On their Website today, BP (NYSE:BP) confirmed they have been awarded seven licenses to explore the North Sea.
To reinforce their commitment and trust in BP, this represents the largest licensing approval for BP in the UK in over 10 years by the government.
Trevor Garlick, Regional President for BP in the North Sea said on the company site, “These licence awards are a significant success for BP and a further boost to the long-term future of our North Sea business. With six major projects currently underway in the UK and Norwegian sectors, BP is investing strongly in the North Sea to develop today’s resource base and we are also building a complementary portfolio of future opportunities.”
The blocks awarded are:
16/24a (split) - Kinnoull area – Central North Sea
22/20b - ETAP area – Central North Sea
22/30e (split) - Culzean area (operated by Maersk) - Central North Sea
23/26e - Culzean area (operated by Maersk) - Central North Sea
30/1a (split) - Kessog area - Central North Sea
47/10c (split) - West Sole SNS area – Southern North Sea
48/6c (split) - West Sole SNS area – Southern North Sea
Showing posts with label North Sea Assets. Show all posts
Showing posts with label North Sea Assets. Show all posts
Thursday, November 4, 2010
Monday, October 18, 2010
ConocoPhillips (NYSE:COP) Approved for Jasmine Development
ConocoPhillips (NYSE:COP) has been given approval by the UK to begin development on the Jasmine gas/condensate discovery in the North Sea. Production is scheduled to begin in the fourth quarter of 2012.
Paul Warwick, ConocoPhillips president, UK and Africa, said: “Developing Jasmine to tie in effectively to J-Block’s existing infrastructure demonstrates that companies on the UK continental shelf still have opportunities to maximize production of their reserves and can continue to add value directly or indirectly to the UK supply chain. The development is another step towards our strategy of prolonged and efficient production from the North Sea.”
The discovery, which is one of the largest in the waters over the last several years, will at its peak production produce 88,000 barrels oil equivalent on a daily basis.
Paul Warwick, ConocoPhillips president, UK and Africa, said: “Developing Jasmine to tie in effectively to J-Block’s existing infrastructure demonstrates that companies on the UK continental shelf still have opportunities to maximize production of their reserves and can continue to add value directly or indirectly to the UK supply chain. The development is another step towards our strategy of prolonged and efficient production from the North Sea.”
The discovery, which is one of the largest in the waters over the last several years, will at its peak production produce 88,000 barrels oil equivalent on a daily basis.
Thursday, September 16, 2010
BP (NYSE:BP) Sets Aside $19 Billion for North Sea Investment
In a hearing with British lawmakers, among other things, outgoing BP (NYSE:BP) Chief Executive Officer Tony Hayward said over the next five years the oil giant will invest up to $19 billion in the North Sea off the coast of Britain.
The drilling of a deepwater well off the Shetland Islands is scheduled for 2011.
Questions rose to BP's commitment to the region in response to the oil spill in the Gulf of Mexico. Hayward said no investment plans by the company for the North Sea have been altered.
Hayward also estimated oil and gas production from deepwater drilling will be close to 10 million barrels a day by 2020, twice what it is today.
The drilling of a deepwater well off the Shetland Islands is scheduled for 2011.
Questions rose to BP's commitment to the region in response to the oil spill in the Gulf of Mexico. Hayward said no investment plans by the company for the North Sea have been altered.
Hayward also estimated oil and gas production from deepwater drilling will be close to 10 million barrels a day by 2020, twice what it is today.
Thursday, September 9, 2010
BP's (NYSE:BP) Tony Hayward to Appear before UK Committee
Tony Hayward, who will soon be stepping down as CEO of BP (NYSE:BP), has been asked to testify before the Energy and Climate Change Select Committee next Wednesday.
The purpose of the meeting will be to get a better grasp of the risks involved in deepwater drilling off the UK coast, and what the implications oil spill in the Gulf of Mexico are to UK deepwater drilling. They'll also look at the role deepwater drilling will continue to play in the UK.
Also asked to appear are Bernard Looney, who is managing director of BP North Sea, and Mark Bly, head of safety and operations.
Hayward will be leaving his post in October.
