The world’s oil reserves were unchanged in 2015 despite a sharp drop in investment and exploration after the collapse in crude prices, BP said in its benchmark industry report. Proven oil and gas reserves that can be technically pumped out of the ground typically fluctuate with oil prices as production becomes more or less economically… Continue Reading »
When it comes to the North Sea, there is no such thing as an easy sale, even for oil giants Royal Dutch Shell and BP. More than any other region in the world, the North Sea has suffered greatly over the past two years as a 60 percent drop in oil prices, high operating costs,… Continue Reading »
WorleyParsons has been awarded a five year contract for Engineering, Procurement and Construction Management (EPCm) services for BP-operated assets in Azerbaijan, Georgia and Turkey. Under the agreement, WorleyParsons will provide EPCm services primarily to BP-operated Sangachal Terminal and pipeline systems in Azerbaijan, Georgia and Turkey. The Sangachal terminal receives, processes, stores and exports crude oil and gas… Continue Reading »
Island Offshore has secured work for its offshore construction and well intervention vessel ‘Island Constructor’ with BP on the UK continental shelf. The contract follows the recently awarded work with Norske Shell on the Draugen field. The BP deal covers the provision of light well intervention (LWI) services offshore UK in July this year. Additional options might… Continue Reading »
U.S. Judge Carl Barbier granted final approval on Monday to BP Plc’s civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states. The company at the time said its total pre-tax charges… Continue Reading »
BP plc and China National Petroleum Corporation (CNPC) have signed the first production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China. The contract will cover an area of approximately 1,500 square kilometers and positions CNPC as the operator of the project. This PSC is… Continue Reading »
Aker Solutions has won a global framework agreement to deliver engineering and project management services at BP-operated subsea oil and gas fields. The contract has a fixed period of five years and may be extended by two years. It covers subsea engineering services, asset integrity management and operations support. “We are delighted to partner with BP… Continue Reading »
BP and Norway’s Statoil will withdraw staff from two gas plants in Algeria after an attack by militants on one of the sites in the North African country, the companies said on Monday. Militants attacked the In Salah gas plant, operated with state-owned Sonatrach, with rockets on Friday, causing no casualties or damage. Al Qaeda’s… Continue Reading »
Militants attacked an Algerian gas plant operated by Norway’s Statoil and BP with rocket-propelled grenades on Friday, causing no casualties or damage but forcing the facility to be closed as a precaution. Algeria’s energy infrastructure is heavily protected by the army especially since the 2013 Islamist militant attack on the In Amenas gas plant, also… Continue Reading »
OneSubsea has secured a contract from BP Exploration (Delta), and its partner DEA (Deutsche Erdoel AG), to supply subsea production systems for the West Nile Delta Giza/Fayoum and Raven fields, situated offshore Egypt. Giza/Fayoum will be tied-back to modified onshore Rosetta facilities and integrated with a new onshore plant for Raven. The scope of supply for the… Continue Reading »
