Hints and tips:
...In March 2023, the US authorised an $8bn oil project in Alaska, despite President Biden cancelling numerous exploration projects and legal objections from some indigenous groups....
...Rival energy groups Neste, Eni, Repsol, Galp Energia, BP, Shell and OMV also appear in many funds, although ISR funds may not have to sell some of these, such as Finland’s Neste....
...BP followed suit in 2019, offloading its final Arctic assets....
...UK-listed BP quit Canada’s oil sands industry last year, selling its sole producing stake in the region to Calgary-based Cenovus Energy....
...BP holds six offshore exploration licences in Newfoundland and Labrador on Canada’s east coast, now including Cenovus’s 35 per cent position in the undeveloped Bay du Nord project....
...A climate change “religion” had gripped investors, he argued in an interview with the Financial Times last year, and companies such as European supermajor BP were about to “cut their [own] throat” by winding...
...A separate resolution filed with Imperial Oil calls on Canada’s second-biggest integrated oil company to halt all new exploration projects....
...“Positioning ourselves as a private company will allow us to take maximum advantage of our greatest strength — our strong heritage as one of the leading exploration companies in the world,” Hamm wrote to...
...At the Senate committee hearing last month Alaska’s Republican senator Lisa Murkowski echoed the oil producers’ rationale: “Sometimes our solutions are right in our backyard....
...Shares in BP and Royal Dutch Shell are both down about 50 per cent this year as investor appetite for fossil fuel companies has waned....
...And what does the whole farce say about the state of US oil exploration?...
...Radiant aspirations were soon eclipsed by a catalogue of environmental disasters, including a pipeline leak in Alaska’s Prudhoe Bay in 2006 and the Deepwater Horizon oil spill of 2010....
...It is a big bet on oil, just as operators such as BP plan a pivot to clean energy....
...At the end of the day, a banker’s job is to assess risk — and investing in Arctic oil exploration is just not a smart bet....
...Financial risk First, take the (sizeable) cost of Arctic oil exploration....
...British oil major BP last week said it expected the pandemic to expedite the transition towards cleaner energy as it slashed the value of its assets by $17.5bn....
...– including INEOS/Alaska). iii) Low Carbon buildout....
...And BP’s onto SocGen’s “buy” list: We upgrade BP from Hold to Buy based on valuation and the new strategy announced at the 2Q conf call....
...The sale to Houston-based Hilcorp, a privately owned operator, includes BP’s exploration and production business and its pipelines division in Alaska, including its stake in the giant Prudhoe Bay field and...
...After a period in BP Alaska, he headed the offices of former chief executives John Browne and Mr Hayward....
...He also ran BP Capital, the energy-focused hedge fund he founded in 1996, and was known for big bets....
...In exchange, Conoco is taking on some of BP’s assets in Alaska, including a 39.2 per cent interest in the Greater Kuparuk Area, which the US company operates on the North Slope of Alaska, as well as BP’s...
...(FT) News round-up BP to sell Alaska operations to Hilcorp for $5.6bn (FT) Ineos acquires French Ligue 1 football club Nice (FT) Deutsche Bank revamps treasury unit to combat negative rates (FT) Owner...
...Almost one in every four barrels of oil equivalent Conoco produces now comes from shale, with its US operations outside Alaska making $550m in adjusted earnings in the quarter, or almost a third of the total...
...Wael Sawan, Royal Dutch Shell’s new head of exploration and production, told the Financial Times that when world oil production starts to decline, “we need to be able to be the last ones standing”....
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