Bp Share Discussion Threads

[thecashmoney] 27/8/2018 00:07

NUOG 13 m market cap ,well worth a look keep a eye out 👀

[thecashmoney] 26/8/2018 13:38

: thecashmoney: What if the rumours are true ???We see more posters join the insiders list ,having made connections for months.We see Links of obscure links with the bondholders,which show options to own Martello for the purchase of the OSX-3 FPSO.We see Dommo enegia struggling for cash and also bondholders wanting a better solution,trapped with low return on their asset. We see MFDEVCO subsidiary Brazil holdings ,we see they are negotiating for a offshore Brazil field.We see MFDEVCO China .We see the company announce they have identified a facility out of China to redevelop the field.We see them say they are arranging finance that avoids dilution,just the sort of finance you would get from a investment bank,type non recorse which is just the type you would get from such.We see them say it will bring large return s for shareholders. It is clear Martello oil field would benefit from redevelopment,greater flowrates and proving up more reserves. Allready pumping 6000 bopd ,the OSX-3 has a capacity for 100k bopd.With the option they could get more than 50 percent of the field.What would that be worth intial ,what would that be worth after redevelopment??. What would it be worth once new rig is brought in from China ???. Wells in the area have a 95 percent success rate .No wonder people are saying it will get suspended under Aim 14 rule ,it looks a massive deal and would need to to form a orderly market on a aqusition of this size CM

[waldron] 24/8/2018 18:32

24 August 2018

BP p.l.c.

Transaction in Own Shares

BP p.l.c. (the "Company") announces that it has purchased, in accordance with the authority granted by shareholders at the 2018 Annual General Meeting of the Company, the following number of its ordinary shares of $0.25 each ("Shares") on Exchange (as defined in the Rules of the London Stock Exchange) as part of the buyback programme announced on 15 November 2017 (the "Programme"):


Date of purchase: 24 August 2018
Number of Shares purchased: 415,650
Highest price paid per Share (pence): 564.7000
Lowest price paid per Share (pence): 557.7000
Volume weighted average price paid per
Share (pence): 560.5060


The Company intends to cancel these Shares.

The schedule below contains detailed information about the purchases made by Barclays Capital Securities Limited (intermediary code: BARCGBN1) on the Date of purchase as part of the Programme.

For further information, please contact:

BP p.l.c.

Craig Marshall

[phone]

Schedule of Purchases

Shares purchased: BP p.l.c. (ISIN CODE: GB0007980591)

Aggregate information:


Venue Volume-weighted Aggregated volume
average price (pence)
London Stock Exchange 560.5060 415,650
----------------------- ------------------

[waldron] 24/8/2018 18:25

Total
54.87 +1.29%


Engie
13.06 -0.42%

Orange
14.315 -0.07%


FTSE 100
7,577.49 +0.19%
Dow Jones
25,813.52 +0.61%
CAC 40
5,432.5 +0.24%


Brent Crude Oil NYMEX 76.01 +1.69%
Gasoline NYMEX 1.98 +1.16%
Natural Gas NYMEX 2.92 -1.58%




BP
563.7 +1.11%


Shell A
2,563.5 +1.00%


Shell B
2,614 +1.02%

[hellscream] 24/8/2018 14:37

lagging oil again, happy to take it but not give it.

[waldron] 23/8/2018 17:14

Total
54.17 +0.82%

Engie
13.115 +0.38%

Orange
14.325 -0.24%


FTSE 100
7,563.22 -0.15%
Dow Jones
25,621.87 -0.43%
CAC 40
5,419.33 -0.02%


Brent Crude Oil NYMEX 74.61 -0.29%
Gasoline NYMEX 1.95 -0.60%
Natural Gas NYMEX 2.96 +0.10%



BP
557.5 +0.52%


Shell A
2,538 +0.53%


Shell B
2,587.5 +0.78%

[waldron] 22/8/2018 18:18

22 August 2018

BP p.l.c.

Transaction in Own Shares

BP p.l.c. (the "Company") announces that it has purchased, in accordance with the authority granted by shareholders at the 2018 Annual General Meeting of the Company, the following number of its ordinary shares of $0.25 each ("Shares") on Exchange (as defined in the Rules of the London Stock Exchange) as part of the buyback programme announced on 15 November 2017 (the "Programme"):


Date of purchase: 22 August 2018
Number of Shares purchased: 976,000
Highest price paid per Share (pence): 555.8000
Lowest price paid per Share (pence): 547.4000
Volume weighted average price paid per
Share (pence): 553.2123


The Company intends to cancel these Shares.

