Bp Group News

British oil major BP Alaska announced that it is selling its entire business to Hilcorp Alaska, marking the exit from Alaska after six decades.The $5.6 billion sale includes Opens a New Window. interests in the Prudhoe Bay oil field, Point Thomson gas field and the trans-Alaska pipeline system, BP said in a release.Bob Dudley, BP group chief executive, said: "Alaska has been instrumental in BP's growth and success for well over half a century and our work there has helped shape the careers of many throughout the company. We are extraordinarily proud of the world-class business we have built, working alongside our partners and the State of Alaska…

SOCAR, the the State Oil Company of Azerbaijan Republic, and BP signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. The PSA was signed in London, in the presence of UK Prime Minister Theresa May and Azerbaijan’s President Ilham Aliyev, by Rovnag Abdullayev, President of SOCAR, and BP group chief executive Bob Dudley. Speaking at the signing event  Abdullayev said: “We have a long tradition of successful cooperation with BP. I believe that the synergies between modern upstream technology and unique historical experience, embodied in both companies, create a solid basis for our continued success.

BP has announced that Carl-Henric Svanberg has informed the company’s board of directors of his intention to retire as chairman. Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post. Ian Davis, the BP board’s senior independent director, will now lead the process to identify and appoint BP’s next chairman. Mr Svanberg joined the BP board on 1 September 2009 and became chairman on 1 January 2010. Svanberg said: “It has been a tremendous privilege to lead the BP board over the past eight years. I am proud of the achievements of the management and the company in that time. The first couple of years were incredibly challenging for us all as we navigated an unusually complex corporate crisis.

BP Shipping today celebrates its 100-year anniversary, making it the longest continually operating company in the BP group. Formed on April 30, 1915 as the British Tanker Company, the business has adapted to significant world events including two world wars, the Great Depression, closures of the Suez Canal, and the impact of oil nationalisations on the world economy and the movement of oil and gas. BP Shipping has also played its role in the evolution of safer and more environmentally sustainable shipping practices including inert gas systems, crude oil washing and double hulling, and has used its marine skills in the design and development of ground-breaking hybrid vessels in support of offshore oil and gas exploration.

BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3.2 billion result for the first quarter of 2014. The company also announced a quarterly dividend of 9.75 cents per ordinary share, the same level as the previous quarter but 8.3% higher than a year earlier. As previously announced, BP’s board will review the level of the dividend with the first and third quarter results each year. “This was another successful quarter, delivering both operational progress and robust cash flow.

BP and the China National Offshore Oil Corporation (CNOOC) today announced a heads of agreement for the supply of up to 1.5 million tonnes of liquefied natural gas (LNG) per year over 20 years starting in 2019. The agreement was signed in London by BP Executive Vice President, Dev Sanyal and CNOOC Chairman, Wang Yilin, in the presence of UK Prime Minister David Cameron and Chinese Premier, Li Keqiang. Bob Dudley, BP Group Chief Executive said: “This is a significant deal for BP and China but it also marks a step up in global connectivity in the gas market. This is important for all countries and regions looking at the diversity of energy supply and energy security - it gives BP greater flexibility to respond to the changing energy demands from Europe, Asia and other regions.

Consolidation will provide marine customers with a simpler and more consistent product offering. Global lubricants manufacturer, Castrol, has announced that it will become the sole brand for the BP group’s marine lubricant offering. The decision to consolidate the marine lubricants offerings that are currently provided under both BP Marine and Castrol Marine brands will create a single product and service portfolio that will provide greater simplicity and efficiency for customers.

In recognition of the breakthrough new enhanced oil recovery – or EOR – technology, BP has been presented with the Distinguished Achievement Award. The award was presented on 4 May, 2014 at the Offshore Technology Conference (OTC) in Houston, Texas. This is the second time in four years that BP has won the award at this major annual gathering for oil and gas professionals. BP's plans to use the new enhanced oil recovery – or EOR – technology from day one of operations at the Clair Ridge field west of Shetland, UK have won BP this major industry award.Until now, emerging EOR techniques have typically been applied to older fields as the oil production rate falls and recovery of oil and gas becomes harder - and uneconomic.

BP today announced its financial results for the first quarter of 2014. Underlying replacement cost profit1 for the quarter was $3.2 billion, compared with $2.8 billion for the previous quarter and $4.2 billion for the first quarter of 2013. Operating cash flow in the quarter was $8.2 billion. The company also announced a quarterly dividend of 9.75 cents per ordinary share to be paid in June, 8.3% higher than a year earlier. As previously advised, the Board will continue to review the level of the dividend with the first and third quarter results each year. BP Group Chief Executive Bob Dudley commented: “This is a very solid start to 2014.

