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Share Price: 502.30
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Change: -2.70 (-0.53%)
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Open: 507.60
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BP veteran Browne builds US Gulf oil acreage

Fri, 19th Jul 2013 08:41

LONDON, July 19 (Reuters) - Former BP chief executiveJohn Browne is to preside over the biggest set of oil and gasassets in the shallower, mature section of the Gulf of Mexicoafter buying them from U.S.-based Apache Corp.

Private equity firm Riverstone Holdings LLC, where Browne isa partner, is to pay Apache $3.75 billion for its continentalshelf assets, Houston-based Apache announced on Thursday.

The area covering 1.9 million net acres and 500 blocks willbe held through a Riverstone portfolio company, Fieldwood EnergyLLC, Riverstone said in its own statement.

Browne ran BP from 1995 to 2007 through an era when it builta position as one of the most important players in the Gulf,especially in the deeper water, where it still is a big player.He was replaced by Tony Hayward - who became the public face ofthe company's 2010 oil spill. Hayward has also since left theBritish company, which is now embroiled in costly litigationover the spill.

The assets sold by Apache ended 2012 with estimated provedreserves of 133 million barrels of oil and natural gas liquidsand 636 billion cubic feet of natural gas. The fields producedaround 50,000 barrels of oil and liquids and 254 million cubicfeet of natural gas per day. Apache is keeping a 50 percentstake in the unexplored portions of the properties.

Apache is looking to focus on growth from its U.S. onshoreassets. Having spent more than $16 billion acquiring oil and gasproperties over the last three years, it is now selling offassets as it has struggled to grow production and its shareshave suffered.

Fieldwood will also assume $1.5 billion in estimated futurecosts related to plugging and abandoning old oil and gas wells,Apache said.

Riverstone is an energy and power-focused private investmentfirm founded in 2000 with approximately $25 billion of equitycapital raised across seven investment funds.

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Federal regulators sign off Venture Global's repairs at Louisiana plant

HOUSTON, May 14 (Reuters) - U.S. federal regulators said on Tuesday that they are satisfied Venture Global LNG is trying to correct faults at its heat recovery steam generator (HRSG) at its Calcasieu Pass LNG export plant in Louisiana and expects the work to be completed in the timeline promised by the exporter.

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Today 10:02

(OFFICIAL)-Foreign investment in Germany reaches new record

BERLIN, May 14 (Reuters) - Foreign companies announced record levels of new investment in Germany last year despite the economic downturn and high energy prices, according to an analysis published on Tuesday by the federal development agency Germany Trade and Invest (GTAI).

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9 May 2024 15:51

UK dividends calendar - next 7 days

Friday 10 May 
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Seed Innovations Ltdspecial dividend payment date
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Uniphar PLCdividend payment date
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Jardine Matheson Holdings Ltddividend payment date
Just Group PLCdividend payment date
Rentokil Initial PLCdividend payment date
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Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balfour Beatty PLCex-dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
BP PLCex-dividend payment date
Bunzl PLCex-dividend payment date
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Essentra PLCex-dividend payment date
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9 May 2024 13:53

IN BRIEF: IP Group joins USD111 million financing round for Hysata

IP Group PLC - invests in companies pursuing breakthrough science - Portfolio company Hysata Pty Ltd completes USD111.3 million series B funding round. Hysata is developing electrolysers to produce green hydrogen efficiently. It will use the fresh cash to advance product development and expand production capacity at its manufacturing facility in Wollongong, New South Wales, Australia, as it focuses on "reaching gigawatt scale manufacturing". The funding round, which Hysata calls "the largest series B in Australian clean tech history", is led by bp Ventures, part of oil major BP PLC, and private equity firm Templewater Ltd, a spin-off from Investec PLC.

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9 May 2024 10:26

Balfour Beatty says trades in line amid "progress" on pacts

(Alliance News) - Balfour Beatty PLC on Thursday said it has traded in line with expectations so far in 2024, as it makes progress on major deals.

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9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

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8 May 2024 13:19

Middle East Crude-Benchmarks fall, snapping two-day streak

SINGAPORE, May 8 (Reuters) - Middle East crude benchmarks Dubai, Oman and Murban fell on Wednesday after rising for consecutive days after Saudi Aramco and ADNOC raised official selling prices (OSPs) for term supplies in June.

8 May 2024 13:06

BP softens tone on 2030 oil output cut to reassure investors

LONDON, May 8 (Reuters) - BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals.

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7 May 2024 17:30

UK's FTSE 100 notches record closing high in broad rally

FTSE 100 up 1.2%, FTSE 250 adds 1.2%

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7 May 2024 16:32

London close: Stocks jump on return from long weekend

(Sharecast News) - London markets closed on a high note on Tuesday, as the top-flight index surged to record highs, buoyed by positive momentum from the US and European markets.

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7 May 2024 16:08

BP profit slides by 40% as refinery outage offsets higher output

First-quarter underlying profit $2.7 bln vs forecast $2.87 bln

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7 May 2024 12:00

LONDON MARKET MIDDAY: Stocks buoyed by local data, strong US equities

(Alliance News) - Stock prices in London were up at midday on Tuesday, boosted by positive local economic data and tracking European equities that were buoyed by strong US stocks performance on Monday.

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7 May 2024 09:09

LONDON MARKET OPEN: Stocks track global equities rise while BP falls

(Alliance News) - Stock prices in London opened up on Tuesday, tracking European markets in reaction to New York stocks extending their rally on weaker US jobs data, while markets reopened in London after a bank holiday on Monday.

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7 May 2024 08:51

TOP NEWS: BP keeps up pace of share buybacks despite profit decline

(Alliance News) - BP PLC on Tuesday launched a fresh share buyback, despite a drop in first-quarter profit due to lower oil and gas prices and weaker fuels margins.

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7 May 2024 07:02

BP in $1.75bn buyback as Q1 profits fall on weaker prices, margins

(Sharecast News) - BP reported a worse-than-expected fall in first-quarter profit on the back of lower oil and gas prices, an outage at a US refinery and "significantly weaker" fuels margins as it also started a $1.75bn share buyback.

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