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BP CFO Predicts Continued Natural Gas Price Volatility as Trading Unit Generating ‘Exceptional’ Results 

BP CFO Predicts Continued Natural Gas Price Volatility as Trading Unit Generating ‘Exceptional’ Results 

BP plc is forecasting continued high prices and volatility in the natural gas market through year-end, following an “exceptional” third quarter for its gas marketing and trading business, management said Tuesday (Nov. 1). Breaking down the supermajor’s quarterly results on a conference call, CFO Murray Auchincloss said that reduced Russian pipeline imports to Europe “led…

November 4, 2022
FERC Ordered to Reassess $20M BP Fine for Alleged Natural Gas Market Manipulation in 2008

FERC Ordered to Reassess $20M BP Fine for Alleged Natural Gas Market Manipulation in 2008

The U.S. Court of Appeals for the Fifth Circuit has ordered FERC to recalculate a $20.16 million fine levied against BP plc for allegedly manipulating the Texas natural gas market in 2008. The Federal Energy Regulatory Commission wrongly attempted to expand its Natural Gas Act jurisdiction to cover intrastate gas trading, the circuit court said. …

October 26, 2022
BP Agrees to $4B-Plus Deal for U.S. RNG Giant Archaea

BP Agrees to $4B-Plus Deal for U.S. RNG Giant Archaea

To expand and accelerate its bioenergy business, BP plc on Monday agreed to acquire Archaea Energy Inc., a leading U.S. renewable natural gas (RNG) producer. The acquisition, subject to Archaea shareholder approval, would be for $3.3 billion in cash and close to $800 million in debt.  Bioenergy is one of the five strategic transition growth…

October 17, 2022
Kogas Inks Long-Term Deal for U.S. LNG with BP

Kogas Inks Long-Term Deal for U.S. LNG with BP

Korea Gas Corp., aka Kogas, said Friday that it has signed a long-term contract to buy U.S. liquefied natural gas (LNG) from an affiliate of BP plc.  The company agreed to purchase 1.58 million tons (Mt) annually from BP Singapore Pte. Ltd. for an 18-year term at prices linked to Henry Hub. Kogas is one…

April 22, 2022
U.S. RNG Market Expanding as BP, Chevron Snag More Supply Agreements

U.S. RNG Market Expanding as BP, Chevron Snag More Supply Agreements

BP plc has clinched an agreement to purchase a unique blend of renewable natural gas (RNG) initially for customers in California. Maryland-based CleanBay Renewables said it would provide BP with RNG produced from poultry litter, a mixture of manure, feathers and bedding. The biogas is processed into RNG and can be used to fuel vehicles.…

August 24, 2021
BP Looking to Hydrogen Expansion to ‘Reinvent’ Natural Gas

BP Looking to Hydrogen Expansion to ‘Reinvent’ Natural Gas

Hydrogen has the power to “reinvent” natural gas, and BP plc is looking to take the lead in the transition, a top executive said earlier this month. BP’s energy economics team and the International Energy Agency (IEA) are forecasting a big role for hydrogen in the transition from fossil fuels to alternative energies. BP Executive…

June 28, 2021
Natural Gas Said ‘Part of the Solution’ as Biden Pledges to Halve US GHG Emissions

Natural Gas Said ‘Part of the Solution’ as Biden Pledges to Halve US GHG Emissions

Energy stakeholders endorsed President Biden’s strengthening of U.S. climate change commitments on Thursday, but they also stressed the importance of natural gas in achieving deep decarbonization of the economy. Biden said Thursday the United States will target a 50-52% reduction in economy-wide greenhouse gas (GHG) pollution by 2030 versus 2005 levels. The announcement, made during…

April 23, 2021
BP Hitting Grand Slam in Reducing Permian Emissions by Switching to Electricity from Natural Gas

BP Hitting Grand Slam in Reducing Permian Emissions by Switching to Electricity from Natural Gas

BP plc, which is aiming to eliminate natural gas flaring in the Lower 48 by 2025 on its transition to becoming a zero-emissions producer, said it has taken a big step toward that goal with a state-of-the-art facility in the Permian Basin. The electrified Grand Slam facility near Orla, TX, is a central oil, gas…

April 21, 2021
BP Strikes Oil in Deepwater Puma West Prospect Near Mad Dog

BP Strikes Oil in Deepwater Puma West Prospect Near Mad Dog

BP plc said it has struck oil at the Puma West prospect offshore Louisiana near its Mad Dog platform in the deepwater Gulf of Mexico (GOM).  The well in Green Canyon Block 821 was drilled by BP, operator and owner of the block, on behalf of co-owners Chevron U.S.A. Inc. and Talos Energy Inc., each…

April 14, 2021
BP Giving Chinese Customers Direct Link to LNG Imports

BP Giving Chinese Customers Direct Link to LNG Imports

BP plc has started to link downstream customers in China with liquefied natural gas (LNG) imports, creating a fully integrated supply chain in a country that continues to lead the world in energy consumption growth.  The first LNG cargo delivered under BP’s new terminal usage agreement arrived over the weekend at the Guangdong Dapeng LNG…

January 26, 2021
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