British Petroleum has agreed with Argentina's Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy and the refiner and marketer Axion Energy in a cash-free transaction. The new company, Pan American Energy Group, will be the largest privately-owned integrated energy company operating in Argentina.
BP announced on Friday that it has agreed to buy from Eni a 10% interest in the Shorouk concession offshore Egypt, which contains the super-giant Zohr gas field, for US$375 million. On closing, BP will also reimburse Eni for BP's share of past expenditure. As part of the agreement, BP also has an option before the end of 2017 to buy a further 5% interest in the concession under the same terms.
British Petroleum is looking to increase its investments in Argentina after seeing “tremendous change” in the country since President Mauricio Macri took office nine months ago, CEO Bob Dudley said on “Bloomberg Markets” this week. Argentina just “feels different,” Dudley told Bloomberg's Erik Schatzker at the inaugural Argentina Business Investment Forum in Buenos Aires.
BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.
Oil giant BP has agreed to pay $20bn to settle claims with the US stemming from the company's Deepwater Horizon oil spill. An explosion on BP's deep-water drill, off the coast of Louisiana in 2010 killed 11 workers.
British oil major BP has halted its deepwater exploration activities off Uruguay as it prioritises lower-risk projects at a time of low international prices, an official at Uruguay's state-owned oil company Ancap said on Monday.
UK oil and gas giant BP said it has reached an $18.7 billion settlement of damages claims from the US government and five states after the 2010 Gulf of Mexico spill. The US Justice Department said it could be the largest settlement with a single entity in US history and the total value would top $20 billion.
Argentine Secretary of Malvinas echoes President Cristina Fernandez de Kirchner, claims overwhelming majority of nations support his country. 'Policy of isolating UK succeeding,' he says.
Oil firms BP and GDF Suez have announced the discovery of a new field in the UK Central North Sea. The find, which spans adjacent blocks operated separately by the two companies, has been flow-tested at a maximum rate of 5,350 barrels per day.
Uruguay has released a draft map of four ultra-deepwater and seven shallow-water blocks in the Punta del Este-Atlantic basin that will be on offer in the country’s third oil and gas bid round next year, officials said in Moscow this week, according to the oil and gas site Upstream.