Bp Share Discussion Threads

[grupo] 23/4/2019 10:23

Wood Mackenzie: BP’s US$6 billion Azeri Central East project gets the nod

Published by David Bizley, Editor
Oilfield Technology, Tuesday, 23 April 2019 09:00

BP and partners have taken a final investment decision (FID) on the Azeri Central East (ACE) platform, the latest phase at Azerbaijan's super-giant Azeri-Chirag-Guneshli (ACG) oilfield. The US$6 billion project will be one of the biggest upstream FIDs of the year.

Robert Morris, senior analyst, Caspian upstream, said: “Production at Azerbaijan's oil elephant may have peaked back in 2010, but with 3 billion bbls yet to be produced it is just halfway through its long life.

“The operator's core objective is managing that long decline to maximise recovery and remaining value. ACE is central to those plans, adding 100 000 bpd of production at peak in the mid-2020s.”

BP and Azerbaijan are intimately connected: BP operates around 80% of the country’s production, and Azerbaijan will be the fifth largest biggest contributor to production in BP’s global portfolio when ACE achieves first oil in 2023, he said.

Mr Morris added: “Complex logistics mean many projects in the Caspian cost more and take longer than elsewhere. However, BP's sharp delivery of Shah Deniz Phase Two, which started on schedule and under budget last year, gives us reason for optimism.

“Another success would be a shot in the arm for other players contemplating energy investments in the region.”

[grupo] 23/4/2019 10:22

Wood Mackenzie: BP’s US$6 billion Azeri Central East project gets the nod

Published by David Bizley, Editor
Oilfield Technology, Tuesday, 23 April 2019 09:00

BP and partners have taken a final investment decision (FID) on the Azeri Central East (ACE) platform, the latest phase at Azerbaijan's super-giant Azeri-Chirag-Guneshli (ACG) oilfield. The US$6 billion project will be one of the biggest upstream FIDs of the year.

Robert Morris, senior analyst, Caspian upstream, said: “Production at Azerbaijan's oil elephant may have peaked back in 2010, but with 3 billion bbls yet to be produced it is just halfway through its long life.

“The operator's core objective is managing that long decline to maximise recovery and remaining value. ACE is central to those plans, adding 100 000 bpd of production at peak in the mid-2020s.”

BP and Azerbaijan are intimately connected: BP operates around 80% of the country’s production, and Azerbaijan will be the fifth largest biggest contributor to production in BP’s global portfolio when ACE achieves first oil in 2023, he said.

Mr Morris added: “Complex logistics mean many projects in the Caspian cost more and take longer than elsewhere. However, BP's sharp delivery of Shah Deniz Phase Two, which started on schedule and under budget last year, gives us reason for optimism.

“Another success would be a shot in the arm for other players contemplating energy investments in the region.”

[grupo] 23/4/2019 10:20

4/30/19 | 09:00am Q1 2019 Earnings Call

[grupo] 23/4/2019 10:18

4/30/19 | 09:00am Q1 2019 Earnings Call

[optomistic] 23/4/2019 10:17

Morning Penycae
Perhaps the monkey's circuitry has got a bit of damp in it, not being used over the hols!
I am more positive on BP than the monkey...but one of us has to be wrong.

[steve73] 23/4/2019 10:14

LOL, I think the monkey could end up as the main course in an Asian "live monkey brain" feast... it would probably make better decisions after that.

[penycae] 23/4/2019 09:56

Morning all.
Monkey hit this one with a red dart this morning, so taken a short position. Quite a larjwun to start off the post holiday trading, so I hope he's right.

Trade well and prosper......

[philanderer] 22/4/2019 20:10

Iran oil: US to end sanctions exemptions for major importers

[grupo] 21/4/2019 11:42

BP Sanctions $6 Billion Development Offshore Azerbaijan
Credit: BP
Credit: BP

By MarEx 2019-04-20 19:44:30

BP and partners have sanctioned the Azeri Central East project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.

The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.

