New JV of BP and XRG Prepares for Exploration Activities in Egypt
Arcius Energy, a joint venture of the British BP and XRG (a division of the Abu Dhabi National Oil Company, ADNOC), is preparing to drill the first of two key exploration wells on the continental shelf of Egypt. This was reported by the company’s press service. The exploration programme will …
BP Stated That Sanctions Against LUKOIL Do Not Affect Oil Production at Shah Deniz
Production at the Shah Deniz field in the Caspian offshore continues at full capacity despite Western sanctions against LUKOIL, which holds nearly 20% in the project, said BP Regional President for Azerbaijan, Georgia and Turkey Giovanni Cristofoli at a press conference in Baku. “Management of the company’s share and revenues …
The Gulf of Mexico Will Save the U.S. from a Sharp Decline in Oil Production
Oil production in the United States is likely to decline next year, but the scale of the downturn will be significantly reduced thanks to the Gulf of Mexico. According to Wood Mackenzie, offshore producers in the Gulf are expected to add 300,000 barrels per day in 2025, and an additional …
BP Does Not Rule Out the Possibility of Developing Gas Reserves at the Karabakh Field
BP plc, in addition to oil production, plans to consider the possibility of developing the gas reserves of the Karabakh field in the future, said Colin Allan, Vice President for Finance in the Azerbaijan, Georgia, and Turkey region, at the Baku Energy Forum. “Although at present we are predominantly focused …
ExxonMobil and SOCAR Sign Agreement for Onshore Oil and Gas Exploration and Production in Azerbaijan
ExxonMobil and Azerbaijan’s state energy company SOCAR have signed an agreement for the exploration and production of oil and gas onshore in Azerbaijan. Meanwhile, BP is acquiring new offshore fields in the country. According to Reuters, oil production in Azerbaijan primarily relies on mature offshore oil fields in the Caspian …
Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
BP Secures Its First Exploration License in India in Partnership with ONGC and Reliance
At the same time, India has launched its tenth — and largest to date — licensing round, offering 25 blocks covering nearly 192,000 square kilometers. Source
BP Has Started Drilling a Second Production Well at the Azerbaijan’s ACG
British BP, the technical operator of the Azeri–Chirag–Guneshli (ACG) offshore project in Azerbaijan, has begun drilling a second well at the field from the Azeri Central East offshore platform. Oil began to be pumped from the first well in April, now the production volume is 8 thousand barrels, Interfax writes. …
New Deepwater Oil Project on the US Shelf
BP has made a final investment decision on the Kaskida project in the Gulf of Mexico. The field will become the international oil company’s sixth production hub in the region. A new floating platform with a capacity of 80,000 barrels per day will be installed here. During the first stage …
Italian Saipem Will Carry Out Work at Shah Deniz and ACG for $300 Million
BP has signed a $300 million contract with a consortium led by Italy’s Saipem for work on the Shah Deniz and Azeri-Chirag-Gunashli (ACG) offshore projects in Azerbaijan. Under the contract, Saipem, in cooperation with BOS Shelf and BOS Shelf International, FZCO agreed with the operator of Azerbaijani projects BP on …