BP can cut spending by 20% this year, CFO says

BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The project is now backed-up by the National Petroleum Agency (ANPG) and will allow the province of Benguela to be mine-free by the end of 2023. BP and Albert Heijn today announce plans to expand their retail cooperation to more than 100 sites across the Netherlands.

BP today set a new ambition to become a net zero company by 2050 or sooner. BP begins a new era as Bernard Looney takes over as chief executive officer. The London-based oil major’s shares have fallen more than 30% since the OPEC+ alliance broke down after a showdown between Saudi Arabia and Russia. BP’s new CEO Bernard Looney is visiting employees in Germany last week.

BP, as operator and on behalf of co-venturer Shell, announced encouraging early production from the Alligin field. BP issued this statement in response to articles by Greenpeace and the Guardian on its consultation on NEPA. Company triggering a price war as the kingdom vowed to send a flood of cheap crude to Europe. BP Ventures has invested in energy management specialist R&B.

BP and Reliance Industries Limited (RIL) today signed a definitive agreement relating to the formation of their new Indian fuels. BP Chief Financial Officer Brian Gilvary said Monday in a Bloomberg television interview that he is confident the company can achieve its $15 billion asset-sale. BP Angola today announced it has increased its financial grant to $6.1 million over four years to support the work in Angola.

Customers will soon find an Albert Heijn ‘to go’ shop at selected BP retail sites nationwide where they can buy tasty. Net zero across BP’s operations on an absolute basis by 2050 or sooner. Bernard Looney has risen through the ranks of BP, becoming chief executive officer 28 years. Alligin forms part of the Greater Schiehallion Area and has been developed as a two-well subsea tieback into the existing Schiehallion.

Greenpeace misconstrues BP’s position on the proposed modernization of the 40-plus year-old National Environmental Policy Act (NEPA). R&B’s energy management systems are designed to predict, control and improve a building’s energy use. CEO added that the company is “not talking about” returning to scrip dividends at the moment.

BP strongly supports NEPA and has been working with the environmental and business community. Buildings currently account for one third of the world’s total energy consumption. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. The funding continues BP Angola’s investments aimed at meeting social and community needs.

BP nor API advocated to exclude all indirect GHG impacts from NEPA analysis. R&B’s Software-as-a-Service (SaaS) applies AI techniques to energy diagnostics. The new venture, a further development of RIL and BP’s longstanding partnership, will include an India-wide fuels retail service. The venture expects to expand from RIL’s current fuel retailing network of over 1,400 retail sites.

CEo says “The company is managing oil’s volatility and isn’t yet discussing returning to paying dividends with shares instead of cash”.

BP Angola has invested $100 million in local communities and social initiatives. Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner. It is a 20 million barrels of oil equivalent field, which was originally forecast to produce 12,000 barrels gross of oil equivalent a day at peak. Gilvary said BP had already agreed about $9 billion of that target by the end of last year.

When Bernard posted on Instagram for the first time last month, it wasn’t only in pursuit of likes. BP has been focused on modernizing other areas of the law. This enables building managers to make informed decisions to optimise energy performance. The retail network will operate under the Jio-BP brand, signaling a new paradigm shift in fuels marketing.

Oil was trading down almost 11% in London last Monday. The partnership brings together the long-standing expertise and experience of both BP and Albert Heijn. BP will continue to advocate for changes through the rulemaking process. The $3.6 million investment is part of R&B’s latest funding round, which was led by BP Ventures. Castrol lubricants will also be available across the venture’s network.

The CFO said he sees “negative” oil demand growth in 2020, and crude could even slump further. 50% cut in the carbon intensity of products BP sells by 2050 or sooner. The project’s performance has been better than expected, however, reaching 15,000 barrels gross of oil equivalent a day. The agreement was signed in Mumbai today by Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited.

The company expects a “steep” contango market structure to continue. Expansion of the partnership follows a successful pilot phase with Albert Heijn ‘to go’ shops at eight BP retail sites. The development has included new subsea infrastructure, consisting of gas lift and water injection pipeline systems. It consistent with strong support for the Paris ambitions.

Digital technology, smarter consumers and bold decarbonisation targets are together rapidly changing the world’s energy systems. BP and Reliance are further building on their strong partnership. More active advocacy for policies that support net zero, including carbon pricing. Customers will still be able to buy their trusted car care products, such as Castrol engine oil.

Chief Executive Officer Bernard Looney said last week that he would cut spending to stem the damage from the oil-price rout. R&B has spent years developing its core product. BP and Reliance are combining their knowledge. Company vowed to continue with plans to transform the oil major into a greener energy giant. The elimination of the terrible legacy of landmines is essential for the future of Angola.

CEO says in a statement “I know a lot of people have views on oil and gas companies and our role in the energy transition”.

This initiative with the HALO trust, supported by the ANPG and MIREMPET, will make it possible. Further incentivise BP’s workforce to deliver aims and mobilise them to advocate for net zero. BP North Sea Regional President Ariel Flores said, “Achieving first oil from the Alligin field safely”. This cooperation with BP seamlessly fits with growth strategy.

BP is the latest to crimp spending plans as oil companies look to protect their balance sheets. The choices may change from moment to moment. Alligin is part of a series of infrastructure-led subsea tieback developments in the North Sea. BP is leveraging a wide range of investments in technology-related businesses. The partners intend to set up a new joint venture company, held 51% by RIL.

Angola’s 27-year civil war ended in 2002, leaving behind one of the most-mined countries in the world. The aim to be recognised as a leader for transparency of reporting, including supporting the recommendations of the TCFD. Improving the energy efficiency of buildings will be crucial for the transition to a lower-carbon world. Looney made no mention of the dividend in his Friday post.

The HALO Trust is very grateful to BP Angola for its generous support. This is the latest financial injection in China for BP Ventures. RIL is India’s largest private sector company, with a consolidated turnover of INR 622,809 crore. BP’s new CEO Bernard Looney announces a new purpose and a new ambition for the company. BP Ventures has invested over $500 million in technology companies across more than 45 entities.

The so-called dividend yield was 11.7% on last Friday. BP’s new purpose is reimagining energy for people and our planet. A UK-based developer of artificial intelligence (AI) technology enables customers to predict, control. The partnership with Albert Heijn underpins the delivery of strategy. A level that suggests investors think the payout won’t be maintained.

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