Australian renewables hub cuts 26 GW proposal as hydrogen pivots to industrial demand
The environmental assessment of the 26 GW Australian Renewable Energy Hub proposal has been terminated at the developer’s request. An earlier approval covering up to 15 GW remains in place, meaning the project has been… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
Eni and BP target swift Denise West sanction as Egypt’s gas shortfall deepens
Eni and BP expect to decide within months whether to develop the Denise West discovery, targeting first gas in under two years. The field contains an estimated 2 Tcf of gas and 130m barrels of… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP takes full control of Trinidad’s 3.5 Tcf Calypso gas discovery
BP will acquire Woodside Energy’s 70% interest in Calypso, giving it complete ownership of the deepwater gas project. Trinidad’s government has estimated that Calypso could eventually supply 700 million cubic feet a day, although no final investment decision has been taken. The transaction shows BP concentrating capital around large resources connected to existing operations while […]
BP puts $4.1 billion Archaea acquisition up for sale as profits more than double
BP will market its US biogas business four years after acquiring it for an enterprise value of $4.1bn. Underlying replacement cost profit rose from $2.35bn to $5.73bn as higher oil prices, trading and refining strengthened… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP completes Gelsenkirchen refinery sale as portfolio overhaul accelerates
BP has transferred its Gelsenkirchen refinery and related businesses to Klesch Group for an undisclosed sum. The transaction is expected to remove around $1 billion of underlying operating expenditure and transfer substantial liabilities from BP’s… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP closes in on sale of Lightsource to Kuwait-backed consortium
Qualitas Energy and Kuwait Investment Authority-owned Wren House are reportedly in advanced negotiations to acquire solar developer Lightsource from BP. The transaction’s principal financial benefit may come from transferring several billion dollars of debt rather than generating a large cash receipt. A sale would complete BP’s retreat from direct ownership of a renewable power business […]
BP flags higher Q2 earnings as oil rally drives sharp debt reduction
BP expects higher oil and gas prices, stronger refining margins and another robust oil trading performance to lift Q2 earnings. Upstream production is forecast to fall by as much as 7% from Q1 because of… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP scraps deputy chief executive role with Carol Howle and HR chief to exit
BP deputy chief executive Carol Howle will retire in the third quarter, less than three months after being appointed to the role following a period as interim chief executive. Chief executive Meg O’Neill will not… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP hopes to offload North Sea assets dashed after Ithaca talks fail
BP and Ithaca Energy engaged in advanced discussions to sell BP’s remaining UK North Sea oil and gas assets in a deal valued at around £2 billion, but talks collapsed without agreement. The potential sale would… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP eyes Azerbaijan’s Babek gas field as Europe scrambles for supply
BP will take over operatorship of Azerbaijan’s Babek gas field, which contains about 400 billion cubic metres (Bcm) of gas and 80 million tonnes of condensate. The field lies near the giant Shah Deniz deposit and could bolster pipeline exports via the Southern Gas Corridor to Turkey and Europe. The move reflects BP’s strategic pivot […]