, 2023
BP Beats 1Q Expectations on ‘Exceptional’ Natural Gas Marketing and Trading

BP Beats 1Q Expectations on ‘Exceptional’ Natural Gas Marketing and Trading

Strong global natural gas marketing and trading lifted BP plc in the first three months of this year, helping the company overcome low commodity prices as the integrated major also leaned in to secure opportunities to expand in the United States and overseas. CFO Murray Auchincloss led a conference call Tuesday to discuss the latest…

May 2, 2023
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