The schedule below contains detailed information about the purchases made by Barclays Capital Securities Limited (intermediary code: BARCGBN1) on the Date of purchase as part of the Programme.

For further information, please contact:

BP p.l.c.

Craig Marshall

[phone]

Schedule of Purchases

Shares purchased: BP p.l.c. (ISIN CODE: GB0007980591)

Aggregate information:


Venue Volume-weighted Aggregated volume
average price (pence)
London Stock Exchange 553.2123 976,000

[waldron] 22/8/2018 18:17

Total
53.73 +0.98%


Engie
13.065 -0.72%

Orange
14.36 +0.81%

FTSE 100
7,574.24 +0.11%
Dow Jones
25,793.52 -0.11%
CAC 40
5,420.61 +0.22%


Brent Crude Oil NYMEX 74.60 +2.47%
Gasoline NYMEX 1.96 +2.20%
Natural Gas NYMEX 2.97 -0.70%



BP
554.6 +0.54%


Shell A
2,524.5 +0.92%


Shell B
2,567.5 +0.88%

[optomistic] 22/8/2018 17:44

Brent crude now up 2.9%....could give us a boost in the morning.

[grupo guitarlumber] 22/8/2018 15:45

Aug 22, 2018, 06:26am
Five Reasons To Be Bullish About Investing In BP
Gaurav Sharma
Gaurav Sharma
Contributor i
I cover commodities, mostly oil & gas, often debunking risk premiums.

The recently concluded earnings season turned out to be mixed bag for oil and gas majors, with one notable exception – BP (LON:BP). The company delivered a sterling set of quarterly results and has been unveiling a series of eye-catching announcements for much of the current calendar year.

The developments give existing and potential investors much to be positive about. Towards the second quarter of 2017, BP was among my stock picks as a nailed-on 'buy' with a 12-month U.K. share price target of 550p. Over the stated period, the company not only outperformed its peers and but beat also the price target with time to spare.

Relatively higher oil prices and increased output helped BP quadruple its second quarter underlying replacement cost profit, the company's definition of net income, to $2.8 billion up from $0.7 billion over the same quarter last year, as revealed in July.

There are many reasons to be optimistic about investing in BP (Photo: Andrew Yates /AFP/Getty Images)

Based on public statements, portfolio optimization efforts and developments at the oil major, I maintain that 'buy' sentiment and believe BP is well poised to match or cap a share price level of 650p over the next 12 months. Here are five reasons to be bullish:

Production uptick and the U.S. 'Shale Gale' ride

BP's output in the first six months of 2018 came in at 3.662 million barrels of oil equivalent per day (boepd), up from 3.544 million (boepd) over the same period a year ago. The company shows clear signs of moving onward and upward.
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On July 27, BP revealed it is buying $10.5 billion worth of U.S. shale assets from BHP Billiton, the blue chip miner that's had a troubling time managing them since purchase back in 2011. The acquisition is BP's biggest since 1999.

In pure barrels of oil equivalent terms, the acquisition will increase BP's U.S. onshore oil and gas resources by 57%. That would be 190,000 boepd in additional output; split as 90,000 boepd from the Eagle Ford, 60,000 boepd from Haynesville and last but not the least 40,000 boepd from the Permian.

The acquisition is a massive impact statement from BP as all three plays point to a quicker monetization of barrels compared to conventional offshore oil and gas plays that take years to yield. Furthermore, make no mistake; BP can most certainly manage the assets way better than BHP Billiton did.

Moving on from Deepwater Horizon litigation

Even though it is still paying the $65 billion bill in clean-up and penalty costs resulting from the disaster, market consensus and vibes from BP suggest the company is putting the troubles of the 2010 Deepwater Horizon accident and the Gulf of Mexico oil spill behind it.

BP (LON:BP) share price trajectory for 12 months to August 2018.BBC

The saga weighed on the company for nearly five financial years, causing divestments across the board, as it attempted to get a handle on things. However, since the start of 2016, many in the investor community view the oil major to be growing in confidence in its ability to manage and put the fallout behind it.

