The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 502.30
Bid: 501.70
Ask: 501.80
Change: -2.70 (-0.53%)
Spread: 0.10 (0.02%)
Open: 507.60
High: 510.70
Low: 501.40
Prev. Close: 505.00
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

RPT-INTERVIEW-A year after Elgin shutdown, Total restarts production

Mon, 11th Mar 2013 08:06

(Repeats to additional subscribers)

* Total restarted output at Elgin field on March 9

* Elgin to reach pre-leak output capacity in 2015

* Total to "kill" at least 10 wells at Elgin on safety norms

* Total needs HSE green light to give full accident reasons

* Leak had shaved off 0.2 pct points of UK's 2012 GDP

By Muriel Boselli and Michel Rose

PARIS, March 11 (Reuters) - Total restartedproduction on Saturday at its huge Elgin gas field in the NorthSea, almost a year after a major gas leak which cost the companymillions of euros in lost output and even impacted UK economicgrowth.

Total will not release the full details of what went wrongwith the G4 well until it gets the go-ahead from Britain'sHealth and Safety Executive (HSE), which gave its clearance lastweek for the French group to restart the field.

Total's G4 well in the Elgin field, which spewed gas forover seven weeks after the leak, will return to production of60,000 barrels of oil equivalent per day (boepd) by the end ofthe month, half its pre-leak level, two Total executives said.

"We can expect that after 11 months of outage, the restartwill take place in a series of restarts and stoppages,"Yves-Louis Darricarrere, Total's head of exploration andproduction, told Reuters in a telephone interview.

The field, located 240 km off the eastern coast of Scotlandand operated by Total which has a 46.2 percent stake, wouldreturn to its pre-accident production level in 2015 and wouldreach between 130,000 and 140,000 boepd in 2016, a higher levelthan what was forecast before the accident, the executives said.

"The accident has not diminished the reserves, so what wedidn't produce during the time interval (2012-2015) will meanmore production for 2016, 2017 and 2018," Darricarrere added.

Elgin and the nearby Franklin field, which startedproduction in 2001, accounted for nearly 3 percent of Britain'soutput and the shutdown registered on Britain's ailing economy,as falling oil and gas production knocked 0.2 percentage pointsoff gross domestic product last year.

Total, which is one of Britain's biggest investors, alsosaid more stringent safety rules at the field meant it wouldkill a minimum of 10 wells, out of a total of 19, over athree-year period, by injecting some 800 metres of cement perwell.

The production increase will be achieved by the developmentof two big projects: phase two of West Franklin and a revamp ofElgin, expected to be finalised this summer, Darricarrere said.

"The Elgin Franklin field has produced 700 million barrelsof oil equivalent and there is still 500 million to produce, thesize of an elephant (industry jargon to describe a field of morethat 500 million boe)," the executive said.

"HUMILITY LESSON"

News of the gas leak in March last year revived memories ofBP's Deepwater Horizon disaster and had an initiallysevere impact on Total shares, which fell almost a fifth in thetwo months after the initial leak.

The stock has since recovered to trade just 2 euros belowthe 41 euros seen before the accident, but is still valued atonly 7.3 times 12-month forward earnings, a 20 percent discountto its peers globally and a 10 percent discount to BP and Shell.

Darricarrere said the cost of the closure for Total hadreached 1 million pounds ($1.5 million) a day in lost revenue -suggesting a total loss in revenue between March 25, 2012, andMarch 11, 2013 of $526 million.

The company said almost all of its repair bill had beenreimbursed by insurers.

Total insisted the accident, which forced the evacuation of238 workers, was unique to the G4 well and was a first in thehistory of the oil and gas industry, but declined to disclosethe details of what made it such a special case.

Patrice de Vivies, chairman of Total Holdings UK, cited pipecorrosion due to a chemical reaction between bromide in thedrilling fluid and grease in the pipework in a highlypressurised and heated environment.

But de Vivies acknowledged the equipment was commonly usedin the sector and those circumstances alone were not sufficientto fully explain the accident.

"I can tell you that I have the duty to communicate what wehave found when we'll have the green light of the HSE to ensurethis type of accident does not happen again," de Vivies said."For the moment the information in not public."

He added such an accident could not occur in the other ElginFranklin wells, where bromide was not used in the same way.

De Vivies said the accident had been a jolt for thefifth-largest western oil group, which describes itself as adeepwater pioneer and had used the Elgin Franklin field, one ofBritain's largest, as a display for its technological prowess.

"This is of course a humility lesson," De Vivies said. "Wewere using the best technology there and the best teamsworldwide so it was a shock that it happened to us." ($1 = 0.6645 British pounds) (Editing by David Holmes)

More News
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.

Read more
6 May 2024 15:01

Shell to exit South Africa's downstream businesses

CAPE TOWN, May 6 (Reuters) - Oil major Shell will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions, it said on Monday.

Read more
3 May 2024 13:47

British regulator awards more North Sea oil and gas licences

NSTA awards 31 new licences aimed at boosting output

*

Read more
2 May 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 shines but "mixed feelings" after Fed

(Alliance News) - London's FTSE 100 was solidly higher on Thursday, outperforming European peers, as earnings from the likes of Shell and Standard Chartered impressed.

Read more
1 May 2024 18:30

Sector movers: Oil, Autos drag on FTSE 350

(Sharecast News) - Weakness in the oil patch and among select cyclicals dragged on the FTSE 350 in the middle of the week.

Read more
30 Apr 2024 14:38

UK earnings, trading statements calendar - next 7 days

Wednesday 1 May 
Anexo Group PLCFull Year Results
Cambridge Cognition Holdings PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
First Tin PLCTrading Statement
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
Friday 3 May 
InterContinental Hotels Group PLCTrading Statement
Mondi PLCTrading Statement
Trainline PLCFull Year Results
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

Read more
24 Apr 2024 19:30

Trans Mountain oil shippers raise concerns about risk of delay to full service

April 23 (Reuters) - Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.

Read more
24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

LONDON, April 24 (Reuters) - Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report.

Read more
24 Apr 2024 09:58

Aker BP Q1 beats forecast as costs fall, Tyrving to start sooner

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted higher-than-expected net profit for the first quarter as costs fell, and said its Tyrving field development could start production sooner than previously planned.

Read more
24 Apr 2024 05:38

Aker BP Q1 beats forecast on record output, lower cost

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted a higher-than-expected net profit for the first quarter as production hit a record while costs fell.

Read more
18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

Read more
18 Apr 2024 14:12

UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
Quantum Exponential Group PLCGM re delisting or potential investment in company
Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
Drax Group PLCAGM
Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
Hikma Pharmaceuticals PLCAGM
International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
Persimmon PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
Smithson Investment Trust PLCAGM
Tissue Regenix Group PLCAGM
Weir Group PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

Read more
18 Apr 2024 09:04

IN BRIEF: BP trims executive team in operational restructuring

BP PLC - London-based oil and gas major - Announces organisational restructuring. Intends to keep its three businesses - production & operations, gas & low carbon energy and customers & products - enabled by trading & shipping. Plans to integrate the current regions, corporates & solutions organisation into the businesses and functions. BP will now be supported by five functions: finance; technology; strategy, sustainability & ventures; people & culture; and legal. BP explains these changes will "reduce duplication and reporting line complexity".

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.