BP Pivots From IOC to Integrated Energy Company as It Resets for Energy Transition
Supermajor announces actions to achieve net-zero ambition and reshape business. It also noted that it will not seek to explore in countries where it does not already have upstream activities.
Price-Plunge Fallout: Let’s Make a Deal
Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
BP To Sell Petrochemicals Business for $5 Billion
The deal includes 15 global sites and over 1,700 staff expected to transfer to INEOS upon completion of the sale. The deal also follows BP’s announcement earlier in the month that it would cut 14% of its workforce.
As Renewables Grow, Oil Continues To Dominate Share of Energy Mix
World energy is at a “pivotal moment,” says BP CEO in annual statistical review, which reveals contrasts, challenges in energy consumption, production, and emissions.
BP Slashes Up to $17.5 Billion in Assets; Cites Pandemic for Swifter Shift to Net Zero
Write-offs include billions for early-exploration-stage projects that the company will now cut.
BP To Cut 14% of Workforce
The supermajor will cut 10,000 jobs by year end.
Staking Energy and ESG Positions
What’s driving ESG investment?
Offshore Enters Uncharted Waters
For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.”
Upstream Digitalization Is Proving Itself in the Real World
For the upstream industry, where improvement in efficiency or production can drive significant financial results, there is no question that the size of the digital prize is huge. So are the challenges.
Global Upstream Industry Moves Into Survival Mode
As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain.
Interest in US Gulf Lease Sale Sapped by Price Crash
Oil and gas operators played it safe in the latest offshore auction by placing about half the high bids typically made. As a result, the total dollar commitment for the round was the lowest since 2017.
What is the Future Demand for Petroleum Engineers?
Artificial intelligence can do some things faster and better than humans can. But that may allow engineers to focus on higher-value tasks.
BP Aims for Net-Zero Emissions, Oxy To End Flaring
BP says it is firmly committed to achieving the ambitious target of net-zero greenhouse gas emissions over the next 30 years—even if that means producing less oil and gas.
Report: BP Pulling Out of Iraq Field
The withdrawal comes at a time of increasing tension between the US and Iraq, which makes investment in the country riskier.
Oil and Gas Discoveries Reach Four-Year High in 2019: Rystad
A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
BP Makes $625 Million Exit From North Sea Assets
The deal is part of BP’s plan to divest $10 billion in the North Sea so that it can focus on developing core growth areas and construct more cost-effective subsea tiebacks in the region.
BP Confirms Further Gas Potential Offshore Mauritania, Senegal
Three appraisal wells drilled this year—GTA-1, Yakaar-2, and Orca-1—targeted nine hydrocarbon-bearing zones, encountering gas in high-quality reservoirs in all zones and yielding a combined 160 m of net pay.
BP Discovers Gas with Orca-1 Well Offshore Mauritania
The Orca-1 and Marsouin-1 wells have derisked up to 50 Tcf of gas initially in place from the Cenomanian and Albian plays in the BirAllah area, more than sufficient to support a world-scale LNG project, partner Kosmos Energy said.
BP Adds, Shell Subtracts Oil and Gas Resources
Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.
Looney To Succeed Dudley as BP CEO
Dudley’s retirement will end an almost decade-long tenure in which he oversaw the company through the aftermath of the Macondo disaster and a generational oil-price slump.
BP Appraisal Well Proves “World-Scale Gas Resource" Offshore Senegal
The Yakaar-2 appraisal well encountered 30 m of net gas pay in a similar high-quality Cenomanian reservoir as the Yakaar-1 discovery well drilled in 2017.
As Oil and Gas Data Multiply, so Do the Cybersecurity Threats
Saudi Aramco, BP, and Schlumberger pride themselves on staying at the forefront of digital technology development and deployment. But an equally daunting challenge for the industry heavyweights is keeping their ever-expanding digital systems secure.
BP To Sell Alaska Business to Hilcorp
The $5.6-billion deal includes the Prudhoe Bay field and the Trans Alaska Pipeline and vaults Hilcorp to be the second-largest Alaska producer and reserves holder, behind only ConocoPhillips.