Putting a figure on it, based on the conjecture of rating agencies and market projections, BP's spill damages are likely to fall from an average of $7 to 8 billion per year to less than $1 billion from 2020-21. If that turns out to be the case, BP's free cash-flow (FCF) exceeds this.

Upstream portfolio optimisation

Back in July, commenting on his company's U.S. shale move, BP Chief Executive Bob Dudley described it as "a transformational acquisition" and "world class addition" to the company's portfolio.

That portfolio has become among the best in the oil and gas business in recent years, with the oil major proving itself to be deft at shifting and bagging upstream assets.

View of BP's Khazzan project site in Oman.BP Plc

Buying shale assets, divesting in Alaska, going big on natural gas, remaining a key participant in Gulf of Mexico oil block auctions, cutting operations in the North Sea yet revealing two new finds in the mature prospect – BP has seen and done it all.

The company was also deemed to have had "best-in-class" lifting costs in 2017, according global analysis and advisory firm Rystad Energy. For instance, BP's $6 billion investment in the Khazzan Phase 1 and Makarem projects in Oman highlighted its "execution excellence" by achieving greenfield costs below $5 per barrel of oil equivalent.

With upstream on the up, as a sweetener for shareholders, BP lifted its dividend by 2.5% in the second quarter. It is the first such increase since 2014, offering a higher yield (of 5.44%) and better cash returns.

New ventures, innovation and downstream fine-tuning

Alongside signature moves in upstream, sit strategic low carbon and downstream overtures. Back in February, at the time of the publication of its 2017 annual results that pointed to a 24% annualized uptick in downstream profits, BP's Chief Scientist Dr Angela Strank told me the oil major is playing a "longer wavelength game" underpinned by emerging technologies, scientific agility and a robust downstream portfolio.

"In recent times we have divested a number of refineries, but our current focus is on eight refineries around the world that are really world class in terms of their operations and complexity. We've improved the reliability of our assets, and turned around our petrochemicals business to be resilient at any point in the cycle which maybe it wasn’t in the past," she added.

BP petrol station near Mexico city, part of its expansion strategy for fuel retail sales in emerging markets. (Photo: Ronaldo Schemidt/AFP/Getty Images)

The company has strategically entered retail fuel markets in Mexico and China. Efforts also range from creating biosynthetic lubricants (Castrol Edge) to more efficient fuels (BP Ultimate), digital apps for aviation support like FlyVictor and RocketRoute to Tricoya, a consortium project that facilitates acetylation of wood chips for use in the fabrication of panel products such as medium density fibreboard and particle-boards.

Its venture Lightsource BP, in which the company has a 43% stake and is already the largest developer and operator of utility-scale solar projects, is looking to spread its wings to India's renewable energy market. In June, BP bought Chargemaster, the UK's top electric vehicle charging firm.

CEO's commitment to lower break-even

The company's moves are accompanied by prudent management coming straight from the top. If the Deepwater Horizon disaster was the trigger for a lower break-even, the oil price slump of 2015-16 served as a catalyst. BP Chief Executive Bob Dudley was the first of the big oil bosses to declare his aspiration for a $30 per barrel break-even, although several of his peers have since followed suit.

Last year, at the World Petroleum Congress in Istanbul, Turkey, Dudley told me that he felt the age of $100 oil prices was an aberration, and that BP would be aiming to lower its break-even first to $50, then to the $35-40 range, and ultimately to $30 by 2021.

BP Chief Executive Bob Dudley has made clear his desire for a lower break-even. (Photo: BP Plc)BP Plc

Investors should take comfort as the top man is so vocal about an optimized portfolio and a lower break-even. In Dudley, BP has a boss who not only steadied a rocky ship but has also turned it around.

The company continues to show impressive financial resilience under his leadership. The various downstream and upstream overtures, especially the $10.5 billion mammoth shale acquisition, are likely to result in a marginal increase of its gearing, or debt-to-capital, ratio. However, this will "remain" within the company’s 20% to 30% target range, according to BP.

Of course, the oil major's shares trade in near tight correlation with oil (and gas) prices and in some ways present a similar level of volatility. But crude oil benchmarks have oscillated within a predictable $60-80 per barrel range for a while now, and BP, for me at least, represents the corporate turnaround story of the past few years. By that argument, I consider it to be a long-term addition to any investment portfolio.