The move is the first major investment decision by the ACG partnership since the extension of the ACG production sharing agreement to 2049 was agreed in 2017. More than $36 billion has been invested into the development of the ACG area since 1994.

ACG currently has eight offshore platforms – six production platforms and two process, gas compression, water injection and utilities platforms. The platforms export oil and gas to the Sangachal Terminal, one of the world’s largest oil and gas terminals, onshore near Baku. In 2018, total production from ACG averaged 584,000 barrels per day, of which Equinor has an equity production of approximately 43,000 barrels per day.

The Azeri Central East project is centered on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms in a water depth of approximately 140 meters. The project will also include new infield pipelines to transfer oil and gas from the platform to the existing ACG Phase 2 oil and gas export pipelines for transportation to the onshore Sangachal Terminal.

Construction activities, which will commence this year and run through mid-2022, will take place in-country utilizing local resources. It is expected that, at peak, construction activities will create up to 8,000 jobs.

BP has a 30.37 percent stake in and operates the ACG. Partners include SOCAR/AzACG (25 percent), Chevron (9.57 percent), Inpex (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent) and ONGC Videsh Limited (2.31 percent).

[paulisi] 20/4/2019 17:03

Azerbaijan deal is big and with the oil price solid, these shares have further upturn.

[la forge] 20/4/2019 07:48

The Daily Telegraph: BP has sealed a new pact with Azerbaijan to invest in the expansion of drilling in the giant Azeri-Chirag-Deepwater Gunashli oilfield complex.

[adrian j boris] 19/4/2019 13:18

Friday 19 April 2019 12:15pm
BP sanctions next stage of $6bn Caspian Sea oil field development
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Jessica Clark
Jess Clark is a City A.M. news reporter covering private equity and investment.
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BP Filling Station Signage
Source: Getty

A joint venture involving BP has sanctioned the next stage of a $6bn oil field development in the Caspian Sea.

The development includes a new offshore platform and facilitates designed to process up to 100,000 barrels of oil a day and is expected to achieve first production in 2023, producing up to 300m barrels over its lifetime.

Read more: Oil authority pays £3m a year for massive North Sea database

The sanction marks the first major investment decision by the ACG partnership since the extension of the production sharing agreement to 2049 was agreed in 2017.

Partners in the project include Socar, Chevron, Inpex, Equinor, Exxonmobil, TPAO, ITOCHU and ONGC Videsh.

BP chief executive Bob Dudley said: “Working together over the past 25 years, this remarkable partnership has turned these world-class assets into tremendous benefits for the people of Azerbaijan.

“The Azeri Central East (ACE) extension builds on that legacy and helps ensure that the next quarter century will be just as bright.”

Read more: Oil authority pays £3m a year for massive North Sea database

The project is centred on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms.

Construction will begin this year and run until mid 2022, and is expected to create up to 8,000 local jobs.

[grupo guitarlumber] 19/4/2019 09:44

Here are the top risk events facing global oil markets
Published Thu, Apr 18 2019 • 9:18 AM EDT
Sam Meredith
@smeredith19




Key Points

Oil prices have soared since the start of the year, supported by ongoing OPEC-led supply cuts, escalating fighting in Libya and U.S. sanctions on Iran and Venezuela.
Energy analysts tend to agree that a flurry of intensifying risk indicators in the oil market is a cause for concern.
But, when it comes to identifying potentially the most disruptive risk event, the consensus ends.

[waldron] 18/4/2019 17:35

FTSE 100
7,459.88 -0.15%
Dow Jones
26,551.61 +0.39%
CAC 40
5,580.38 +0.31%

Brent Crude Oil NYMEX 71.57 -0.07%
Gasoline NYMEX 2.02 +0.27%
Natural Gas NYMEX 2.50 -0.64%

(WTI) - 18/04 18:14:02
63.54 USD -0.25%


Eni
15.432 +0.01%



Total
50.3 +0.42%


Engie
13.335 +0.26%

Orange
14.625 +0.38%



BP
567.7 -0.75%


Shell A
2,466.5 -0.60%


Shell B
2,484 -0.70%

[optomistic] 18/4/2019 11:17

1st qtr results on the 30th Apr, looking for a firming share price up to then.

