|Bid||490.15 x 0|
|Ask||490.45 x 0|
|Day's range||490.00 - 495.35|
|52-week range||5.08 - 583.40|
|Beta (3Y monthly)||1.36|
|PE ratio (TTM)||11.20|
|Forward dividend & yield||0.33 (6.77%)|
|1y target est||N/A|
Global oil and gas majors are looking to India, the world's third biggest oil importer, to buy some of their excess liquefied natural gas (LNG) as the South Asian nation improves its gas infrastructure and strives to reduce emissions. Spot LNG prices have more than halved since last year due to oversupply as producers battle for market share.
Norway's Aker BP fell short of its third-quarter oil and gas output target and will take an impairment charge of $80 million, it said on Monday, sending its shares down more than 4%. Aker BP blamed the fall on a delay in starting new wells at the North Sea Valhall field following maintenance in June, adding there was no impact on reserves. The Oslo-listed firm, 30% owned by BP Plc and 40% by Norway's Aker ASA, also said it would book an goodwill impairment charge of $80 million and would see an additional $14 million in costs stemming from repair work at one of its North Sea fields.
BENGALURU/NEW DELHI, Oct 14 (Reuters) - French energy giant Total SA said on Monday it will buy a 37.4% stake in Indian gas distribution company Adani Gas, as it looks to capitalise on India's push for cleaner sources of energy. Total will pay about $866 million for the stake in Adani Gas, which will ramp up its presence in a market that is expected to become the second biggest driver of global demand for liquefied natural gas (LNG) market, after China.
BP said on Friday it would shut down its West Chirag platform in Azerbaijan for 15 days starting on Oct. 15 for planned maintenance. "In accordance with the plan, production from the West Chirag platform will be suspended on 15 October for about 15 days to enable efficient maintenance, inspection and project work to be undertaken," BP-Azerbaijan said in a statement.
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule. In a statement, London-based BP said it expects to agree asset sales of $10 billion by end-year after its $5.6 billion sale of its Alaskan business to Hilcorp and divestments in U.S. shale gas. BP shares were down 1.1% by 0948 GMT compared with a 1.3% gain in the broader European energy index.
As a result of the agreed divestments, BP expects to take a non-cash, non-operating, after-tax charge of $2-3 billion in its third quarter results, it said. The London-based company said in a statement that it expects to agree on $10 billion of asset sales following the $5.6 billion sale of its Alaskan business to Hilcorp, announced this year, as well as divestments in its U.S. shale gas business.
France's Total SA , the big winner in a Brazilian auction of offshore oil concessions on Thursday, said it will not participate in a bigger auction scheduled for Nov. 6 of the so-called Transfer of Rights area in Brazil's pre-salt region. The company's chief executive officer, Patrick Pouyanné, said in a statement that was because the competitive bidding rounds were for non-operating stakes. A consortium led by Total won the exploration and production rights for an offshore block near the pre-salt region on Thursday, agreeing to pay the government a signing bonus of 4 billion reais ($978 million).
Ten companies on Thursday agreed to pay more than $2 billion for the exploration and production rights in 12 offshore oil blocks in Brazil, in what could be a promising sign for even bigger upcoming oil auctions. The most heavily sought after areas in the Thursday auction directly border Brazil's so-called pre-salt area, a coveted zone in which billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor. The biggest move came from a France's Total SA, which, in a consortium with Malaysia's Petronas and Qatar Petroleum, dropped 4.029 billion reais for one block abutting the pre-salt area.
Hungarian energy firm MOL is in talks to acquire Chevron's stake in a giant oilfield in Azerbaijan for more than $2 billion, according to three banking and industry sources involved in the process. Both Chevron and its larger U.S. rival Exxon Mobil are seeking to sell their stakes in the BP-operated Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea.
Senegal has delayed the launch of an oil and gas licensing round due on Wednesday until Nov. 4 as contract documents still need to be finalised, oil minister Mahamadou Makhtar Cisse said. "We need to ensure the legal framework for investors," he told Reuters on the sidelines of an oil and power conference in Cape Town. Senegal's ambitions to become a major oil and gas producer have been overshadowed by allegations President Macky Sall's brother was involved in fraud related to two offshore gas blocks being developed by BP.
Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday. The announcement of efforts to generate more revenues by reducing gas flaring comes as Africa's second largest crude producer faces a fall in output from its mature oil fields. "Over the years, Angola has somewhat neglected to capitalise on the natural resources that it has to offer," Mineral Resources and Petroleum Minister Diamantino Azevedo said in a brochure released at an African energy conference in Cape Town.
* Are oil groups responsible for emissions from fuel use? LONDON, Oct 9 (Reuters) - Wide variations in the way oil companies report their efforts to reduce carbon emissions make it difficult to assess the risk of holding their shares as the world shifts away from fossil fuels, senior fund managers say. Fund managers are also applying environmental, social and governance (ESG) criteria more widely in traditional investments to help them judge how companies will fare over the long term.
Thinking of adding BP to your Stocks and Shares ISA? Royston Wild gives the lowdown on why he thinks you should buy or avoid the FTSE 100 oilie today.
