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BREAKING: Late Monday evening, BP released a statement noting that they had identified the source of the leak.

IF and we all know it’s a big IF it came to pass and Rosneft ever came back on the books,it would make the decision by the big US oilers and particularly Shell not to takeover BP even more baffling.

They could of used some of their buyback cash to buy a chunk cheap and that part would already be 50% in profit.

BP used to be good at updating on current break even costs and what their target break even was a few years down the road.

It’s another thing the PR department no longer does.

When you are trying to find something very specific about BP it’s often very hard to find.

Murray has said he expects the oil glut to be over before June next year.

Think a lot will depend on Russia

Affmaead

Agreed it does imply it’s BP related.

I was of the opinion it was just poorly written and described the whole Paleogene play,but it will be interesting to see what more comes out.

Again it’s something BP PR should be on top off.

If it turns out to be true it’s obviously game changing again.

We wait and watch very very closely for more information.

Bp Trinidad and Tobago (bpTT) announced today that it has safely completed the Cypre seven-well drilling programme following delivery of first gas in April 2025.

The Cypre development is made up of seven wells tied back into bpTT’s existing Juniper platform. Four wells were drilled and completed at the end of 2024 with the first gas delivered in April this year.

The project team has now drilled, completed and commissioned the remaining three wells. At peak, Cypre is projected to deliver approximately 45,000 barrels of oil equivalent per day (approximately 250 million standard cubic feet of gas a day). Cypre is bpTT’s third subsea development.

David Campbell, bpTT president, said: “Completion of these wells and the gas delivered mark a safe and successful delivery for bp and Trinidad and Tobago. This achievement underscores our commitment to maximizing production from the Columbus Basin and reflects a significant investment and bpTT’s continued dedication to the country’s energy sector.

“This is the latest achievement in a year of strong delivery for bpTT, including the bp-operated Frangipani gas discovery and working with our joint venture partner, EOG, to deliver first gas from the Mento major project. We look forward to continuing our collaboration with the Government and other stakeholders to unlock Trinidad and Tobago's energy future.”

More on Cypre:

The Cypre gas field is located 78 kilometers off the southeast coast of Trinidad within the East Mayaro Block, in water depth of approximately 80 metres. Cypre is 100% owned by bp Trinidad and Tobago, which is owned by bp (70%) and Repsol (30%)

More on bpTT:

bp's key operations in Trinidad are located off Trinidad’s south-east coast. bp Trinidad and Tobago currently operates 12 offshore platforms, three subsea installations and two onshore processing facilities.

Https://www.bp.com/en_us/united-states/home/news/features-and-highlights/bp-expands-offshore-operations-to-support-us-growth.html

Https://oilprice.com/Energy/Energy-General/Refining-Margins-Soar-as-Global-Oil-Product-Markets-Tighten.html

Usage of products is easy it is all metered so that governments can tax it ( plus you want to get what you pay for)

Analysts also look at satellite imagery to see if tanks in storage tankage are full or empty ( roof floats so moves up as tank is filled)

Oil production is also metered again so government can tax and claim royalties.

Not sure exactly how it works with a small individual oil well,but you must measure to be able to be paid for what you produce ,so guessing it too must accurately measured to.

There are standards for how you measure,and calibration of the meter to measure etc, and in UK customs will come in and check,as will any third parties using the facility.

It’s not the measurement that is difficult it’s tying all these figures together especially from places like China,Russia, and Iran.

You can even tell if a big tanker is full or empty by how it sits in the water.

The world’s oil demand jumped in September by 1.4 million barrel per day (bpd) compared to August and by 1.8 million bpd from a year earlier, driven by higher consumption in the United States and Indonesia, the monthly report by the Joint Organizations Data Initiative (JODI) showed on Wednesday.

At the same time, global crude oil exports rose by 1.3 million bpd in September from August and by 1.5 million bpd compared to September last year, according to the most recent data self-reported by 44 countries to JODI and shared by the Riyadh-based International Energy Forum (IEF).

Global oil supply is rising this year after the OPEC+ group started unwinding in April a large part of its production cuts, while non-OPEC+ supply from the Americas is surging, too, thanks to increased output and exports from the United States, Brazil, Guyana, and Canada.

