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BP Looking Beyond Petroleum — Again — as Low-Carbon Opportunities Beckon

BP Looking Beyond Petroleum — Again — as Low-Carbon Opportunities Beckon

BP plc turned the investor world on its head Tuesday with a revamped strategy to slash oil and natural gas production while pouring billions into low-carbon investments. CEO Bernard Looney, during a lengthy conference call with top executives, further outlined the strategy that he had first unveiled in February, to put the company on a…

August 4, 2020

The Offtake: LNG in Brief

A roundup of news and commentary from NGI’s LNG Insight BP plc has agreed to supply Chinese utility Foran Energy with 300,000 metric tons/year of regasified LNG beginning in 2021. The LNG would arrive at Guangdong Dapeng LNG import terminal, where BP has a stake. The deal follows a similar one BP signed earlier this…

July 29, 2020
Eni’s Bashrush Natural Gas Well Builds Eastern Med Export Potential

Eni’s Bashrush Natural Gas Well Builds Eastern Med Export Potential

Eni SpA, together with partners BP plc and Total SE, said they have successfully tested a well drilled on the Bashrush prospect offshore Egypt, expanding the possibility for exports to thirsty ports. Bashrush is in the Eastern Mediterranean (Med) within the North El Hammad concession, in the Nile Delta. Seven miles from the coast, the…

July 29, 2020
BP Inks Deal to Supply, Regasify LNG for China’s ENN Group

BP Inks Deal to Supply, Regasify LNG for China’s ENN Group

BP plc. has signed a first-of-its-kind deal with one of China’s largest privately-owned energy companies to supply LNG and regasify it at an import terminal.  Under the supply agreement, BP would provide 300,000 metric tons of regasified LNG to ENN Group for two years beginning Jan. 1, 2021. The LNG would be received and regasified…

July 9, 2020
Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio

Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio

Houston’s Hilcorp Energy Co. has completed a takeover of BP plc’s upstream portfolio in Alaska and is nearing a handoff of the midstream unit, allowing the private explorer to become one of the state’s biggest operators. The $5.6 billion deal struck last year with BP hands affiliate Hilcorp Alaska immediate control of BP Exploration (Alaska)…

July 2, 2020
BP Strikes $5B Deal to Sell Petrochemicals Business to Ineos as Energy Transition Escalates

BP Strikes $5B Deal to Sell Petrochemicals Business to Ineos as Energy Transition Escalates

BP plc on Monday announced it is selling off its substantial petrochemicals business, much of it in the United States, in a $5 billion deal with chemicals giant Ineos Group. The sale, designed as “the next strategic step in reinventing BP,” would strengthen the balance sheet and deliver on the supermajor’s $15 billion total planned…

June 29, 2020
U.S. Led Global Natural Gas Output, Trade in 2019, but Transition to Renewables Clear, Says BP

U.S. Led Global Natural Gas Output, Trade in 2019, but Transition to Renewables Clear, Says BP

Global natural gas consumption climbed 2% in 2019, less than half 2018’s remarkable 5.3% increase, but its share in primary energy demand jumped to a record high of 24.2%, BP plc said Wednesday in its annual review.

June 17, 2020
BP Impairing Up to $17.5B in Assets on ‘Enduring Impact’ from Covid-19 and Quicker Energy Transition

BP Impairing Up to $17.5B in Assets on ‘Enduring Impact’ from Covid-19 and Quicker Energy Transition

With an expectation that the energy transition away from fossil fuels may be sooner than expected, BP plc on Monday said it plans to impair up to $17.5 billion on the value of its assets for the second quarter because of limited upside in natural gas and oil prices.

June 16, 2020
BP Cuts Natural Gas, Oil Price Outlook, Sees $13-17.5B in Writedowns with ‘Enduring Economic Impact’ from Covid-19

BP Cuts Natural Gas, Oil Price Outlook, Sees $13-17.5B in Writedowns with ‘Enduring Economic Impact’ from Covid-19

One week after announcing it would cut 10,000 jobs globally, BP plc on Monday signaled it expects to impair up to $17.5 billion on the value of its assets for the second quarter because of limited upside in natural gas or oil prices.

June 15, 2020

BP Laying Off 10,000 Employees as Oil Prices ‘Well Below’ Level Needed to Turn Profit

BP plc, the largestnatural gas marketerin North America and a leading U.S. oil and gas employer, on Monday launched plans to lay off 10,000 people by the end of this year.

June 8, 2020
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