BHP, Anadarko Among Leaders in Latest US Gulf Lease Sale
Australia’s BHP Billiton and the recently acquired Anadarko Petroleum submitted the largest dollar totals of high bids in US Gulf of Mexico Lease Sale 253.
2019 SPE Offshore Europe Explores the Industry’s License To Operate
The biennial SPE Offshore Europe conference will explore a diverse set of topics, including the application of digital technologies and preparing for a low-carbon energy future and ongoing work around standardization and decommissioning.
Global Energy Demand in 2018 Grew at the Fastest Pace This Decade
Natural gas accounted for almost 45% of global demand growth last year.
Digital Transformation at BP is Starting to Add Up to Billions
Analytics, sensors, and robots are changing the way one of the world’s largest oil and gas companies does business. Underpinning all the new technology though is a shift in how BP thinks, and what it means to be a supermajor in the 21st century.
Shell Dominates US Gulf Lease Sale
The major’s dominant showing in US Gulf of Mexico Lease Sale 252 propelled another rise in bids and dollars for the biannual regionwide auction.
One Industry of Global Citizens
An assortment of sustainability initiatives shows how the oil and gas industry, leveraging its reach, diversity, and resources, is going well beyond just supplying energy to impact the world for the better.
What Lies Ahead for Hydrocarbons in the Global Energy Mix?
The energy transition is underway, and the push to reduce carbon emissions will be at the forefront of industry discussion in the coming years. What role will oil and gas play in the changing landscape? How diversified can our fuel mix be while still meeting growing energy demand?
What Happened to all the E&P Deal-Making?
One of last year’s big stories in the industry was consolidation among several of the larger upstream operators. But deal activity has fallen off in recent months. Will things remain this quiet during the somewhat uncertain year ahead?
The Oil and Gas Chat Bots Are Coming
The technology is being proven in millions of phones and homes across the world. Now, a small group of software startups wants to introduce chat bot technology to oil and gas professionals.
Eni To Team With BP, Others in Growing Middle East Exploration Campaign
By racking up exploration agreements in the United Arab Emirates, Oman, and Bahrain, Eni took a big step forward in its pledge to tap into the Middle East’s vast swaths of highly prospective oil and gas acreage.
BP’s Seismic Innovations Used To Find Cheap Barrels Offshore
BP announced four discoveries in the Gulf of Mexico near existing platforms. It use advanced seismic imaging to identify resources in deepwater locations that can be developed cost effectively using platforms nearby.
BP, Chevron Bring Two More Offshore Projects on Stream
Majors BP and Chevron have overcome development challenges and delays to launch their respective Clair Ridge and Big Foot projects.
BP’s Lower 48 Unit Becomes BPX Energy
The rebrand follows the completion of BP’s $10.5-billion purchase of BHP’s assets in the Permian, Eagle Ford, and Haynesville.
Shell Picks a Digital Platform To Build Its AI Future Upon
The international major has been playing with intelligent programs for years, but this new deal shows that it is now ready to scale those efforts up to cover hundreds of thousands of pieces of equipment.
Eni, BP To Team in Hopes of Boosting Libyan Oil and Gas Exploration
Eni plans to buy a portion of BP’s interest in Libya’s Ghadames and Sirt Basins in an effort to relaunch exploration activity there next year.
BP and Startup Beyond Limits Try To Prove That Cognitive AI Is Ready for Oil and Gas
BP has invested more than $100 million into nine different startup companies in the past 2 years—but only one of them wants to turn your brain into a piece of its software.
BP and Baker Hughes Go Live with Big Analytics on All Gulf of Mexico Platforms
What do 60,000 sensors on 1,200 pieces of equipment add up to? Hopefully, hundreds of millions of dollars in savings.
Bids, Dollars Rise in Third Regionwide US Gulf of Mexico Lease Sale
ExxonMobil and Hess led the way in the most active regionwide US gulf lease sale thus far.
Looking for a Lot More Deepwater Production? Fix Your Old Wells
BP has seen enormous payoff from a program to intervene in underperforming subsea wells in the Gulf of Mexico.