Global crude and product inventories went up in September from August, the JODI data showed, confirming estimates and other figures that global stocks are rising.

Crude inventories in the JODI reporting countries increased by 6.4 million barrels in September from a month earlier, while product inventories jumped by 23 million barrels, the data showed.

So motor gasoline production starting to drop now driving season is coming to an and.

With Thanksgiving end next week still to come.

Crude oil inventories in the United States decreased by 3.4 million barrels during the week ending November 14, after gaining 6.4 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.2 million barrels according to government data, which is 5% below the five-year average for this time of year.

For total motor gasoline, the EIA reported that inventories had increased by 2.3 million barrels, after losing 900,000 barrels in the week prior. The most recent figures showed average daily gasoline production decreasing to 9.3 million barrels. For middle distillates, inventories increased by 200,000 barrels, with production decreasing by 116,000 barrels daily to an average of 4.9 million barrels daily. Distillate inventories are now 7% below the five-year average for this time of year.

Boonie

My thought process from outside looking in,is that CO2 is only an extra cost.

The size of the discovery is so large that CO2 handling equipment is cost effective.

On a smaller discovery it would be a larger operating cost.

The field is so big,that some areas will have higher CO2 than average, and some areas will be considerably lower than average.

The BP plan is to find out more information by drilling more wells, there is talk of pre-production,production at that time,which really means actually off-taking oil during those test.

To me that sounds like they think CO2 is very manageable.

But I am truly just speculating at present.

Been in BP shares for 40 plus years, and worked in BP 25 years but refining not exploration

Affmaead

“Bp believes there is 10 billion barrels of discovered resources.I have never seen these types of figures mentioned before,was wondering have you .”

I believe from memory those figures relate to discovered reserves for all oil companies in the particular oil zone.

And are not company specific to BP.

Although BP does have these 2 major plays in that zone of very deep high pressure oil.( both 100% owned I think)

BP has awarded a subsea boosting system contract for its Tiber development in the US Gulf to SLB OneSubsea, the offshore joint venture announced on Tuesday.

Terms of the engineering, procurement and construction (EPC) deal were not disclosed.

SLB OneSubsea — a joint venture including SLB, Aker Solutions and Subsea7 — won a similar contract for Kaskida, BP’s other major ongoing US Gulf development.

Both projects will use the same “supplier-led, standardized high-pressure subsea pump system solution”, SLB OneSubsea said in a statement.

“We look forward to helping BP realize even more value from their Paleogene developments,” SLB OneSubsea chief executive Mads Hjelmeland said in a statement.

“We are seeing more and more operators adopt subsea boosting strategies that free up topside space and reduce power requirements.”

BP sanctioned Kaskida in 2024 and Tiber in 2025. It is targeting first oil for Kaskida in 2029 and production for Tiber by 2030.

Both projects will be developed with 20k technology, or equipment that can handle reservoirs with 20,000 pounds per square inch of pressure. They are targeting the US Gulf’s Paleogene play, where BP believes it holds about 10 billion barrels of discovered resources.

Little by little the domino’s fall.

The Fife Ethylene Plant (FEP) is one of Europe’s largest and most modern ethylene plants.

The global energy giant said the UK’s current economic and policy environment, “combined with market conditions, high supply costs and plant efficiency do not create a competitive future for the site”.

ExxonMobil said the plant will shut in February 2026 having operated for 40 years.

The UK Government said it had explored “every reasonable avenue” to support the plant, but the closure was a “commercial decision for the company to take”.

Scotland’s first minister said it was a “body blow” to Scotland’s economy.

Mossmorran consists of two neighbouring facilities, the Fife Natural Gas Liquids plant operated by Shell, and the Fife Ethylene Plant operated by ExxonMobil.

Https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/news-and-insights/press-releases/bp-announces-redemption-of-usd-2-billion-of-outstanding-notes-2025.pdf

Hi Spights

Kind of lonely board today.

Nice to see a little firmness in BP sp lately.

Maybe it’s thanks to that big guy in the red suit.🎅

Https://energynewsbeat.co/bp-looking-at-divesting-downstream-assets-to-shore-up-its-finances/

Https://www.energy-reporters.com/news/bps-potential-castrol-sale-to-stonepeak-sparks-industry-buzz-impacts-global-energy-sector-dynamics/