Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video 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: 500.50
Bid: 499.75
Ask: 499.90
Change: -3.20 (-0.64%)
Spread: 0.15 (0.03%)
Open: 498.00
High: 500.50
Low: 490.65
Prev. Close: 503.70
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 2-Oil firms keen to explore off Norway despite higher costs

Tue, 21st Jan 2014 16:04

* Record 48 firms awarded stakes in mature area licensinground

* Some 40 firms apply to explore in Norway's Arctic

* First rounds since last year's oil tax hike

* Norway's oil output fell to 25-year low in 2013

By Gwladys Fouche and Henrik Stolen

SANDEFJORD, Norway, Jan 21 (Reuters) - Norway awarded arecord 65 oil and gas production licences in a mature arealicensing round on Tuesday and attracted high interest from oilfirms in exploring its Arctic, despite an oil tax hike andincreased industry costs.

A record 48 companies were awarded stakes to explore inmature areas - licences that are already opened for exploration- and 40 oil firms expressed interest in exploring in Norway'sBarents and Norwegian Seas as part of the Nordic country's 23rdlicensing round for new areas.

Norwegian authorities hope the interest will prolongproduction, after the world's seventh-biggest crude oil exportersaw its oil output fall to a 25-year low in 2013.

"Exploring in new and mature areas is the key to creatingvalue for the industry," Norway's oil and energy minister TordLien told an audience of oil and gas executives.

The licensing rounds were the first after the previouscentre-left government, which left power in October, introducedan oil tax hike opposed by oil and gas companies.

The tax increase, together with sharply higher costs andlower oil prices, has led to delays in the development offlagship Arctic projects as well as of smaller oilfields furthersouth.

Reflecting this cautious optimism, industry executives haveforecast tighter monitoring of capital expenditure this year,according to a report released on Monday by Norway's DNV, a toptechnical adviser to the oil industry.

The survey indicated that Norway has fallen to 9th place onthe list of most attractive investment destinations for theindustry from 4th place two years ago, mostly because of ashortage of skilled professionals and competition frominternational rivals.

"This is causing professionals to focus spending on theprojects that will provide the greatest return on investment,"said the report.

Despite these concerns, the results of the licensing roundsshowed that oil firms remained keen to continue exploring offNorway.

MATURE AREAS

In the mature licensing round, the biggest winners wereStatoil with 7 operatorships in 10 licences, Sweden'sLundin Petroleum with 4 operatorships in 9 licences,Wintershall, a unit of German chemical giant BASF,with 5 operatorships in 8 licences, and Tullow Oil with4 operatorships also in 8 licences.

Among the majors, Total, Shell,ConocoPhillips were awarded operatorships, whileExxonMobil and Chevron were awarded licences. BP did not apply.

Two companies that applied for licences were leftempty-handed: RWE Dea and Iceland's Eykon Energy.

"It has do with the quality of their applications," Lientold Reuters, without elaborating further on the reasons.

Out of 65 production licences awarded, 38 are located in theNorth Sea, 19 in the Norwegian Sea and 8 in the Barents Sea.

GO NORTH

In the new areas' licensing round, some 40 companiesnominated 160 blocks they would like to explore with 140 ofthese in the Barents Sea and the rest in the Norwegian Sea.

Among the majors, Shell, ConocoPhillips, Chevron, BP namedareas they would like to explore. ExxonMobil did not apply.

Among the other companies, Statoil, Tullow Oil, Wintershalland Russia's Lukoil applied for licences.

This licensing round will include for the first timelicences in an offshore zone the size of Switzerland thatborders Russia, where some 1.9 billion barrels of oil equivalentcould lay buried under the seabed.

"We are very interested in this area," Tor Arnesen, managingdirector of Shell in Norway told Reuters.

The results of this licensing round will be announced laterthis year.

More News
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.

Read more
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%

*

Read more
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.

Read more
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

*

Read more
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.

Read more
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.

Read more
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.

Read more
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

Login to your account

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

Quickpicks are a member only feature

Login to your account