(Bloomberg) -- When BP Plc announced its historic exit from Alaska, Chief Executive Officer Bob Dudley pointed to an extra perk from the $5.6 billion sale: a significantly lower carbon footprint.Cutting emissions is important for Dudley, partly because influential shareholders are forcing BP to align its spending with climate goals. But there’s a catch.Hilcorp Energy Co., the buyer of the Alaska assets, plans to pour more money to boost production there than BP would have, according to Dudley. That could end up making the carbon problem worse than it was.The BP boss and his counterparts at the world’s biggest oil companies are caught in a dilemma. Investors are demanding they adhere to the goals of the Paris climate accord, while continuing to generate the mounds of cash that make them among the biggest and most consistent dividend payers.To strike a balance, one of the strategies for the executives is to sell high-cost and high-carbon projects. But that may only offload the emissions problem on to another company.“If one asset just passes to another and still operates at its maximum capacity, OK that may have helped the profile of that individual company, but does that actually do anything on a net effect of reduced emissions?” said Adam Matthews, the director of ethics and engagement at the Church of England Pensions Board. “That’s a legitimate question.”Oil Sands, CoalBP is not the only one passing on the responsibility. Royal Dutch Shell Plc divested its carbon-intensive Canadian oil-sands business in 2017 that is now operating under a new owner. Total SA sold its interest in a similar project, which was dormant, to a buyer looking to revive it. Miner Rio Tinto Plc exited coal by selling some of its assets to Glencore Plc, which plans to keep running them for years.The companies’ actions will be discussed when hundreds of executives gather this week at the Oil & Money conference. The event, which saw noisy protests from pressure group Extinction Rebellion outside its London venue on Tuesday, will change its name to Energy Intelligence Forum next year in a nod to climate change and the energy transition.While the asset sales help reduce costs, Dudley, Shell’s CEO Ben van Beurden and Total’s Patrick Pouyanne will also need to show they’re committed to the environment and not just offloading their responsibility.Still, for some investors selling the high-carbon projects makes the companies more resilient to future climate legislation, and that’s a step in the right direction.If companies can use the funds from the sale of carbon intensive projects to develop lower-intensity production, that’s a “decision that we are generally supportive of,” said Nick Stansbury, head of commodity research at Legal & General Investment Management, one of the largest shareholders of major oil companies.Big ChallengeOil executives say their big challenge is to cut emissions while continuing to supply energy to a growing global economy. Shutting down production can create shortages that could boost prices, reduce affordability and even encourage the start up of new projects.Also read: Norway’s Huge New Oil Project Clashes With Growing Climate FocusTo tackle the “radical changes” required to keep global warming at a safe level, demand for low-carbon energy would have to rise dramatically, said Tal Lomnitzer, a senior investment manager at Janus Henderson Investors. It would have to be aided by government policy changes and involve social pressure, he said.“A much faster transition is technically possible but actors need guidance,” Lomnitzer said. “It’s likely to arrive from the populace and then be expressed via bans, taxes and incentives.”The oil companies support a tax on carbon as a way to discourage emissions, and are promoting natural gas as a cleaner fuel. France’s Total applies a carbon price internally in its assessment of projects, a spokeswoman said, as do others like BP. Qatar, the world’s biggest liquefied natural gas exporter, started a carbon capture and storage project as part of an effort to address concerns about climate change, Energy Minister Saad Sherida Al-Kaabi said Tuesday.Investor pressure is also forcing the oil majors to increase spending on green energy. They’re building wind and solar projects, boosting electric-vehicle infrastructure and reducing the amount of gas they release into the atmosphere. But these investments are still a fraction of overall expenditure.“The transition from Big Oil to Big Energy will certainly take time,” said Rob Barnett, an energy policy analyst at Bloomberg Intelligence. “But we do see things headed in that direction.”(Updates with protests in the eighth paragraph.)\--With assistance from Isis Almeida, Francois de Beaupuy and Kevin Crowley.To contact the reporter on this story: Kelly Gilblom in London at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Rakteem Katakey, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bp (LON:BP.) is a large cap integrated oil and gas company that also owns an interest in Rosneft. For the six months ended 30 June 2019, BP plc revenues decr8230;
Maintenance at the North West Shelf liquefied natural gas (LNG) plant is ongoing, a spokesman for operator Woodside Petroleum said on Monday. The Australian company had initially scheduled maintenance for Sept. 5 to Oct. 1. "An integrated turnaround campaign is being undertaken at the North West Shelf Project," the spokesman said.
Oil majors led a rebound in London's FTSE 100 on Monday as investors hoped for a U.S.-China trade deal, while a sell-off in the construction sector after a profit warning from SIG and scepticism over the chances of a Brexit deal knocked midcaps. Broader gains were fuelled by hopes of an end to the stand-off between the world's largest economies, with U.S. President Donald Trump saying his administration had a "very good chance" of making a trade deal with China.
Harvey Jones says FTSE 100 (INDEXFTSE:UKX) dividend heroes BP plc (LSE: BP) and Shell plc (LSE: RDSB) can turbo-charge your retirement.