Shah Deniz Final Investment Decision Paves Way for Southern Corridor Gas Link with Europe
The Shah Deniz consortium today announced the final investment decision (FID) for the Stage 2 development of the Shah Deniz gas field in the Caspian Sea, offshore Azerbaijan. This decision triggers plans to expand the South Caucasus Pipeline through Azerbaijan and Georgia, to construct the Trans Anatolian Gas Pipeline (TANAP) …
BP: Wins Macondo Claims Payout Appeal
BP is extremely pleased with today’s ruling by the U.S. Court of Appeals for the Fifth Circuit setting aside the claims administrator’s interpretation of the business economic loss framework in the settlement agreement BP reached with the Plaintiffs’ Steering Committee last year. Today’s ruling affirms what BP has been saying …
Shah Deniz Major Sales Agreements with European Gas Purchasers Concluded
The Shah Deniz consortium announced today that 25-year sales agreements have been concluded for just over 10 billion cubic metres a year (BCMA) of gas to be produced from the Shah Deniz field in Azerbaijan as a result of the development of Stage 2 of the Shah Deniz project. Nine …
SOCAR Works Out Schedule to Rectify Accident at Bulla-Deniz Field
Under the instruction of SOCAR President, the Commission was set up to eliminate the accident followed by gas show at the exploration well #90 at Bulla-Deniz field. The Commission members are comprised of specialists of SOCAR and the Ministry of Emergency Situations. The 1st session of the Commission was held …
BP Cuts Proven Gas Reserves in the Caspian States
BP PLC revised down its estimates for proved reserves of natural gas in countries in the former Soviet Union by almost a third as it brought the numbers in line with Western accounting standards on reserves, BP Chief Economist Christof Ruehl said Wednesday. Russia’s gas reserves were revised down to …
BP to Buy Back $8 billion of Shares, Returning its 2003 Investment in TNK-BP to Shareholders
BP announced today that it intends to carry out a share repurchase, or buy-back, programme with a total value of up to $8 billion. Today’s decision to buy back shares follows the completion yesterday of the sale of BP’s 50% interest in TNK-BP to Rosneft. The programme is expected to …
Rosneft and BP Complete TNK-BP Sale and Purchase Transaction
Key points: Rosneft and BP today completed a number of transactions, in line with the terms announced in October 2012. As a result of the transactions: o BP receives net $12.48 billion in cash, including a TNK-BP dividend of $0.71 billion, and 18.5 per cent Rosneft shares; o Rosneft becomes …
Michael Townshend To Become Senior Vice President of Russia BP Group
Townshend, currently regional president for the company in Iraq since 2009, is replacing David Peattie who will step aside at the end of February. Townshend, who will report directly to BP chief executive Bob Dudley, has worked for the oil stalwart in Azerbaijan, Nigeria, the Netherlands, Indonesia, US, Australia and …
BP Targets 2018 for the First Gas From Shah Deniz II
British major BP said it is targeting 2018 for the first gas from the second phase of Azerbaijan’s Shah Deniz gas project, a major development aimed at reducing European dependence on Russia for its energy supplies. Output from Shah Deniz II is expected to reach 16 billion cubic metres (bcm) …
Igor Sechin and Bob Dudley Discuss Rosneft and TNK-BP Integration
Rosneft President and Chairman of the Management Board held a working meeting with BP CEO Bob Dudley to discuss the integration of Rosneft and TNK-BP. Bob Dudley will become a member of the steering committee co-ordinating the integration that will be chaired by Igor Sechin. The parties confirmed their commitment …