BP plc expects its natural gas marketing and trading results to be “strong” for the first quarter, following an upbeat result in the final three months of 2023. The London-based major, in a trading update preceding its first quarter report, said upstream production also would be higher in the period. However, lower gas and oil…
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Articles from BP plc
E&Ps Urge Expanding Gulf of Mexico Oil and Gas Leasing, Continuing Wind Sales
Natural gas and oil lease sales in the Gulf of Mexico (GOM) should continue, but there’s room for wind development, as well as carbon capture and sequestration (CCS), according to exploration and production (E&P) companies. Both supporters and opponents of federal leasing in the offshore made their comments on the national leasing program, published late…
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…
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…
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…
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…
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.…
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…
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…
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…