BP has reported a 26% YoY fall in Q3-2013 profits to $3.7 billion. The profit was dragged by weak upstream numbers and a slump in refining margins.The company added that it plans to divest a further $10 billion in assets before end-2015. The divestment proceeds will be shared with the shareholders either through dividends or...
BP MIGAS, Indonesia's state oil and gas regulator, approved the Plan Of Development (POD) on 12 oil and gas fields with total investments reaching to $830 millionThe 12 fields are expected to start production in 2012, until 2014.This includes PODs for the Kepodang Field run by Petronas Carigali Muriah Ltd and Sapi Field...
BP announced the successful start-up of the Devenick gas project in the Central North Sea. The Devenick project is a subsea tie-back to Marathon Oil's East Brae platform.Production from the field is expected to peak up to 100 MMcf/d in 2013. Total investment has been around GBP 650 million (~$1 billion).About the...
BP announced that it is divesting its interests in a number of central North Sea oil and gas fields to TAQA for a base consideration of $1.058 billion, plus future payments. The sale is subject to regulatory approvals and is expected to be completed in Q2-2013.
Anticipated future payments of $250 million, dependent on oil price and production, are expected to be realized over three years.
Post-acquisition, TAQA's net production will increase by 21 MBOE/d
Average unadjusted metric is $62,286/Daily BOE for production
The transaction includes associated transport infrastructure including the SAGE system, Forties-Brae and Forties-Braemar pipelines
Located in Block 9/19, 11 km north-east of Harding
Subsea tie-back to the Maersk-operated Gryphon FPSO unit
BP was the operator and sold its 37.04% stake
Located in Block 9/23b, 320 km north-east of Aberdeen
BP was the operator and sold its 70% stake
Located in Blocks 9/24b and 9/29a
The gas condensate field is a single well
Subsea tie-back to the Marathon-operated East Brae platform
TAQA will acquire BP’s 88.7% operated interest in the unitized Devenick field
Divided into three licenses - Block 16/7a, East Brae and Braemar
Post-acquisition, TAQA will increase its share to 45.7% in Block 16/7a, 50.1% in East Brae, and 65% in Braemar
BP announced that Bob Fryar has been appointed as EVP for Safety and Operational Risk. Bob will be reporting directly to the Group Chief Executive.Fryar is currently the EVP for production in BP’s upstream business.The appointment follows retirement of Mark Bly as the Head of BP’s safety functions.