BP (NYSE:BP) CEO Bob Dudley said one of the major strategies in relationship to growth is to develop projects off of Brazil.
Dudley stated that the U.S. is their first obligation in the ongoing fallout from the Gulf oil spill, and BP must “first, meet our obligations in the U.S.”
From there, he sees growth led by Brazil, and then exploration projects in the UK and Azerbaijan. Dudley added, “... we’ve built a growing business in Brazil. We’ve got Shah Deniz in Azerbaijan, we’ve got some U.K. exploration now to go. We’ve got a growing business in Egypt. We will be participating in China.”
Dudley knows that BP, while necessarily having to remain focused on making things right in the U.S., can't make that their only goal, as playing defense will never work over the long run for any company.
They have to have forward momentum, and Dudley has been going on the offensive more recently in what appears to be a move to rally his troops and lift the stigma that they are only struggling to survive off the company.
Showing posts with label BP Azerbaijan Assets. Show all posts
Showing posts with label BP Azerbaijan Assets. Show all posts
Wednesday, November 3, 2010
Thursday, October 21, 2010
BP (NYSE:BP) Group Leads Production Increase in Azerbaijan
Oil and condensate production in Azerbaijan increased by 1.9 percent from January to September, over the same period the year before, based on a group led by BP (NYSE:BP).
Production in that period increased to 38.5 million tons.
Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.
Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.
Production in that period increased to 38.5 million tons.
Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.
Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.
Thursday, October 7, 2010
BP (NYSE:BP) Lands Gas Exploration Deal in Caspian Sea
BP (NYSE:BP) landed a deal with Azerbaijan today to explore an develop a huge natural gas field in the Caspian Sea. The further reinforces their role as the top player in the country.
The agreement is connected to the Shafag-Asiman, and is for a period of 30 years. It's the first deal for newly installed BP CEO Bob Dudley, who replaced Tony Hayward at the helm.
SOCAR and BP said together in a statement that "they had signed a new production sharing agreement on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea."
The Shafag-Asiman natural gas field has never been explored before, and entails approximately 440 square miles, and is located in depths of 2,145 to 2,640 feet.
BP and SOCAR will be 50-50 partners in the deal, with BP running the operation.
Bob Dudley said, "This is an important day for Azerbaijan and BP as it marks the beginning of our bilateral cooperation in exploration and development of a new offshore block.
"With SOCAR and our partners, BP has helped to establish Azerbaijan as a world-scale oil and gas producer, and I believe the significant remaining potential will continue to make it relevant for decades to come."
Exploration is expected to last about 4 years, but could be extended another three years per the deal if needed.
The agreement is connected to the Shafag-Asiman, and is for a period of 30 years. It's the first deal for newly installed BP CEO Bob Dudley, who replaced Tony Hayward at the helm.
SOCAR and BP said together in a statement that "they had signed a new production sharing agreement on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea."
The Shafag-Asiman natural gas field has never been explored before, and entails approximately 440 square miles, and is located in depths of 2,145 to 2,640 feet.
BP and SOCAR will be 50-50 partners in the deal, with BP running the operation.
Bob Dudley said, "This is an important day for Azerbaijan and BP as it marks the beginning of our bilateral cooperation in exploration and development of a new offshore block.
"With SOCAR and our partners, BP has helped to establish Azerbaijan as a world-scale oil and gas producer, and I believe the significant remaining potential will continue to make it relevant for decades to come."
Exploration is expected to last about 4 years, but could be extended another three years per the deal if needed.
Tuesday, September 7, 2010
BP's (NYSE:BP) Azerbaijan Assets Draw Interest of Gazprom (MM:GAZP)
The huge Russian gas giant Gazprom (MM:GAZP), said would be interested in the Azerbaijan assets of BP's (NYSE:BP) if they come up for sale.
That was the response of Gazprom's CEO Alexei Miller when asked if he would be interested in the assets by a reporter.
Miller responded, "We will be ready to consider it if there is such an offer."
Particularly noted by Miller was the Shah Deniz project in the Caspian Sea, where BP holds a 25.5 percent stake. Other Azerbaijan assets include the the Azeri-Chirag-Guneshli oil project, where BP has a 34.1 percent stake, and the Baku-Tbilisi-Ceyhan pipeline company which exports oil to Turkey.
If the assets are put up for sale, there is no doubt BP could sell them to Gazprom, as they've said a number of times in the past they want to acquire all the available gas in Azerbaijan.
That was the response of Gazprom's CEO Alexei Miller when asked if he would be interested in the assets by a reporter.
Miller responded, "We will be ready to consider it if there is such an offer."
Particularly noted by Miller was the Shah Deniz project in the Caspian Sea, where BP holds a 25.5 percent stake. Other Azerbaijan assets include the the Azeri-Chirag-Guneshli oil project, where BP has a 34.1 percent stake, and the Baku-Tbilisi-Ceyhan pipeline company which exports oil to Turkey.
If the assets are put up for sale, there is no doubt BP could sell them to Gazprom, as they've said a number of times in the past they want to acquire all the available gas in Azerbaijan.
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