BP says it expects to report rising production and a strong result from its oil trading business for the second quarter https://t.co/7PF5NKQIdH ...

Core Viewpoint - BP plc is divesting its mobility and convenience, as well as bp pulse businesses in the Netherlands to Catom as part of a $20 billion divestment program aimed at reducing debt and refocusing on fossil fuels [1][2][9]. Group 1: Divestment Details - The divestment is expected to be completed by the end of 2025 and includes around 300 retail sites and 15 active bp pulse EV charging hubs, along with eight additional hubs under development [2][3][9]. - Catom, a rapidly expanding player in the fuel and lubricant distribution sector, will expand its OK retail network to over 400 sites in the Netherlands with this acquisition [4]. Group 2: Strategic Implications - This transaction is part of BP's ongoing portfolio reshaping, which has included divestments in U.S. midstream assets and Canadian oil sands, with a target of generating $3-$4 billion in asset sales by 2025 [5][6]. - The deal reflects a broader trend of consolidation in Europe's downstream sector, where smaller firms like Catom are leveraging scale and adaptability to grow in both fossil fuel and EV infrastructure markets [7]. Group 3: Financial Performance - BP's stock has increased by 17.6% over the past three months, outperforming the industry average growth of 13% [8].

Core Viewpoint - BP is focusing on the recovery of its oil and gas business as a central part of its revitalization plan, led by Gordon Birrell, amidst skepticism from investors and volatile oil prices [1][2] Group 1: Operational Reliability - The company is implementing a comprehensive reform to track and manage operational issues, highlighted by the installation of a performance dashboard focusing on safety, reliability, competitiveness, and durability [3] - The Glen Lyon floating production facility, crucial for extracting oil from several fields, experienced mechanical failures, with actual uptime only at 78% last year [3] - Proactive engineering solutions are being emphasized, with a recent incident leading to a 95% uptime for equipment this year [4] Group 2: Use of Technology - BP's upstream division is leveraging artificial intelligence to optimize oil field operations, particularly in the U.S. and Caribbean markets [5] - BPX Energy has reduced its cost per barrel by $1 over the past year and aims to increase production by 60% to 650,000 barrels of oil equivalent per day by 2030 [6] - In Trinidad and Tobago, the integration of seismic analysis tools with machine learning has opened up new drilling targets, enhancing the operational lifespan of BP's gas business [6] Group 3: Cost Control - The company is adopting a global unified model to control spending, particularly on contractors, and is consolidating engineering and technical capabilities into three centers: the U.S., the U.K., and India [7] - A partnership with Palantir Technologies is enhancing predictive maintenance efforts, allowing the company to identify potential equipment issues through the analysis of unstructured data [7]

BP has put an oil and gas revival at the heart of its turnaround plan, and upstream chief Gordon Birrell is leading the push to make the business a more reliable driver of profits https://t.co/DjO8WwdNSn ...

Core Insights - Shell plc and BP p.l.c. have signed agreements with Libya's National Oil Corporation to assess hydrocarbon potential across three major oilfields, indicating a revival of foreign energy interest in Libya after years of instability [1][9] - Libya aims to attract global energy giants despite ongoing internal factional disputes and political instability [5][9] Group 1: Shell's Involvement - Shell has signed a memorandum with NOC to evaluate hydrocarbon prospects at the Atshan oilfield and other NOC-controlled areas, leading a full-scale technical and economic feasibility study for future development opportunities [2] - The company is focusing on assessing unconventional hydrocarbons, such as shale oil and gas, which require advanced extraction technologies [4] Group 2: BP's Strategy - BP plans to reopen its Tripoli office by the end of 2025, signaling a commitment to renewed exploration ambitions in Libya [3] - The company will conduct studies on the Messla and Sarir oilfields and nearby exploration areas to assess Libya's potential in unconventional hydrocarbons [4] - BP's original agreement with NOC dates back to 2007 but was suspended due to civil unrest; the force majeure was lifted in 2023, allowing onshore exploration to resume [8] Group 3: Libya's Oil Production Landscape - Libya, a member of OPEC, has faced significant fluctuations in oil production since the civil war, dropping from approximately 1.8 million barrels per day (bpd) in 2011 to around 100,000 bpd [6] - Recent production levels have stabilized between 1.2 million bpd and 1.3 million bpd, with a goal to increase output to 2 million bpd in the coming years [6][9] - Major international energy companies, including BP and Shell, have resumed drilling activities after a nearly decade-long halt, indicating a renewed push to revive Libya's energy sector [7]

Group 1 - BP has agreed to sell its mobility and convenience business in the Netherlands, along with BP Pulse, to Catom as part of a $20 billion asset divestment plan [1] - The transaction includes approximately 300 retail sites and 15 operational BP Pulse electric vehicle charging hubs, along with 8 under-construction hubs and related fleet operations in the Netherlands [1] - Catom, established in 1998, is a rapidly growing company in the fuel and lubricants trade, and this acquisition will expand its OK retail network to over 400 strategically located sites in the Netherlands [1] Group 2 - BP's downstream business head, Emma Delaney, stated that the new owner is better suited to advance BP's business in the Netherlands amid the company's restructuring [2] - The transaction is expected to be completed by the end of 2025, pending regulatory approvals [2] - BP previously anticipated asset sales to reach between $3 billion and $4 billion this year [2]

Business Transaction - BP Plc agreed to sell 300 fuel-retail sites in the Netherlands [1] - BP Plc agreed to sell 15 electric-vehicle charging hubs in the Netherlands [1] - The buyer is Catom [1]

Company Operations - BP will keep running a crude-processing unit at its Gelsenkirchen refinery [1] Market Factors - Market conditions contribute to the plant's profitability [1]

BP signs an accord with Libya’s National Oil to study reviving two huge oil fields in the African nation https://t.co/mVTb7pqIQm ...

英国石油公司与利比亚国家石油公司签署谅解备忘录，探索重开发利比亚大型油田的可能性。 ...