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Share Price: 532.00
Bid: 556.20
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Change: 7.20 (1.37%)
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BP completes deal to begin new joint venture with Rosneft

Mon, 30th Nov 2015 09:50

(ShareCast News) - BP has acquired a 20% stake in an Eastern Siberia oil business with Rosneft as the Russian state-controlled oil group looks to further explore and develop one of the largest oil and gas condensate fields in the region.Taas-Yuryakh Neftegazodobycha LLC is already has 50 producing wells that deliver roughly 2,500 tons of crude every day and its massive Srednebotuobinskoye field in the Sakha Republic in Yakutia has reserves toalling 167m tons of liquid hydrocarbons and 180.5bn cubic metres of gas.In June BP agreed the joint venture deal and paid a $150m deposit.The joint venture, to which Rosneft plans to add a third partner, will continue further development of the field and undertake the development of suitable infrastructure for further exploration and development of the region's reserves.BP has a long history with Rosneft and is the owner of a 19.75% stake in the Kremlin-controlled company since being bought out of their last joint venture, the highly profitable TNK-BP alliance, in 2013.Rosneft has been impelled to cosy up again with its old British partner, having been hit by the rouble's fall and Western sanctions imposed on Russia in the wake of its anexing of Crimea, which have starved it of capital and put restrictions on the export of hi-tech equipment for extracting fossil fuels. BP will help pay for expansion of local infrastructure and boosting production capacities of these Eastern Siberian fields. David Campbell, president of BP Russia, said management believed the joint venture offers opportunities to increase productivity of the existing field and to discover new fields, as well as reinforcing its commitment "as a long term strategic investor in Russia".Rosneft chairman Igor Sechin said the Russian company saw "ample potential for the expansion of this project as well as for development of our activities in nearby license blocks"."We hope for integrated cooperation in the development of Eastern Siberia's reserves together with our strategic partner and shareholder, BP."
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26 Jan 2024 13:16

Equinor sticks to 2030 renewables targets after US wind project reset

OSLO, Jan 26 (Reuters) -

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26 Jan 2024 12:11

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(Alliance News) - Stock prices in London were up at midday, with investors optimistic ahead of a key US inflation reading.

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26 Jan 2024 10:03

Equinor sticks to 2030 renewables targets after US wind reshuffle

OSLO, Jan 26 (Reuters) - Norway's Equinor maintains an ambition to reach 12-16 gigawatts (GW) of installed renewable energy capacity by 2030, despite dropping out of some projects in New York, its renewables head told Reuters on Friday.

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26 Jan 2024 08:48

LONDON MARKET OPEN: Oil majors boost FTSE; LVMH lifts Burberry

(Alliance News) - The FTSE 100 looked set to end the week on a high note in early Friday trading, buoyed by strong US economic data and rising oil prices.

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25 Jan 2024 11:00

Big turnout expected in New York offshore wind power auction

Jan 25 (Reuters) - Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.

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23 Jan 2024 17:25

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

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23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

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22 Jan 2024 19:33

Trinidad in talks with Europe to supply Venezuelan gas

PORT OF SPAIN, Jan 22 (Reuters) - Trinidad and Tobago has begun talks with some European countries on the supply of liquefied natural gas (LNG) produced from Venezuelan gas, Prime Minister Keith Rowley said on Monday.

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22 Jan 2024 10:44

SDI promotes Chief Operating Officer Stephen Brown to chief executive

(Alliance News) - SDI Group PLC on Monday said its chief executive officer has stepped down, naming its chief operating officer as successor.

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18 Jan 2024 21:47

Three New England states extend offshore wind solicitation due date

Jan 18 (Reuters) - Massachusetts, Connecticut and Rhode Island extended on Thursday the date bids are due in the states' next offshore wind solicitations from Jan. 31 to March 27.

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18 Jan 2024 20:32

EXECUTIVE CHANGES: Eco Buildings chair leaves and vice chair ousted

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

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17 Jan 2024 15:03

London close: Stocks slip after surprise jump in UK inflation

(Sharecast News) - London's financial markets experienced a downturn on Wednesday, as a surprising increase in UK inflation and sluggish Chinese GDP growth impacted investor sentiment.

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17 Jan 2024 12:10

BP's Auchincloss named CEO, reaffirms energy transition plan

Auchincloss was interim CEO

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17 Jan 2024 08:48

LONDON MARKET OPEN: UK inflation surprises markets sending stocks down

(Alliance News) - Stock prices in London took a hit on Wednesday morning, after some hotter-than-expected UK inflation data added to interest rate worries.

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