BP plc is putting its once touted U.S. wind energy business on the market to refocus on growing its oil and natural gas operations, the operator said last week.
Articles from London
BP plc is putting its U.S. wind energy business on the market to refocus on growing its oil and natural gas operations, the operator said Wednesday.
BP plc completed a landmark transaction with Russian oil giant OAO Rosneft, which gives the London-based major a 20% stake in what now is the world’s largest publicly traded oil company. BP is using some of the proceeds to buy up to $8 billion of its shares over the next 12-18 months. BP agreed to sell its half-stake in Russian explorer TNK-BP to Rosneft for $17.1 billion in a cash-and-stock transaction, which gave it a 12.84% stake in the company (see NGI, Oct. 29, 2012). BP already held 1.25%, and it used $4.8 billion of the cash it received to buy another 5.66% stake. Rosneft bought the other half of TNK-BP from Alpha Group Consortium. In total, Rosneft’s transactions are worth an estimated $55 billion.
An estimated 1 Tcf of natural gas has been found off the southeastern coast of the Republic of Trinidad and Tobago, according to a unit of BP plc.
Late Friday Anadarko Petroleum Corp. — a 25% partner with BP plc in the disastrous Macondo well in the Gulf of Mexico (GOM) — pointed the finger directly at its London-based partner and assigned blame for the Deepwater Horizon catastrophe. BP fired back that it intends to continue doing its part, but noted that its partners also have “obligations.”
Could London’s BP plc actually be interested in taking over Chesapeake Energy Corp.? Rumors persisted last week that the major might have a deal in the works to buy the natural gas producer, but financial analysts said a buyout was unlikely considering the size of Chesapeake and BP’s decision last year to trim its sails.
BP plc is making good on its promises to improve performance, and the financial market turmoil actually has created new opportunities, the CEO said last week. The London-based producer was buoyed after reporting a better-than-expected 83% jump in quarterly net profit.