The purpose of the meeting will be to get a better grasp of the risks involved in deepwater drilling off the UK coast, and what the implications oil spill in the Gulf of Mexico are to UK deepwater drilling. They'll also look at the role deepwater drilling will continue to play in the UK.
Also asked to appear are Bernard Looney, who is managing director of BP North Sea, and Mark Bly, head of safety and operations.
Hayward will be leaving his post in October.
Tuesday, September 7, 2010
BP's (NYSE:BP) Norway Manager Not Aware of North Sea Sales
Conflicting reports have emerged concerning BP's (NYSE:BP) alleged interest in selling North Sea assets, along with a report over the weekend in the Sunday Times they were increasing their asset sales target from $30 billion to $40 billion.
Rebecca Wiles, who is BP's Managing Director for Norway, said she wasn't "aware" that there were any plans in place to sell North Sea assets of BP to help raise the $30 billion they've mentioned as their target in the past concerning liabilities and costs to clean up the region.
Wiles said concerning North Sea asset sales, “I’m not aware of us lining up any assets in the North Sea. We’re a growing business in Norway.”
As far as the increasing of the target number from $30 billion to $40 billion, Wiles added she hadn't heard anything about that either.
Being in Norway, it's possible Wiles isn't in the loop on these things, so it may or may not be important as to the actual plans BP may be initiating.
Rebecca Wiles, who is BP's Managing Director for Norway, said she wasn't "aware" that there were any plans in place to sell North Sea assets of BP to help raise the $30 billion they've mentioned as their target in the past concerning liabilities and costs to clean up the region.
Wiles said concerning North Sea asset sales, “I’m not aware of us lining up any assets in the North Sea. We’re a growing business in Norway.”
As far as the increasing of the target number from $30 billion to $40 billion, Wiles added she hadn't heard anything about that either.
Being in Norway, it's possible Wiles isn't in the loop on these things, so it may or may not be important as to the actual plans BP may be initiating.
Tuesday, July 27, 2010
BP (NYSE:BP) Doubling Assets to be Sold to Raise Cash
It seems everything is on the table now as BP (NYSE:BP) fights to raise enough cash to help pay for the mounting liabilities related to the Gulf of Mexico oil spill.
Originally they had announced the goal of selling about $10 billion in assets to handle the load, but they raised that projection Monday to about $20 billion.
Once thought untouchable, and among their choice assets - oil fields in the North Sea - could reportedly be put up for sale, with the French company Total eager to enlarge their presence in the region. It would also be an easy deal to do if BP decides to go in that direction.
Prudhoe Bay was almost sold to Apache (NYSE:APA), but that deal fell through, although Apache acquired other assets in a separate transaction.
With BP securing billions in credit from a number of different banks, it seems to imply they're wary of using that credit line to pay off liabilities, as it could put them in an even weaker position, and would be expensive to access.
However they do it, this does show BP is struggling to raise the needed capital to handle the situation, and will evidently become a much smaller and weaker company before it's all through.
This is important, as everyone knew they would be smaller before things were over, but assumed their top assets would remain under the company umbrella and be a foundation to build on in the future. That idea could very well fall apart if assets in the North Sea end up being sold.
Originally they had announced the goal of selling about $10 billion in assets to handle the load, but they raised that projection Monday to about $20 billion.
Once thought untouchable, and among their choice assets - oil fields in the North Sea - could reportedly be put up for sale, with the French company Total eager to enlarge their presence in the region. It would also be an easy deal to do if BP decides to go in that direction.
Prudhoe Bay was almost sold to Apache (NYSE:APA), but that deal fell through, although Apache acquired other assets in a separate transaction.
With BP securing billions in credit from a number of different banks, it seems to imply they're wary of using that credit line to pay off liabilities, as it could put them in an even weaker position, and would be expensive to access.
However they do it, this does show BP is struggling to raise the needed capital to handle the situation, and will evidently become a much smaller and weaker company before it's all through.
This is important, as everyone knew they would be smaller before things were over, but assumed their top assets would remain under the company umbrella and be a foundation to build on in the future. That idea could very well fall apart if assets in the North Sea end up being sold.
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