Bp Share Discussion Threads

[sbb1x] 13/10/2020 10:10

Counting down the days to the 29th October

[maywillow] 13/10/2020 08:51

BP starts production at Ghazeer gas field in Oman

Oil & GasUpstream

By Andrew Fawthrop 12 Oct 2020

The Ghazeer field is the second development phase of the substantial Block 61 resource in Oman, which BP says can supply 35% of the country's gas demand
BP Khazzan gas field Oman

A drilling rig at the Khazzan field in Oman - the first phase of development at Block 61 (Credit: BP)

BP has started production at the Ghazeer gas field in Oman, four months ahead of schedule.

It is the second phase of development at Block 61 – one of the Middle East’s largest tight-gas accumulations – expanding on the Khazzan venture, which delivered first production in 2017.

The project has been developed in partnership PC Oman Ventures, a subsidiary of Malaysian oil and gas firm Petronas, as well as Oman’s state-backed Makarim Gas Development.

In tandem with the Khazzan field, BP says Ghazeer has the potential to supply around 35% of the country’s entire natural gas demand.

Block 61 has an overall expected production capacity of 1.5 billion cubic feet (bcf) per day, as well as daily output of 65,000 barrels of associated condensate.

The total recoverable resource is estimated at 10.5 trillion cubic feet (tcf) of natural gas.

“The start-up of Ghazeer is an important milestone in our strategic partnership with Oman, delivering critical national infrastructure for the Sultanate,” said BP chief executive Bernard Looney.

Oman’s energy minister Dr Mohammed Al Rumhy added: “The gas from Ghazeer will contribute towards Oman’s 2040 vision in terms of providing additional energy to local industries, as well as diversifying the economy.”

BP has had an upstream presence in Oman since 2007.


Start-up of Ghazeer gas field underlines BP commitment to hydrocarbons, despite clean-energy shift

Recent focus on BP has centred on its new strategy to diversify away from traditional oil and gas businesses as it targets net-zero emissions by 2050, and to establish a bigger presence in renewable energy sectors.

But the expansion of activity at Block 61 is a reminder that hydrocarbons will still play a major role in the UK oil major’s strategy in the near term.

Last year, BP signed an agreement with Italian oil firm Eni and the Omani government for a “significant new exploration opportunity” at Block 77, located around 30km east of Block 61.

Looney said: “When we introduced our plans to reinvent BP, we were clear that to deliver them we have to perform as we transform. There are few better examples of how we are doing just that than Ghazeer.

“This project has been delivered with capital discipline four months early, wells are being drilled in record times and safety performance has been excellent. It exemplifies what a strong and resilient hydrocarbons business looks like – a core part of our strategy.”

The development of Ghazeer has been a major infrastructure project in Oman, and BP says Omani-registered companies were used for more than 85% of all project spend.

Block 61 comprises a three-train central gas-processing facility; a water treatment plant; 400km of gas and condensate export pipelines; a waste-management area; an electricity substation; almost 500km of roads; and more than 60km of water pipelines.

More than 130 wells have already been drilled at the gas field, with more planned over the lifetime of the project.

BP added that wells at Ghazeer were tested and completed using a “green completions” process, by which the gas produced while testing is routed directly to the production facility – rather than flared at source which has been the historical norm.

The company says this process has prevented more than 200,000 tonnes of carbon dioxide emissions from its operations since introduced in 2019 – the equivalent of removing 44,000 combustion-engine vehicles from the road each year.

[hellscream] 13/10/2020 07:29

the big players are happy with $40 oil, its killing US shale.

[sbb1x] 13/10/2020 06:47

Yeah if dividends are cut share price will crash even lower.All will be revealed on 29th October.Cant see January update being much good with 40$ oil what is here to stay.

[steve73] 13/10/2020 03:33

"Sbb1x 12 Oct '20 - 16:56 - 92744 of 92746

Only people that need to be worried are people on margin"

......

..And anyone over the age of about 40 who are planning to rely on BP dividends to support their pension within the next 20 years.....

Which I would guess is the majority of existing shareholders, at least indirectly..

[philanderer] 12/10/2020 19:51

ADVFN evening report:

“More lockdowns around the globe could also hit economic growth, and oil prices have been weakening today as a result of this,” said IG chief market analyst Chris Beauchamp.

“The bounce from the lows of early October seems to have run its course, as the impact of production cuts fades and the focus shifts to the macro picture once more.

“Despite improvement in Asia, the great Western consumers of oil are struggling to get the virus under control, raising fears that demand may once again fall off a cliff in a similar manner to February and March.”

[hellscream] 12/10/2020 18:17

no one can predict an commodity. gas is up what like 150% in 4 months?

[buywell3] 12/10/2020 17:01

buywell was first to predict -ve rates and helicopter money coming years ago

Now buywell predicts Kamala Haris will pick Barack Hussein Obama as her VP in 2021

OIL to trade circa $30 in 2021 as Covid-19 cases continue to rise as more testing gets carried out

Waste mountains of masks and PPE and one time use plastics to grow to epic proportions

Debt mountains to grow likewise and Banks to have to double and then triple monies needed for bad debt defaults

[sbb1x] 12/10/2020 16:56

Only people that need to be worried are people on margin

[sbb1x] 12/10/2020 16:53

Brent 41.5$ All will be revealed on 29th October

[gregmorg] 12/10/2020 16:23

Sorry, but I believe the new CEO is a disaster. He points to a very long term green
supposed "growth" strategy but fails to mention his acceptance of a deep revenue ravine that we are currently all staring down. Take the medium term pain chaps but back me as the 20 year view will become much brighter in maybe a few years time! Not sure he has got a clue! Sorry he hasn't and doesn't convince me at all. My vote is for management change!

[kev0856153] 12/10/2020 14:29

Apologies. I do need to clean up my language so I'll ask my question in a more polite, socially acceptable fashion.

What's the forward yield on this filth?

Thanks in advance.

[imastu pidgitaswell] 12/10/2020 14:05

Yep, some people (too many in this line of 'work') are just pointless irritations.

[sbb1x] 12/10/2020 08:40

Update 29th October what i csnt see being good.30th oct deadline for brexit deal. Will a deal be done ?3rd November us elections

[sbb1x] 12/10/2020 06:05

Brent 42$ ouch nearly 8 months of this another 6 months of this and you will get bp in the 130s

[philanderer] 12/10/2020 00:51

Oil Falls Back Toward $40 as Supply Constraints Begin to Ease

[piperpeter] 11/10/2020 21:28

PPC

Pp.

[sbb1x] 11/10/2020 18:24

Sharara will initially restarts with 40,000 barrels of crude a day, before reaching its capacity of almost 300,000 barrels in 10 day. That would roughly double Libya's overall output to at least 600,000 barrels a day #OOTT