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

UPDATE 1-Azerbaijan extends BP's deal for giant oilfields until 2050

Fri, 23rd Dec 2016 13:01

* Existing deal was meant to expire in 2024

* Production to date exceeds 3 billion barrels of oil

* Azerbaijan has criticised BP for output decline

* BP splashes out on deals in recent weeks (Updates with details, context)

Dec 23 (Reuters) - Oil major BP has agreed withAzerbaijan to extend a contract to develop the country's biggestfields by a quarter of a century to 2050 in a move to unlockbillions of dollars of fresh investments in the Caspian Seadeposits.

The existing production sharing deal was due to expire in2024 and talks to extend it have been slow because ofdisagreements between partners in the BP-led consortium, sourcestold Reuters earlier this year.

The extension of the Azeri contracts adds to the flurry ofdeals BP signed in recent weeks, including buying stakes in gasexploration areas off the coast of Mauritania and Senegal, andrenewing an onshore oil concession in Abu Dhabi.

BP said the consortium and Azeri state oil firm SOCAR onFriday signed a letter of intent to continue developing the giant Azeri-Chirag-Guneshly (ACG) offshore fields until2050.

It said it had agreed the key commercial terms for thefuture development while the deal was due to be finalised in thenext few months.

The shareholders in the consortium include BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO,ITOCHU and ONGC Videsh.

"ACG is known as the 'Contract of the Century'. It is veryimportant to Azerbaijan ... We can now look ahead to many moreyears of ACG's success," the statement quoted SOCAR's presidentRovnag Abdullayev as saying.

The existing deal was signed in 1994 and became the firstsuccessful agreement between a former Soviet Union republic andoil majors to develop energy resources. BP said the new dealwill bring many thousands of jobs in the years ahead.

BP came under fire from Azeri President Ilham Aliyev earlierthis decade when the country's leader criticised the oil firmfor lower than promised output levels.

With current output of 620,000 barrels per day, the fieldshave produced a total of over 3 billion barrels of oil since thestart of the project, with around $33 billion of investment.Their remaining reserves are estimated to contain several morebillions of barrels of oil. (Reporting by Dmitry Zhdannikov, editing by David Evans)

More News
6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

Read more
6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

Read more
6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

Read more
6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

Read more
6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

Read more
6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

Read more
2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

Read more
2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

Read more
2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

Read more
2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

Read more
2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

Read more
1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

Read more
1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

Read more
1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

Read more
1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

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.