Disclaimer: The above commentary is meant to stimulate discussion based on the author's opinion and analysis. It is not solicitation, recommendation or investment advice to trade the aforementioned company’s shares, and/or oil and gas futures, options or products. Oil and gas markets can be highly volatile and opinions in the sector may change instantaneously and without notice.

The author is an oil & gas analyst and market commentator. Follow him on Twitter @The_Oilholic


FORBES

[optomistic] 22/8/2018 13:36

The American Petroleum Institute (API) reported an extra-large oil inventory draw of 5.17 million barrels of United States crude oil inventories for the week ending August 18.

Taking Brent up 1.68% today.

[optomistic] 21/8/2018 17:50

Looking at the candles chart above the bulls v bears very evenly matched today. My view is that it won't be long before 'the bulls have it'

[waldron] 21/8/2018 17:16

Total
53.21 +0.59%


Engie
13.16 +0.23%

Orange
14.245 +0.39%


FTSE 100
7,565.7 -0.34%
Dow Jones
25,840.49 +0.32%
CAC 40
5,408.6 +0.54%


Brent Crude Oil NYMEX 72.60 +0.53%
Gasoline NYMEX 1.91 +0.38%
Natural Gas NYMEX 2.97 +0.54%




BP
551.6 -0.05%


Shell A
2,501.5 +0.46%


Shell B
2,545 +0.63%

[hellscream] 21/8/2018 16:59

all majors up today?

[waldron] 20/8/2018 17:22

Total
52.9 +0.95%

Engie
13.13 +0.42%

Orange
14.19 +0.32%


FTSE 100
7,591.26 +0.43%
Dow Jones
25,773.73 +0.41%
CAC 40
5,379.65 +0.65%


Brent Crude Oil NYMEX 72.24 +0.65%
Gasoline NYMEX 1.91 +1.30%
Natural Gas NYMEX 2.95 +0.14%


BP
551.9 +0.60%


Shell A
2,490 +0.71%

Shell B
2,529 +0.70%

[grupo] 19/8/2018 08:01

August 19 2018 01:57 AM
Business Eco./Bus. News
RELATED STORIES
GAS
LNG spot prices in Northeast Asia are averaging the highest since 2014
Text Size: A A A

Bloomberg/Tokyo

Some of the world’s biggest buyers of liquefied natural gas are signing mid-term supply deals, a move seen as protection against a further rise in prices that are already at the highest in four years.
A unit of BP signed a three-year supply agreement with Exxon Mobil Corp’s Papua New Guinea LNG project on Friday, following a similar deal by PetroChina International last month. Japan’s Jera Co, one of the world’s biggest buyers of gas, inked an agreement for the same duration with Abu Dhabi Gas Liquefaction Co’s LNG project last week.
“Buyers have been concerned about the strength of prices this summer and coming winter and may have expectations of further increases,” Wood Mackenzie Ltd analyst Nicholas Browne said in an e-mail. “For a portfolio player like BP, it gives them additional supply and optionality close to key Asian markets over this period.”
LNG spot prices in Northeast Asia are averaging the highest since 2014 at around $9.50 per million British thermal units through the first seven months of this year, according to World Gas Intelligence. Prices last year surged on the back of China’s soaring consumption growth and this year’s rally comes before winter, when use across the region typically peaks.
Exxon Mobil is negotiating another mid-term LNG deal from the PNG LNG facility in lieu of spot sales, partner Oil Search Ltd said on Friday when it announced the deal with BP. More mid-term deals are likely at least until 2023 or 2024, when the next round of major LNG supply projects come online, according to Wood Mackenzie’s Browne.
“The uptick in demand and spot prices over the last year has brought home the risks to buyers of being exposed to the spot market too much,” said Saul Kavonic, Credit Suisse Group AG’s director of energy research in Asia. That has created “more deal space for buyers and sellers to agree on mid-term contracts.”

[grupo] 18/8/2018 22:08

Overlooked Gas Project Could Be Biggest Winner In Trade War
By Tim Daiss - Aug 18, 2018, 4:00 PM CDT Gas storage

After several months of what can only be only called bad PR and troubling news coming out of the ExxonMobil-led $19 bn Papua New Guinea (PNG) LNG project, finally some good news has broken. Project partner Oil Search, which holds a 29 percent stake, said the project had agreed to a deal to supply LNG to a unit of British oil giant BP.

