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...BP will contribute its existing concession and exploration agreements in Egypt, while Adnoc will make “a proportionate cash contribution” to be used for future growth opportunities, the companies said in...
...BP’s latest green growth push comes as activist investor Bluebell Capital Partners calls on the company to abandon its green commitments and increase production of fossil fuels....
...Other energy companies are also looking to convert oil refineries for biofuels production....
...Auchincloss confirmed on Wednesday that BP’s transition “from international oil company to integrated energy company . . . does not change”. The overarching principle may not change....
...Now, Bluebell has turned its sights on troubled oil company BP, urging it to drop green commitments and increase production of fossil fuels....
...Yet there is little love lost between hedge fund Bluebell Capital Partners and BP. The London-based activist has called BP’s strategy to cut oil and gas production “irrational”....
...While BP insists that it is committed to cutting oil and gas production, the company has moved to slow its retreat in response to pressure from shareholders and as Russia’s full-scale invasion of Ukraine...
...However, he did not rule out adjusting the company’s oil and gas production target again. “I can’t tell you what the volume will be at the end of the decade,” he said....
...In the letter, seen by the Financial Times, Bluebell said BP’s pledge to reduce oil and gas production by 25 per cent by 2030 compared with 2019 levels meant it was destroying shareholder value by moving...
...Oil and gas production — still very much the engine of the company — posted $3.1bn of operating profit, higher than consensus estimates....
...Looney announced plans in 2020 to transform BP from an oil and gas producer into an integrated energy provider by cutting fossil fuel production and investing in green technologies....
...Emissions can happen throughout the LNG value chain, from extraction and production of gas to liquefaction and shipping....
...Only the wealthiest nations and companies can afford such risk. And even then, western oil companies, such as Shell and BP, have withdrawn from the region after investing billions of dollars....
...However, Auchincloss added that BP would not follow Exxon and Chevron in acquiring additional oil production either....
...Companies also remain steadfast in terms of exploration. GEM tracked 50 new project discoveries between 2022-2023, totalling about 20bn boe....
...The midstream company was spun off from EQT in 2018 after activist pressure, with EQT retaining its upstream business, focusing on natural gas exploration and production, and Equitrans Midstream on storage...
...exploration and production....
...It accounted for about 4.5 per cent of global electricity production in 2022....
...BP said Venture Global’s actions were “a wilful breach of our contract”....
...News that the Israeli government awarded a further 12 exploration licences over the weekend, to operators including Italy’s Eni, and BP, underscores its growth ambitions....
...Brazil must consider capping oil production and exploration, the country’s environment minister has said, casting her in opposition to the government’s own plans of turning the nation into one of the biggest...
...BP remains wedded to its industry-leading commitment to cut oil and gas production, its new management said on Tuesday, as the company sought to reassure investors that the resignation of chief executive...
...Exploration companies, meanwhile, were struggling to raise capital because of interest rate hikes, he added. “Exploration is where babies come from....
...He noted that, like BP or Volkswagen, Boeing is a very large, important company with a tradition of excellence and influence....
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