BP plc's (BP) subsidiary BP Exploration & Production has awarded a significant contract to Seatrium, Singapore's state-owned marine and offshore contractor, for early engineering work on its new floating production unit ("FPU"). This FPU is destined for BP's deepwater Kaskida project in the U.S. Gulf of Mexico. The Kaskida development is situated approximately 250 miles southwest of New Orleans, in the Keathley Canyon area of the Gulf of Mexico. It is expected to feature a single topside module, supported b ...

The GTA Phase 1 project has been designed to extract gas from an ultra-deepwater subsea system and process it using the mid-water FPSO Tortue. The processed gas, after removal of heavier hydrocarbon components, will be transferred to Golar LNG's floating LNG ("FLNG") vessel, Gimi, which arrived at the maritime border of Mauritania and Senegal in early 2024. Dave Campbell, BP's senior vice president in Mauritania and Senegal, highlighted the importance of the project. He emphasized the company's commitment t ...

For a consistently cynical take, it's difficult to ignore the viability of oil stocks to watch. In particular, the hydrocarbon sector cooled off, only to spike back up as tensions in the Middle East flared again. It's becoming macabre clockwork. According to a Bloomberg report, oil benchmarks popped higher following an attack on a Greek-managed bulk carrier in the Red Sea. Additionally, Israel is advancing in southern Gaza in its campaign to eradicate the terrorist group Hamas. However, the efforts have not ...

The energy market often sees companies shedding assets worth billions of dollars. This is basically a strategic move to optimize portfolios, improve financial performance and align with long-term business objectives. One of the key motives for divesting non-core assets is to lower the debt burden. Proceeds from asset sales are often used to reduce debt levels, thereby improving financial flexibility and strengthening the balance sheet. Companies typically employ this strategy after major acquisitions or dur ...

BP plc (BP) ), the UK-headquartered energy giant, and Trinidad and Tobago's state energy firm NGC have obtained a two-year license from the U.S. Treasury Department, per a Reuters report. This license will allow them to negotiate and develop the Cocuina-Manakin gas fields in partnership with Venezuela, Trinidad's Energy minister Stuart Young announced on Wednesday. The new license has enabled BP and NGC to embark on a project involving an offshore reservoir containing approximately 1 trillion cubic feet (tc ...

BP's robust financial results in the first quarter of 2024 provide a strong foundation for investment consideration. The Zacks Rank #3 (Hold) company reported an underlying replacement cost profit of $2.7 billion, even amid challenging market conditions characterized by lower oil and gas realizations, and the impacts of refinery outages. BP shares have gained 8.3% in a year. A share buyback, also known as a stock repurchase, occurs when a company buys back its own shares from the marketplace. This practice ...

BP plc (BP) has put on hold its negotiations with Venezuela regarding the development of the Manakin- Cocuina gas field, which straddles the maritime border between Venezuela, and Trinidad and Tobago, per a Reuters report. The decision follows the expiration of a crucial U.S. license in April 2024, which previously permitted some level of engagement with the Venezuela government under sanctions. The Manakin-Cocuina field, boasting an estimated reserve of 1 trillion cubic feet, has been a focal point of disc ...

The return of Keith Gill (aka Roaring Kitty), a prominent figure in the meme stocks saga, may have sparked a brief revival of the investing trend last week. However, the latest latest meme wave has come and gone. And while some of the most popular meme stocks may be pulling back, there are a few value meme stocks to buy. Meme stocks may be best known for making big moves driven by speculative frenzy rather than fundamentals. But that's not to say that every stock in this category is overvalued and/or has po ...

The ex-husband of a former BP mergers and acquisitions manager was sentenced to two years in federal prison for insider trading that netted him $1.76 million after he eavesdropped on her work calls about the oil giant buying another company. The ex, Tyler Loudon, also was sentenced to one year of supervised release after his prison term and fined $10,000 by U.S. District Court Judge Sim Lake in Houston on Monday. Loudon's lawyer, Peter Zeidenberg, asked Lake to sentence him to one year of home confinement f ...

Amoco Ultimate® with Invigorate® can take you up to 300 miles farther yearly, compared to regular fuel in top-selling sedans and car SUVs. bp's "300 Miles Farther" campaign is an unmatched claim that enables drivers to cover more distance between fill-ups with confidence. CHICAGO, May 20, 2024 /PRNewswire/ -- bp (NYSE: BP) continues to push the boundaries of driving range thanks to the findings from new research, revealing that drivers can go up to 300 miles farther each year using Amoco Ultimate® with Invi ...