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Is the Bull Market over? Andre Minassian says no! Watch here

Is the Bull Market over? Andre Minassian says no!


BP Share Chat (BP.)



Share Price: 489.70Bid: 489.70Ask: 489.85Change: 2.55 (+0.52%)Riser - Bp
Spread: 0.15Spread as %: 0.03%Open: 488.65High: 492.10Low: 487.45Yesterday’s Close: 487.15


Share Discussion for BP


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Diver169
Posts: 1,865
Off Topic
Opinion:Hold
Price:489.30
Good work in GOM
Today 13:08
BP PLC said that it has started up the Thunder Horse South Expansion project in the deepwater Gulf of Mexico 11 months ahead of schedule and USD150 million under budget.
 
stinky84
Posts: 3
Off Topic
Opinion:No Opinion
Price:489.15
RE: BP selling off Magnus & Sullom ..
Today 11:54
Part2

“With their integrated skills, operational scale, cost structures and high levels of operating efficiency we have seen what EnQuest can do on the Thistle, Deveron and Don fields that were previously operated by BP. We believe this is a good example of having the ‘right assets’ in the ‘right hands’, offering new opportunities for the assets and benefitting the UKCS, in the spirit of Maximising Economic Recovery (‘MER UK’).”

Oil production from the BP-operated Clair field will continue to be exported through SVT, and the new Clair Ridge development will also export oil to the terminal when it comes on-stream. Gas produced from the Foinaven and Clair fields will also continue to be processed through SVT. Gas from the re-developed Schiehallion and Loyal fields will export to SVT when they are brought back into production in the coming months.

SVT and Magnus are expected to transition to EnQuest as fully operational entities, with those staff who operate and support the assets expected to transfer with the businesses. Their contractual terms and conditions are protected under UK Transfer of Undertakings (Protection of Employment) regulations (TUPE). Around 100 BP staff are currently associated with Magnus and associated infrastructure and approximately 240 with SVT. BP will now begin consultation with in-scope staff.

Subject to the receipt of regulatory and other third party approvals, BP aims to complete the sale and transfer of operatorship during 2017.

If you have a story relating to the oil and gas industry that you would like to bring to our attention, please contact our news team in confidence at: news@oilandgaspeople.com
stinky84
Posts: 3
Off Topic
Opinion:No Opinion
Price:489.25
RE: BP selling off Magnus & Sullom ..
Today 11:53
Link removed so here's the detail

BP today announced it has agreed to sell part of its interests in the Magnus oil field and some associated pipeline infrastructure in the UK northern North Sea and in the Sullom Voe Terminal (SVT) on Shetland to EnQuest.

Included in the agreement are: 25% of BP’s 100% stake in Magnus; 25% of BP’s interests in a number of associated pipelines, and a 3% interest in the Sullom Voe Terminal from BP Exploration Operating Company Limited’s (BPEOC) current total 12% stake. The sale price of $85 million is expected to be met by EnQuest from the sharing of future cash flows from the assets and the agreement will not include any upfront payment to BP.

Subject to partner, regulatory and other third party approvals, operatorship of both Magnus and SVT will transfer from BP to EnQuest on completion. The sale will not affect BP’s rights to capacity in SVT.

Under the terms of the agreement, EnQuest has an option, exercisable between 1 July 2018 and 15 Jan 2019, to purchase BP’s remaining 75% interest in Magnus, a further 9% interest in SVT and the remainder of BP’s interests in the associated pipelines for a consideration of $300 million. Under this option, after recovery of consideration and adjustments, BP would also retain 50% of net cash flows from these assets, up to a limit of $1 billion. The consideration for this further acquisition would be met by EnQuest through a mixture of cash and future asset cash flows.
BP group chief executive Bob Dudley commented: “EnQuest’s experience of investing in and extending the life of mature assets in the North Sea make them a natural operator of Magnus and Sullom Voe in this later phase of their life. We believe this will enable them to prolong the life of the assets, benefiting the region and creating additional value for both EnQuest and BP shareholders. In addition to investing in and growing our core businesses, BP will continue to seek innovative opportunities such as this to work with partners to maximise value creation from our entire portfolio.”

Mark Thomas, BP North Sea Regional President said: “In recent years, we have been focusing our North Sea portfolio around core assets west of Shetland and in the central North Sea - bringing new fields into production, redeveloping and renewing existing producing facilities, acquiring new acreage and interests through licence rounds and farm-ins and selling some of our mature assets to those who see greater strategic fit with their businesses. Sullom Voe and Magnus have been great businesses for BP, but to maximise the economic life of these important assets, we believe this deal will offer them a better long-term future.
stinky84
Posts: 3
Observation
Opinion:No Opinion
Price:488.90
BP selling off Magnus & Sullom Voe
Today 11:48
Just seen that BP are selling off 25% of the Magnus field and 25% of its interests in the Sullom Voe Terminal and associated pipelines to EnQuest with the remaining 75% to go next year.
$85m for the 25% to be paid from future revenues, $300m for the remaining 75% with a mix of cash and future earnings.
EnQuest will take over the operating of the platform, terminal and pipelines
Full story here [Link Removed]
Newchurch
Posts: 923
Off Topic
Opinion:No Opinion
Price:487.15
Unsurprisingly..
Mon 21:13
...the U.S now rapidly pumping shale once more:

http://uk.advfn.com/news/DJN/2017/article/73673412

Would YOU trust 'any' of the countries involved in this agreement?
Hedgies
Posts: 210
Off Topic
Opinion:No Opinion
Price:500.80
Oil collapse?
Fri 15:03
A surge in the oil price to the mid-$50s is nothing more than a "typical counter-trend rally" during a "long bear market", according to one energy fund manager. Shawn Driscoll is not just any manager neither: he runs the T Rowe Price New Era Fund, which has assets of $3.6bn and gained 40 per cent in the past year – plus he is one of few who called the oil price's collapse two years ago. In November 2014, when oil was trading at $80 per barrel, he warned prices would fall to $50, Market Watch says.
Goosewing
Posts: 498
Off Topic
Opinion:No Opinion
Price:505.10
RE: Nice to see some justice
Thu 07:48
I believe we were at the back of the queue with the Obama administration ...
ashton
Posts: 94
Off Topic
Opinion:Buy
Price:515.70
Nice to see some justice
16 Jan '17
We were ripped off by the so called US Justice System!
Diver169
Posts: 1,865
Off Topic
Opinion:No Opinion
Price:514.00
View Thread (2)
Nice to see some justice
16 Jan '17
More than 100 people have been jailed for making fraudulent oil spill claims against BP, highlighting the scale of fraud the energy group faced as it tried to contain damage over the US's largest environmental ...
Newchurch
Posts: 923
Off Topic
Opinion:No Opinion
Price:511.70
It was bound to happen.........
10 Jan '17




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