BP and partners start production of oil/gas from the Skarv field in the Norwegian Sea, one of a series of new major upstream projects. “The start-up of Skarv is a key operational milestone for BP, adding new production from one of our core higher-margin areas,” said Bob Dudley, BP group chief executive. The Skarv field is approximately 210 kilometres west of the Norwegian coast in water depths of approximately 350-450 metres. Discovered in 1998, the field has an estimated ultimate recovery of around 100 million barrels of oil and condensate and over 1.5 trillion cubic feet of rich gas. The field development includes a new highly-advanced FPSO (floating production…

BP announces resolution of all criminal and securities claims against the company relating to Deepwater Horizon accident. BP has reached agreement with the United States government, subject to court approval, to resolve all federal criminal charges and all claims by the Securities and Exchange Commission (SEC) against the company stemming from the Deepwater Horizon accident, oil spill, and response. “All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region…

BP announce that  initial start-up of the Galapagos development in the deepwater U.S. The Galapagos development includes three deepwater fields and increases the capability of a key offshore production hub for BP. The fields - Isabela, Santiago and Santa Cruz - are being produced using subsea equipment on the floor of the Gulf. A new production flowline loop has been added to carry output to the nearby Na Kika host facility, a BP-operated platform located roughly 140 miles southeast of New Orleans in 6,500 feet of water.

Reliance Industries Limited and BP today announced a historic partnership between the two companies. Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and Mr. Robert Dudley, BP Group Chief Executive, signed the relationship framework and transactional agreements in London. The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.

A new performance standard for critical offshore operations will help North Sea oil and gas drilling operators comply with new environmental requirements. Under rules set by the North-East Atlantic regulator, OSPAR, the range of the UK Offshore Chemical Notification scheme is being extended from 1st January 2009 to include all greases used to lubricate jack-up open gearing – that raise and lower the platforms from and into the sea. The consequence for North Sea oil and gas drilling operators is that the environmental impact of all greases used will have to be established prior to use. Lubricants containing hazardous components may be excluded from use and many components used in existing greases will attract attention from the authorities.

BP Announced it has signed a Letter of Intent with Daewoo Shipbuilding & Marine Engineering Company, Ltd. of South Korea for detailed design, fabrication and transport of a semi-submersible unit for the Crazy Horse project in the Gulf of Mexico. The $380 million contract calls for delivery in the first quarter of 2004, in time for module integration and production startup in early 2005. equipment, a 188 person quarters, and a complete dual-hoist 2 million pound capacity 5th generation drilling system. Daewoo will build the unit at its fabrication yard in Okpo, Korea. The lower hull measures approximately 350 feet by 350 feet and the upper deck box will measure approximately 350 ft. by 450 ft. largest semisubmersible production/drilling unit in the world. (FEED) work.

September 25, 2006: Krystallon, a world leader in emissions solutions specialising in abatement technology for the commercial shipping industry, has developed a new emissions monitoring system for use in the marine industry. The combination of quantum cascade laser (QCL) technology, a system designed for detecting drugs, explosives and hazardous compounds, and Krystallon’s seawater scrubbing technology, will allow operators to measure SOx and NOx and CO2 emissions more quickly, accurately and cost-effectively. The system, developed by Cascade, uses QCL technology to detect gases in the air. The electronic 'nose' detects gases emitted, producing a chemical 'fingerprint' to identify the substance.

Caroline Shorten Conn, spouse of Iain Conn, BP Group Executive Officer, smashes ceremonial bottle of champagne on the hull of the Alaskan Navigator, the third Alaska-Class double-hull oil tanker being built for BP Oil Shipping Company, USA. On Saturday, November 12, National Steel and Shipbuilding Company (NASSCO. www.nassco.com), a wholly owned subsidiary of General Dynamics, joined BP p.l.c. in naming the Alaskan Navigator, the third of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA. The ship is scheduled to be delivered to BP later this month for service delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles, Calif., and Cherry Point, Wash.

On Saturday, National Steel and Shipbuilding Company (NASSCO) a wholly owned subsidiary of General Dynamics, joined BP in naming the Alaskan Navigator, the third of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company. The ship is scheduled to be delivered to BP later this month for service delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles , Calif. , and Cherry Point , Wash. Caroline Shorten Conn , spouse of Iain Conn, BP Group Executive Officer, is the ship’s sponsor. Mrs. Conn officially named the Alaskan Navigator and broke a ceremonial bottle of champagne across the ship’s hull. Diane Malone, spouse of Bob Malone, Chief Executive of BP Shipping, Ltd., was the sponsor’s Matron of Honor for the ceremony.