Member Info for meoryou

BP has outlined its first steps for preparing for the development of the Karabagh offshore block in Azerbaijan which lies close to the country’s largest oilfield project, Azeri-Chirag-Guneshli.

In an environmental impact assessment submitted earlier in October by BP to Azerbaijan authorities, the company said that it will start an ocean bottom node (OBN) seismic study at the block in December this year.

The OBN seismic survey, which is expected to last between 90 days to 100 days, is set to enhance oil and gas reservoir understanding, support well planning, and optimise field development strategies, BP said.

The survey will cover about 250 square kilometres, almost all of the area of the Karabagh block, in water depths of between 150 metres and 200 metres.

BP said it will use the Guba vessel to deploy nodes and one dual source vessel, Murovdag, as a seismic wave generator, for the OBN study.

Both vessels are owned by Baku-based contractor, Caspian Marine Services which operates a fleet of offshore support vessels in Azerbaijan.

The OBN study will be followed by more targeted high-resolution (HR) and ultra-high-resolution (UHR) seismic surveys that will cover the small parts of the block where two production platforms – one for oil and another one for natural gas – are planned to be installed.

The HR and UHR surveys will assist BP with the identification of geological hazards that could affect the integrity of future wells, and subsurface hazards that could impact the safe installation of platforms and supporting infrastructure, according to the assessment.

The surveys are scheduled for the period between March and April next year, and will take approximately 45 days, BP said.

Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday.

The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow, to comply with the U.S. sanctions imposed over the Kremlin's invasion of Ukraine.

A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices.

Chinese national oil companies PetroChina, Sinopec, CNOOC and Zhenhua Oil will refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions, the sources said.

The four companies did not immediately respond to requests for comment.

Lightsource bp is proud to partner with Apple Inc. in support of its goal to achieve carbon neutrality across its entire footprint by the end of this decade.

This collaboration includes the development and power contracting of utility scale renewable energy projects in Europe. The milestone reflects a shared commitment to advancing the energy transition and expanding access to renewable power worldwide.

Zosia Riesner Director, Global Chief Commercial Officer at Lightsource bp said: “We are thrilled to be chosen as a partner in supporting Apple’s renewable energy progress around the world. Lightsource bp is dedicated to supporting our partners access cost-competitive renewable power while providing tailored and flexible solutions.

“It’s incredibly exciting to see world-leading brands like Apple make significant and meaningful strides towards a more sustainable future while encouraging investment and growth in renewable energy development. Through collaborations like this, and supporting global brands in their efforts to decarbonise, we aim to drive positive change and pave the way for an improved energy future for generations to come.”

I’m curious how do you really value it as good or bad value.

If we gave shares out with a nominal value of £3 something,which it would appear were only worth £2 something, then the real value of the merger would be lower than the headline values quoted.

I’m sure part of the problem is European oil companies are not valued by investors,but when oil prices get by the next dip maybe 12-18 months from now even if investors don’t value us we will be throwing off cash.

Any thoughts

“BP has made 11 exploration discoveries this year across several basins”.

That more than one per month this year.

Wonder if we have time for a couple more in last couple of months.

Impressive figures any way you look at it

bp remains committed to enhancing production, maximising recovery from this world-class reservoir, and extending its operational life’, tamam bayatli, a spokesperson for the company’s baku office, said in a written response to questions.

‘we’re applying innovative methods, leveraging global expertise, and introducing cutting-edge technologies to ensure the long-term efficiency of production from acg’, she added.

from oil decline to gas and solar expansion

while azerbaijan’s oil reserves are maturing, its natural gas outlook is improving. bp also operates the country’s largest gas development project of shah deniz with a 29.99% stake. its partners include russia’s lukoil (19.99%), turkiye petrolleri ao (19%), azerbaijan’s state-owned southern gas corridor company (16.02%), and iran’s nico (10%).

in the first half of 2025, shah deniz produced about 14 billion cubic metres of gas and 2 million tonnes of condensate, or light oil, both unchanged from a year earlier. azerbaijan’s total natural gas production slightly increased to 25.2 billion cubic meters in the period from 25.1 billion cubic metres the year prior.

in june, bp and its partners approved a $2.9 billion shah deniz compression project, which includes an unmanned offshore platform to enable production of an additional 50 billion cubic metres of gas and 25 million barrels of condensate. the first gas is expected in 2029.

that same month, bp also joined two other offshore azerbaijani oil and gas blocks in the caspian, buying a 35% stake in both karabakh and ashrafi-dan ulduzu-aypara (adua). while socar retains a 65% interest in both karabakh and adua, bp will operate the projects.

other areas of expansion include another caspian sea development project, sha***-asiman, which is estimated to hold significant reserves of natural gas and condensate. a production-sharing agreement for joint exploration and development of the sha***-asiman block was signed between bp and socar in october 2010.