The agreement will start this month and provide BP with about 450,000 tonnes of LNG per annum over an initial three-year period, then rising to about 900,000 tonnes for the following two years, Oil Search said in a statement without giving any financial details of the deal.

"(The move) takes the total contracted volumes from the project to approximately 7.5 million tonnes per annum (mtpa)," Oil Search Managing Director Peter Botten said. The agreement comes a month after Oil Search announced a similar deal with PetroChina, the publically listed arm of state-run oil major Sinopec, for 6.6 mtpa. ExxonMobil is also reportedly in negotiations with several other parties over an additional 450,000 tonnes per year of LNG supply.

These developments come after several tense months for PNG LNG project partners. On February 26, 7.5 magnitude earth quake triggered landslides and flattened buildings in the country, and left at least 100 dead, forcing the government to declare a state of emergency.

However, the fallout from the quake caused anger among many locals that either directly attributed the natural disaster to gas drilling in the mountain region of the country, or at the very least claimed it was a contributing factor. Project partners, along with geologists, disputed the claims, but to no avail. Most locals still blame the PNG project for the devastating earthquake.

That anger then spilled over into local communities complaining that the PNG project consortium had taken advantage of both federal and provincial government leaders as well as land owners when it first reached deals to build the project around ten years ago.

After minor repairs to the facility and passing safety checks, the PNG project resumed operations by mid-April but by then it had a public relations fiasco on its hands. In lock step, the PNG government joined in the fray, claiming it they had given away too much in the initial round of negotiations that allowed the project to be built, and vowed that for any future negotiations for additional projects the country will not away concessions so easily.

Then on July 5, Exxon reported that it had stopped construction on its Angore gas pipeline in the country’s strife-hit highlands after building sites were vandalized. Two weeks later, the U.S.-based oil major said that it, along with PNG security forces, were investigation the vandalism. The 11-km (7-mile) Angore pipeline is being built to connect the Angore gas field to the Hides gas conditioning plant.
Related: WTI Set For Longest Weekly Losing Streak Since 2015

However, according to reports coming out of the country highlands region rioters and landowners have not yet received payments due from the government out of royalties paid by the project which shipped its first LNG four years ago.
Oilprice.com
Join the world's largest energy community
with over 10,000+ members

Learn, Share, and Discuss on the OilPrice Community
Sign Up Today

All of this unrest would have been hard to imagine just a year ago when the PNG project was the envy of the LNG industry. Unlike most of Australia's massive CAPEX LNG projects that have fallen behind schedule and suffered exorbitant cost and budget blowouts, the PNG project was the envy of the industry. Not only had it been completed ahead of schedule but also delivered its first LNG ahead of schedule in 2014.

Moreover, if Exxon and its project partners can address what appears to be legitimate government and local land owner concerns, the project should be able to capitalize on the ongoing trade dispute between the U.S. and China. Chinese end LNG users told global commodities data provider S&P Global Platts last week that, if implemented, the pending Chinese tariffs would push the cost of U.S. LNG above what companies could afford for spot cargoes in the near term.

"[A] 25% [tariff] is not something we can absorb even if domestic demand is strong," said a source at a state-owned Chinese company. "So while this uncertainty persists, I doubt buyers will be buying a lot of spot US LNG."
Related: The One Oil Industry That Isn’t Under Threat

If Beijing pushes through with the 25 percent retaliatory tariff against U.S. sourced LNG, the PNG project can offload uncommitted cargoes on the spot market in Asia to replace U.S. LNG. To date, China has been a consistent customer of U.S.-based Cheniere Energy’s cargoes sold on the spot market in Asia.

PNG can capitalize on Cheniere's loss, even if PNG’s volume of uncommitted production is narrowing.

In 2017, the PNG project shipped a total of 110 LNG cargoes with 23 ending on the spot market. The total figures since the start of exports in mid-2014 have reached 370 cargoes.

Moreover, major PNG project partners, Exxon, Oil Search and French oil major Total, have been discussing expanding the project. If an expansion is agreed upon and approved by the PNG government, it will be underpinned by the more than 10 tcf of discovered undeveloped gas resource in the Elk-Antelope and P’nyang fields and potentially gas from the foundation project fields - stiff competition for both U.S.-based and Australian LNG projects.

