The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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: 510.40
Bid: 509.40
Ask: 509.50
Change: 0.00 (0.00%)
Spread: 0.10 (0.02%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 510.40
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-Wintershall CEO: Ukraine crisis won't scupper Gazprom deal

Thu, 13th Mar 2014 13:31

* Says moving closer to Russia as due to gain gas fieldaccess

* Criticises EU for delaying pipeline progress

* Focuses also on new regions in Middle East

By Vera Eckert

KASSEL, Germany, March 13 (Reuters) - BASF oiland gas unit Wintershall said the Ukraine crisis would notscupper an asset-swap agreement with Gazprom whichwould give Russia greater access to gas trading and storage inGermany.

Wintershall Chief Executive Rainer Seele said on Thursdaythat the companies had all the necessary approvals and thearrangement, agreed in 2012 and approved late last year, was nowonly a matter of operational implementation.

"I see no impact from the Ukraine crisis on the process," hetold a news conference.

The deal will give Wintershall more access to Siberian gasfields as it focuses on its role as a producer rather thantransporter and trader of gas.

Board member Gerhard Koenig, in charge of trading, said:"Our customers are expecting the deal. Gazprom sees it as aspringboard for further growth in Europe and Germany."

Wintershall said it will see sales fall this year due to thedivestment in favour of Gazprom inside Germany, but that it willcompensate for that by reaping more benefits from oil and gasproduction in its core regions across the globe.

Under the swap deal, Russian state-controlled gas producerGazprom will get full control of one of Europe's leading gasstorage firms Astora and gas trader Wingas, second to E.ON in Germany's gas market, Europe's biggest.

Wintershall will gain 25 percent of the Siberian Achimov IVand V blocks, where current production is around 2 billion cubicmetres (bcm) a year and is set to quadruple to 8 bcm by 2018.

"We're getting closer to Gazprom in oil and gas, in Russiaand Europe ... We know that we are good together," Seele said.

Seele also said that Wintershall's 50 percent stake inGascade, a gas pipeline grid company which it shares withGazprom and was exempted in the swap deal, was not up for sale.

SOUTH STREAM

Board member Mario Mehren said that, notwithstandingquestions raised in Brussels over Gazprom's new South Streampipeline, work on the plan was on time and the first tranchewould be completed by the end of 2015.

Wintershall is a shareholder along with France's EDF and Italy's Eni. It is also part of the NordStream consortium which has been operating a huge pipeline forRussian gas via the Baltic Sea since 2011.

Seele criticised moves by the EU Energy Commissioner to slowprogress on an onwards link to Nord Stream, Opal, and moredelays on technical issues surrounding South Stream in thelatest sign of strains in the energy links between Moscow andthe European Union, caused by Russian forces' seizure of Crimea.

"Every pipeline is necessary as it will bring more gassecurity. (Commissioner Guenther) Oettinger needs to rethink hisstrategy," he said.

Opal, which runs to the Czech Republic and can hold 36 bcmof gas, can only be half filled due to a regulatory spat.

Seele also said an agreement to explore oil and gas in NorthAfrica with BP was agreed on March 12 but there were nodetails available. "We'll talk about it later in 2014," he said.

Wintershall gave no indication when it might resume more oilshipments from Libya where export terminal strikes have blockedtransfer of its output since July 2013, and where only itsoffshore fields are producing.

But it pegged great hopes on upcoming expansions in Norway,Argentina's unconventional gas resources, Abu Dhabi and Qatar.

More News
9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

Read more
4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

Read more
2 Apr 2024 23:07

Sector movers: Builders and REITS slip, geopolitics boost Big Oil and gold miners

(Sharecast News) - Personal Goods was at the bottom of the pile on the FTSE 350 at the start of the second quarter, as fashion retailer Burberry Group's shares fell back towards their five-year lows.

Read more
2 Apr 2024 16:57

LONDON MARKET CLOSE: Europe down after Easter holiday weekend

(Alliance News) - The FTSE 100 took a hit on Tuesday, after a boost from London's miners and oil firms were not enough to lift the index.

Read more
2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

Read more
2 Apr 2024 11:00

Biden administration approves eighth US offshore wind project

WASHINGTON, April 2 (Reuters) - The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will be built off the coast of Massachusetts, bringing online electricity to power more than 900,000 homes.

Read more
2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

Read more
2 Apr 2024 08:55

European oil stocks gain on expectations for higher demand, supply concerns

Read more
28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

Read more
27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

Read more
27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

Read more
27 Mar 2024 09:01

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

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.