in addition, in 2024, bp and its partners also amended the acg production-sharing agreement to include exploration and development of non-associated natural gas reservoirs beneath the current oil structure. bp estimates reserves at up to 113 billion cubic metres, with first gas expected by late 2025 or early 2026.

turkey's tpao joined the sha***-asiman project in june 2025, acquiring a 30% stake, while bp and socar each hold a 35% stake.

notably, the eu is looking to azerbaijan and other new suppliers as the continent plans to phase out russian oil and gas. azerbaijan signed a memorandum of understanding with the european commission in july 2022, shortly after the russian invasion of ukraine, aiming to double its natural gas exports to europe to 20 billion cubic metres a year by 2027.

azerbaijan has also signed contracts to supply gas to 12 european countries, of which italy has become the largest buyer. in 2024, the country took almost 11 million tonnes of oil from azerbaijan

BP’s multibillion-dollar effort to reverse years of declining output at its flagship Caspian Sea oil project is beginning to show results.

The Azeri-Chirag-Gunashli (ACG) block of fields, which accounts for most of Azerbaijan’s crude oil production, pumped about 59 million barrels in the first half of 2025, or 327,000 barrels a day, according to BP’s online data. That’s down from roughly 61 million barrels a year earlier.

While output is still slipping, the pace of decline has eased. The 2 million-barrel drop compares with a 7 million-barrel fall in the first six months of 2024 and a 9 million-barrel decline in the same period of 2023.

The slower pace of decline marks early success for the BP-led group’s $6 billion Azeri Central East (ACE) platform, part of a broader push to extend the life of the ACG field. The ACE platform — the seventh installed at the site — began production in April 2024 and contributed about 25,000 barrels a day in the first half of this year. It’s expected to add as much as 100,000 barrels a day and 300 million barrels over its lifetime.

Stemming the rate of decline

The ACG field, often described as the jewel in BP’s crown, is the largest oil deposit in Azerbaijan’s section of the Caspian Sea. It has been in natural decline since peaking in 2010 at 300 million barrels a year, or 823,100 barrels a day.

BP operates ACG with a 30.37% stake. Its partners include Azerbaijan’s state oil company Socar (31.65%), Hungary’s MOL (9.57%), Japan’s Inpex (9.31%) and Itochu (3.65%), the US’ Exxon Mobil (6.79%), Turkey’s Petrolleri AO (5.73%), and India’s ONGC Videsh (2.92%).

Discovered in Soviet times and brought onstream in 1997, ACG is the centrepiece of Azerbaijan’s oil industry. The signing of its production-sharing contract in 1994 is celebrated annually as Oilmen’s Day, and is often referred to locally as the ‘contract of the century’.

The UK energy giant faced pressure to stem the sharp drop after Azerbaijani President Ilham Aliyev publicly rebuked BP in 2012, blaming the company for a 12% fall in output that he said cost the country an estimated $8 billion in revenue over three years.

While a complete halt in the decline is unlikely given the field’s age, analysts say the trend is stabilising.

‘The pace of decline at ACG has slowed to its lowest level in the past 15 years, thanks to increased output from the ACE platform and several other factors’, Ilham Shaban, an energy analyst in Baku, said.

He cited an increase in production wells to 148 from 143 a year earlier, higher volumes of gas re-injected into wells, and the resumption of technical water injection at the Chirag platform.

ACG’s recoverable reserves are estimated at 1 billion tonnes, and over 60% of that has been extracted in the past 28 years, Shaban added.

Jio-BP's fuel sales soar 34% in Q2 FY26

Jio-BP, the joint venture between Reliance and BP, boosted its petrol and diesel sales by 34% in July-September 2025, reaching 1.8 million kiloliters.

This growth came as they expanded to 2,057 fuel stations across India.

Even with fewer flights and lower jet fuel sales, Jio-BP held onto a 5.9% market share

Jio-BP's market share outpaces sector averages

Jio-BP grabbed 3.59% of the petrol market and 6.23% of diesel sales—outpacing sector averages.

Their "Active Technology" fuels, which promise better mileage at no extra cost, played a big role.

Plus, they opened 142 new convenience stores at their outlets, bringing in more non-fuel revenue and keeping margins strong.

EV charging points and biogas stations

Jio-BP isn't just about fuel—they've rolled out over 6,400 EV charging points and 100+ biogas and natural gas stations.

This push into clean energy aligns with efforts to support India's energy transition and maintain relevance in a market mostly run by public sector giants.

Morning Spights

Think we may have to wait a bit for the low on BP sp.

But think the low for the company has passed,and currently we just seem to need to dig a hole to discover oil,long may it continue.

Morning Jakers

We always knew the oil part was still working,it just wasn’t seen as the biggest driver of the business ( except as a cash cow to fund transition).

Now they realise how important it is,and exploration has been very much at the front of tech in oil.

So we will reap the rewards eventually.