By Tim Daiss for Oilprice.com

[grupo] 18/8/2018 22:08

Overlooked Gas Project Could Be Biggest Winner In Trade War
By Tim Daiss - Aug 18, 2018, 4:00 PM CDT Gas storage

After several months of what can only be only called bad PR and troubling news coming out of the ExxonMobil-led $19 bn Papua New Guinea (PNG) LNG project, finally some good news has broken. Project partner Oil Search, which holds a 29 percent stake, said the project had agreed to a deal to supply LNG to a unit of British oil giant BP.

The agreement will start this month and provide BP with about 450,000 tonnes of LNG per annum over an initial three-year period, then rising to about 900,000 tonnes for the following two years, Oil Search said in a statement without giving any financial details of the deal.

"(The move) takes the total contracted volumes from the project to approximately 7.5 million tonnes per annum (mtpa)," Oil Search Managing Director Peter Botten said. The agreement comes a month after Oil Search announced a similar deal with PetroChina, the publically listed arm of state-run oil major Sinopec, for 6.6 mtpa. ExxonMobil is also reportedly in negotiations with several other parties over an additional 450,000 tonnes per year of LNG supply.

These developments come after several tense months for PNG LNG project partners. On February 26, 7.5 magnitude earth quake triggered landslides and flattened buildings in the country, and left at least 100 dead, forcing the government to declare a state of emergency.

However, the fallout from the quake caused anger among many locals that either directly attributed the natural disaster to gas drilling in the mountain region of the country, or at the very least claimed it was a contributing factor. Project partners, along with geologists, disputed the claims, but to no avail. Most locals still blame the PNG project for the devastating earthquake.

That anger then spilled over into local communities complaining that the PNG project consortium had taken advantage of both federal and provincial government leaders as well as land owners when it first reached deals to build the project around ten years ago.

After minor repairs to the facility and passing safety checks, the PNG project resumed operations by mid-April but by then it had a public relations fiasco on its hands. In lock step, the PNG government joined in the fray, claiming it they had given away too much in the initial round of negotiations that allowed the project to be built, and vowed that for any future negotiations for additional projects the country will not away concessions so easily.

Then on July 5, Exxon reported that it had stopped construction on its Angore gas pipeline in the country’s strife-hit highlands after building sites were vandalized. Two weeks later, the U.S.-based oil major said that it, along with PNG security forces, were investigation the vandalism. The 11-km (7-mile) Angore pipeline is being built to connect the Angore gas field to the Hides gas conditioning plant.
Related: WTI Set For Longest Weekly Losing Streak Since 2015

However, according to reports coming out of the country highlands region rioters and landowners have not yet received payments due from the government out of royalties paid by the project which shipped its first LNG four years ago.
Oilprice.com
Join the world's largest energy community
with over 10,000+ members

Learn, Share, and Discuss on the OilPrice Community
Sign Up Today

All of this unrest would have been hard to imagine just a year ago when the PNG project was the envy of the LNG industry. Unlike most of Australia's massive CAPEX LNG projects that have fallen behind schedule and suffered exorbitant cost and budget blowouts, the PNG project was the envy of the industry. Not only had it been completed ahead of schedule but also delivered its first LNG ahead of schedule in 2014.

Moreover, if Exxon and its project partners can address what appears to be legitimate government and local land owner concerns, the project should be able to capitalize on the ongoing trade dispute between the U.S. and China. Chinese end LNG users told global commodities data provider S&P Global Platts last week that, if implemented, the pending Chinese tariffs would push the cost of U.S. LNG above what companies could afford for spot cargoes in the near term.

"[A] 25% [tariff] is not something we can absorb even if domestic demand is strong," said a source at a state-owned Chinese company. "So while this uncertainty persists, I doubt buyers will be buying a lot of spot US LNG."
Related: The One Oil Industry That Isn’t Under Threat

If Beijing pushes through with the 25 percent retaliatory tariff against U.S. sourced LNG, the PNG project can offload uncommitted cargoes on the spot market in Asia to replace U.S. LNG. To date, China has been a consistent customer of U.S.-based Cheniere Energy’s cargoes sold on the spot market in Asia.

PNG can capitalize on Cheniere's loss, even if PNG’s volume of uncommitted production is narrowing.