[waldron] 17/4/2019 17:17

FTSE 100
7,471.32 +0.02%
Dow Jones
26,444.18 -0.03%
CAC 40
5,563.09 +0.62%


Brent Crude Oil NYMEX 71.84 +0.17%
Gasoline NYMEX 2.02 +0.43%
Natural Gas NYMEX 2.52 -1.94%

(WTI) 17/04 17:55:03
64.17 USD -0.23%


Eni
15.43 +0.03%


Total
50.09 +1.08%

Engie
13.3 +0.04%

Orange
14.57 -0.07%


BP
572 +0.69%


Shell A
2,481.5 +0.55%


Shell B
2,501.5 +0.38%

[waldron] 16/4/2019 17:18

FTSE 100
7,469.92 +0.44%
Dow Jones
26,440.68 +0.21%
CAC 40
5,528.67 +0.36%


Brent Crude Oil NYMEX 71.31 +0.18%
Gasoline NYMEX 2.00 +0.25%
Natural Gas NYMEX 2.58 -0.58%

(WTI) - 16/04 17:56:07
63.63 USD +0.27%


Eni
15.426 -1.56%


Total
49.555 -1.03%

Engie
13.295 -0.15%

Orange
14.58 -0.41%


BP
568.1 -0.32%


Shell A
2,468 +0.00%


Shell B
2,492 +0.06%

[waldron] 16/4/2019 16:21

BP announces $500 M extension to its drilling and engineering contract in Azerbaijan
16 April 2019 12:26 (UTC+04:00)

Baku, Azerbaijan, April 16

By Leman Zeynalova – Trend:

BP as operator of the Azeri-Chirag-Gunashli (ACG) oil and Shah Deniz gas fields in the Caspian Sea announced today a $500 million extension to its drilling and engineering contract in Azerbaijan, Trend reports citing BP.

The new contract has been awarded to the Turan Drilling & Engineering Company LLC which is a KCA Deutag and SOCAR AQS joint venture.

This represents another major contract awarded by BP as operator in the Caspian to a company with a local partner. It builds on the successful local content development strategy that BP and its co-venturers set from the start of their involvement in the region as a priority area of contribution to local capacity-building and enhancement of the local market. It also is in line with BP and its co-venturers’ business objectives to develop Caspian resources ever more efficiently and competitively working closely with the Government and SOCAR.

The contract covers offshore operations and maintenance activities for seven platform rigs operated by BP including the Central, East and West Azeri, Deepwater Gunashli, West Chirag, Chirag and Shah Deniz installations. The initial term of the contract is for five years with two one-year extension options.

“We are pleased to have awarded this contract to a joint venture between KCA Deutag and SOCAR AQS. As a long-term safe and efficient operator in the Caspian we welcome the combination of KCA Deutag’s more than 20 years of Caspian experience and international expertise with SOCAR AQS’s deep knowledge of the Caspian and their leadership within the Caspian drilling industry. BP operates world-class platform facilities in the Caspian as part of its 27 years successful business in the region. We hope this new contract will support our continued commitment to safety, development of local capabilities, cost efficiency, competitiveness and global industry standards,” Mike Zanghi, BP’s Vice President, Wells, said.

The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

---

Follow the author on Twitter: @Lyaman_Zeyn

[philanderer] 16/4/2019 13:25

Market report:

BP, down 1.0%, Royal Dutch Shell 'A', up 0.9%, up Shell 'B', up 0.8%. The oil majors were tracking spot oil prices lower quoted at USD70.85, down from USD71.09 late Monday. Oil prices weakened following remarks from Anton Siluanov, Russia's finance minister, who suggested that Russia along with OPEC is likely to decide to boost production to fight for market share with the US.

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