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: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
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
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.

Read more
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:

Read more
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.

Read more
17 Jan 2024 12:10

BP's Auchincloss named CEO, reaffirms energy transition plan

Auchincloss was interim CEO

*

Read more
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.

Read more
17 Jan 2024 08:33

TOP NEWS: BP buys Getec Energie; promotes Auchincloss to permanent CEO

(Alliance News) - BP PLC on Wednesday said that it will buy Getec Energie GmbH as it promoted Murray Auchincloss to the role of permanent chief executive officer.

Read more
17 Jan 2024 07:46

LONDON BRIEFING: UK inflation surprises as unexpectedly rises to 4.0%

(Alliance News) - Stocks in London are called to open lower on Wednesday, following some hotter-than-expected consumer price data from the UK.

Read more
17 Jan 2024 07:11

BP names acting CEO Murray Auchincloss as permanent leader

(Sharecast News) - BP has named its former chief financial officer Murray Auchincloss as its permanent chief executive, after having served in an interim capacity for the past four months.

Read more
16 Jan 2024 21:28

PRESS: BP close to naming acting CEO Auchincloss as permanent chief

(Alliance News) - Directors of BP PLC were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company's acting chief executive, as its permanent boss, according to a report.

Read more
16 Jan 2024 16:38

Shell halts Red Sea shipments over attack fears from Yemeni rebels

(Alliance News) -London-based oil major Shell PLC has paused transit through the key Red Sea shipping route indefinitely, over fears of escalating tensions involving Yemen's Houthi rebels, according to a media report on Tuesday.

Read more
16 Jan 2024 13:13

Shell in Nigeria

LONDON, Jan 16 (Reuters) - Shell pioneered Nigeria's oil and gas industry and remains a major investor in the West African country even after exiting its onshore operations. But over the decades the British company has come under fire over spills in the Delta region and struggles with oil theft, corruption and oil-fuelled violence.

Read more
12 Jan 2024 15:39

London close: Stocks rise on positive UK economic data

(Sharecast News) - London's financial markets closed on a positive note today, buoyed by fresh data indicating that the UK economy had returned to growth in November.

Read more
8 Jan 2024 19:48

Shell signs 20-year purchase deal with Canadian Ksi Lisims LNG project

Jan 8 (Reuters) - Global gas giant Shell has agreed to buy two million metric tons of liquefied natural gas (LNG) per year from Ksi Lisims LNG, partners in the proposed Canadian project said on Monday.

Read more
8 Jan 2024 16:59

LONDON MARKET CLOSE: Stocks mixed as eyes on US inflation data

(Alliance News) - Stock prices in London closed mixed Monday, with oil majors holding down higher gains in the FTSE 100 index.

Read more
8 Jan 2024 16:38

London close: Stocks manage positive finish after mixed session

(Sharecast News) - London's financial markets experienced a mixed trading day on Monday, with the FTSE 100 and FTSE 250 indices closing in positive territory after spending much of the session in the red.

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.