BP To Buy US Shale Assets From BHP for $10.5 Billion
BP ends a year of speculation as to who will buy BHP Billiton’s much-coveted US unconventional business, transforming its Lower 48 portfolio in the process.
UK’s Latest Licensing Round Aims for Offshore Frontiers
Just 2 months after issuing more than a hundred licenses, the Oil and Gas Authority begins the process again for a whole new set of blocks.
What’s Driving Oil Companies to Buy Electric Car Charging Firms?
Some of the industry's largest players are now fueling the electrification revolution, and it is only the beginning.
BP Launches Caspian’s First Subsea Development
The $28-billion Shah Deniz Phase 2 project off Azerbaijan will supply gas to Europe through the Southern Gas Corridor pipeline system.
The UK North Sea: How To Manage an Aging Basin
A recent spike in production has engendered a cautiously optimistic outlook for the UKCS, but will it do anything to stave off the overall decline of the mature basin?
Making Money in Brazilian Oil Demands Patience, Persistence, and Problem Solving
Brazil’s large offshore discoveries and domestic demand for oil and gas are a combination that holds potential for explorers to make money on high-priced blocks. A series of offshore auctions offering more attractive properties at more reasonable terms have attracted aggressive bidding.
Will Blockchain Become the New Operational Backbone in Energy?
Energy companies are looking to distributed ledger technology—otherwise known as blockchain—to help navigate the complex transactional systems that make up their operations. What is blockchain, and what makes it valuable to our industry?
Oil at $70 Provides Little Comfort Offshore
Sustainable cost reductions through innovation and standardization will have more of a positive effect on the offshore sector than cyclical oil-price increases, an OTC panel of industry participants agreed.
Another Big Gas Field Starts Production Offshore Egypt
More gas is flowing from Egyptian waters and the Eastern Mediterranean with BP’s launch of its Atoll Phase One project.
Latest Gulf of Mexico Lease Sale Generates Moderate Bidding Interest
The largest lease sale in the history of the area attracts $139 million in total bids, a $2 million increase over the previous lease sale held last August.
North Sea Discoveries Highlight Rebound in the Slumbering Sea
BP announced two North Sea discoveries, adding to signs of a revival in play that was looking old, tired, and overpriced a couple years ago.
Don’t Kill the Chickens, Build Community Consensus
We hear the term “social license” a lot. We have created a new term that people can hide behind and debate endlessly. I believe that we need to take it to the broader level and rethink how we do our work and achieve "community consensus."
BP and Shell Agree: A New Energy Future Is Coming
The world still needs oil and gas, but it is also making room for renewable energy which will change how upstream companies do business.
Outlook Points to Peak Transport Demand for Oil
Oil demand growth from the transportation sector, the linchpin of oil consumption, will slow to a trickle by 2035 and level off, while demand from the petrochemicals sector will become oil’s chief growth driver, the BP 2017 Energy Outlook says.
BP Brings in Prolific Gas Well in Mancos Shale
At an initial production rate of almost 13 MMcf/D, BP’s new well has achieved the highest early-production level in 14 years for a well in the San Juan Basin of Colorado and New Mexico.
Going Deep: Is Deepwater Experiencing a Resurgence?
Saudi Arabia, the Permian Basin, and global deepwater areas have vastly different futures predicted. Is it time for a deepwater renaissance?
The Price is Finally Right for Indian Gas Megaproject
Reliance Industries and BP are going forward with the expansion of a huge field off the east coast of India that is expected to fill 10% of the country’s energy needs.
Need a Faster Measure of Relative Permeability? Take a CT Scan and Follow With Digital Rock Analysis
Faster, lower-cost measures of multiphase permeability of conventional reservoirs are promised by a digital rock analysis method developed by BP and Exa, which is marketing software to measure relative permeability.
Thunder Horse Expansion Builds on BP’s Gulf of Mexico Strategy
Completed 11 months ahead of schedule, BP’s Thunder Horse South Expansion project furthers the company’s deep water agenda.
Mining Daily Driller’s Reports Looking for Telling Patterns
There is a lot of information buried in drilling reports written every day, but little of it appears in computer databases.
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04 August 2020