bp plc-spons adr (BP) Key Developments
BP Not To Sell San Juan Basin Assets
Mar 24 15
David Lawler, Chief Executive Officer of BP p.l.c. (LSE:BP.) said that the company withdrew its offer to sell its San Juan Basin assets soon after he joined the company. Lawler said BP has not drilled a well in the San Juan Basin in about seven years but plans to drill two wells this year with eight more in other basins in the country. “We’re going to have to change as a company because the status quo is not going to work in the long-term,” Lawler said at the conference. “And we don’t believe there’s going to be a significant rise in prices any time soon.”
Chevron Reportedly Interested In BP
Mar 18 15
Chevron Corporation (NYSE:CVX) looks to be interested in acquiring BP p.l.c. (LSE:BP.). There are market speculations that Chevron Corporation might be interested in acquiring BP and this led to rise in share prices of BP.
BP Signs $12 Billion Energy Deal in Egypt
Mar 16 15
BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent. The deal, finalised at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades. The agreement will include a West Nile Delta project, exploration and resource appraisal activities, East Nile Delta operations and operations in the Gulf of Suez. Rising energy consumption and decreasing production have turned Egypt from a net energy exporter to a net importer in the last few years and caused persistent blackouts.
BP Unveils $12 Billion Investment Project in Egypt Gas Fields Together with DEA
Mar 6 15
BP announced that it would invest $12 billion (EUR 11 billion) in gas fields in Egypt together with Russian-owned partner DEA, calling it a "vote of confidence" in the country. The WND (West Nile Delta) project investment is the foreign direct investment in Egypt. During the construction phase the project would employ thousands of people. The aim is to develop five trillion cubic feet of gas resources and 55 million barrels of condensates, with production expected to begin in 2017. Gas will be produced by two BP-operated offshore blocks -- North Alexandria and West Mediterranean Deepwater with a potential for future exploration. BP holds a 65% stake in the project, while owns the remaining 35%.
BP PLC Signs Final Agreements of the West Nile Delta Project
Mar 6 15
BP PLC announced that it has signed the final agreements of the West Nile Delta project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates with an estimated investment of around $12 billion by BP and its partner. The project underlines BP's commitment to the Egyptian market and is a vote of confidence in Egypt's investment climate and economic potential. Production from WND is expected to reach up to 1.2 billion cubic feet a day (bcf/d), equivalent to about 25% Egypt's current gas production and significantly contribute to increasing the supply of energy in Egypt. All the produced gas will be fed into the country's national gas grid, helping to meet the anticipated growth in local demand for energy. Production is expected to start in 2017. The scale of investment and activities of the WND project are expected to significantly contribute to the growth of petroleum-related industries and to Egyptian employment. During the construction phase, the project is projected to employ thousands of direct and indirect personnel. In line with BP's commitment to support the development of Egyptian capability, the WND project will encourage technology transfer and know-how through training and on-the-job development. This will help to create strategic national capabilities to unlock the country's future hydrocarbon potential. As part of the WND project, BP will also undertake a social investment programme directed to various sustainable development projects in coordination with the local communities and utilizing local service providers. This will be in addition to the project's principal approach, which is focused on increasing local labour, with a commitment to employ significant local labour during operations.