In 2017, the PNG project shipped a total of 110 LNG cargoes with 23 ending on the spot market. The total figures since the start of exports in mid-2014 have reached 370 cargoes.

Moreover, major PNG project partners, Exxon, Oil Search and French oil major Total, have been discussing expanding the project. If an expansion is agreed upon and approved by the PNG government, it will be underpinned by the more than 10 tcf of discovered undeveloped gas resource in the Elk-Antelope and P’nyang fields and potentially gas from the foundation project fields - stiff competition for both U.S.-based and Australian LNG projects.

By Tim Daiss for Oilprice.com

[waldron] 17/8/2018 17:14

Total
52.4 +0.08%


Engie
13.075 -0.49%

Orange
14.145 -0.49%


FTSE 100
7,558.59 +0.03%
Dow Jones
25,616.67 +0.23%
CAC 40
5,344.93 -0.08%


Brent Crude Oil NYMEX 71.79 +0.57%
Gasoline NYMEX 1.89 +0.07%
Natural Gas NYMEX 2.95 +1.41%


BP
548.6 +0.00%



Shell A
2,472.5 -0.14%


Shell B
2,511.5 -0.08%

[optomistic] 17/8/2018 08:29

A good read:

[the grumpy old men] 16/8/2018 18:31

16 August 2018

BP p.l.c.

Second quarter interim dividend for 2018

Scrip Dividend Programme

On 26 July 2018, the Directors of BP p.l.c. announced that the interim dividend for the second quarter 2018 would be US$0.1025 per ordinary share (US$0.615 per ADS) (see RNS Number: 9448V). This interim dividend is to be paid on 21 September 2018 to shareholders on the share register on 10 August 2018. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative will be made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

The 'Reference Share Price' for the issue of new ordinary shares under the scrip dividend alternative is:

US$7.099 for each new ordinary share.

For holders of ordinary shares this is equivalent to 1 new share for

approximately every 69.259 shares held prior to the ex-dividend

date of 9 August 2018.

The Reference Share Price is the average of the US dollar equivalent of the closing mid price quotation for a BP ordinary share on the London Stock Exchange Daily Official List for the five consecutive dealing days beginning on the ex-dividend date of 9 August 2018. The US dollar equivalent price each day is calculated from the sterling closing mid price using an exchange rate published in the London Stock Exchange Daily Official List.

The 'Reference ADS Price' for the issue of new ADSs under the scrip dividend alternative is:

US$42.644 for each new ADS.

For holders of ADSs this is equivalent to 1 new ADS for

approximately every 69.340 ADSs held prior to the ex-dividend

date of 9 August 2018.

The Reference ADS Price is calculated by multiplying the Reference Share Price by six (as there are six ordinary shares underlying each ADS) and adjusting for the fee payable to the Depositary under the ADS Deposit Agreement (US$0.05 per ADS). Prior to the 2012 first quarter dividend payment stamp duty reserve tax ("SDRT") of 1.5% was deducted from this calculation, but following a tax tribunal decision in 2012, HM Revenue & Customs will no longer seek to impose 1.5% SDRT on issues of UK shares and securities to non-EU clearance services and depositary receipt systems.

Dividends payable in cash in sterling on 21 September 2018 will be converted from US dollars at the average of the market exchange rates for the four dealing days from 5 to 10 September 2018. The sterling cash dividend will be announced to the London Stock Exchange on 11 September 2018.

The latest date for receipt of elections to participate in the Scrip Dividend Programme for this interim dividend is 4 September 2018. Shareholders must return their mandate form or otherwise input their CREST elections, to be received by BP's Registrar, Link, by 5.00 pm (London time) on 4 September 2018, and ADS holders must return their election form to the Depositary, JPMorgan Chase Bank N.A., by 5.00 pm (New York time) on that date. Elections received after this deadline will apply to subsequent dividends only. Unless revoked by you, your scrip dividend election will apply for all future dividends for which a scrip dividend is offered. Evergreen elections for CREST shareholders will not be accepted and elections will revert to cash by default after the payment of each dividend.

Details of the second quarter 2018 dividend and timetable are available at www.bp.com/dividends and details of the Scrip Dividend Programme are available at www.bp.com/scrip.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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(END) Dow Jones Newswires

August 16, 2018 07:54 ET (11:54 GMT)