It’s always Jam tomorrow,but a short squeeze on oil prices till 2026 sometime would feed through perfectly for BP.

Low prices helping oil inflation while they build back up the oil side,then higher prices just in time for 2027 and higher production.

This time the year after next, we might just finally see the jam ( or not depending on your outlook)

BP on Monday confirmed an oil and gas discovery in Namibia’s Orange basin as reported by African energy explorer and operator Rhino Resources earlier this month.

Petroleum Exploration License 85, where the well was drilled, is operated by Rhino Resources with a working interest of 42.5%. Co-venturers include Azule Energy with a 42.5% interest, and NAMCOR and Korres Investments.

BP holds a 50% interest in Azule Energy.

The Korea National Oil Corporation (KNOC) has tapped Britain's BP as the preferred bidder for Korea's project to develop oil and gas prospects in the East Sea, industry sources said Monday.

The KNOC reached an internal decision last week and is in talks with the Ministry of Trade, Industry and Resources before officially announcing the bidding result, according to sources familiar with the matter.

The Korean company opened the bid in March to find a foreign partner who will have up to 49 percent of the stake in the project aimed at developing seven potential oil and gas reserves in the deep sea off the coast of Yeongil Bay in Pohang, North Gyeongsang.

The KNOC conducted its first exploratory drilling into the “blue whale prospect,” one of the seven prospects, for nearly two months since December and concluded that the prospect does not have economic feasibility.

The corporation earlier said it will establish a new business plan for the deep-sea gas development project after it selects a preferred bidder, including whether to conduct additional exploratory drilling of the potential reserves.

According to the sources, BP was selected as the preferred bidder as it applied for the largest stake in the project and submitted a detailed road map on the development of the gas prospects.

Multiple foreign companies, including U.S. oil giant ExxonMobil, reportedly took part in the bidding.

Meanwhile, the Industry Ministry recently decided to ask the Board of Audit and Inspection to look into controversies surrounding the deep-sea gas project, including the selection of U.S.-based geoscience consulting firm ACT-GEO as an advisory firm to conduct an initial feasibility study on the project.

Offshore drilling, on the other hand, starts with high upfront costs. These are a given. Yet new and better drilling equipment has made it possible to drill in ever-deeper waters and tap previously inaccessible deposits. Over time, the breakeven for an offshore field could fall far below what is now average for even the lowest-cost shale. As Talos’ Goodfellow said earlier this year, its offshore projects for the current half of the year would remain economical even if international oil prices plummeted to $35 per barrel. What’s more, he said that offshore breakeven could fall to as low as $20 per barrel, while for onshore oil, the breakeven average is $48 per barrel.

BP (NYSE:BP) said Friday it extinguished a fire at its 440,000 bbl/day Whiting refinery in Indiana, the largest in the U.S. Midwest, that caused gasoline prices to surge in parts of the region.

The refinery was actively flaring early on Friday, and multiple units at the refinery were offline, Reuters reported, citing an alert to clients from Wood Mackenzie that said the 255,000-bbl/day crude distillation unit, associated 60,325 bbl/day vacuum distillation unit, 100,000 bbl/day cat feed hydrotreater, and 24,300 bbl/day hydrotreater were shut during the early morning, and the 115,000 bbl/day fluid catalytic cracker was shut Thursday night.

The crude distillation unit could be down for at least a week, Reuters reported, citing sources.

"Great Lakes spot gasoline prices spiking on the BP refinery fire overnight, could lead to prices cycling soon. For now, wholesale prices pointing to about a 20c/gal rise," GasBuddy's Patrick De Haan said in a post.

The incident occurred two months after Whiting took multiple units offline for more than a week in August due to flooding caused by severe thunderstorms

The U.S. Energy Information Administration also had a bearish message for oil market watchers, reporting an estimated inventory build of 3.5 million barrels for the week to October 10, following a build of 3.7 million barrels in the previous week. The fact that the build was a least in part caused by refineries going into seasonal maintenance did not affect sentiment.

“Hopefully the next update will enable people to work out if the NS is profitable after tax. In any event mine was a genuine question. Once we see the next profit and loss account things may be clearer”

Linda did suggest in her last interview that the NS team had worked wonders reducing costs to allow them to make an amazing performance

I believe she said it was one of her biggest surprises this year.

So despite the government it’s not all bad news

Primetime

Dividend is safe, it’s first priority before buybacks.

Even at $40 oil ( and I’m not saying we will get there) the dividend will continue to be paid at this level.

Sp would be lower and yields higher than currently

Note during a period of fairly stable fuel prices recently,and falling oil prices.

The government tax take on petrol and diesel is trending upwards

Https://www.racfoundation.org/data/percentage-uk-pump-price-which-is-tax-page

In fact, due to the fiscal turmoil in recent years, 2025 is set to become the first year since 1960 without a single exploration well in the UK North Sea, according to energy consultancy Wood Mackenzie.