BP, partners confirm investment in deepwater Angola

BP and partners confirmed they have agreed further investment into deepwater Block 15. BP has agreed to sell its interests in Gulf of Suez oil concessions in Egypt. Shareholders voted overwhelmingly at BP’s AGM for a resolution. BP’s annual general meeting (AGM) in Aberdeen. It’s welcome discussion, debate, even peaceful protest on the important matter. Deepwater Gulf of Mexico project expected to add 50,000 barrels a day.

BP brought government and industry figures together on last week. BP is the first major oil and gas business to publish its LNG Master Sale. BP set ambitious targets to deliver on the commitment to advance a low carbon future. The agreement will extend the production sharing agreement for the Block 15 through 2032. Dragon Oil will purchase producing and exploration concessions. It will help to show how the organization’s strategy is consistent.

Egypt is a core growth and investment region for BP. Resolution 22 was described as a blueprint for others to follow by Bruce Duguid. It also highlights to continued growth and momentum in a region. Currently the fastest chargers on the network are rapid EV chargers delivering 50kW. BP continues to invest in new and innovative solutions to meet the needs of its customers. It have been really encouraged by what BP has achieved. The extension is an important milestone for BP’s Angola business.

“We are committed to playing our part in advancing this transition”, said Lund, AGM as BP chairman.

A fast-paced energy transition is not just good for the world. The impeding safe entry and exit from an office building in this way is dangerous. BP has sanctioned development of the Thunder Horse South Expansion Phase 2 project. EV drivers can access a growing network of ultra-fast chargers from July. BP operates an established LNG portfolio, both buying and selling LNG. The updated annual Sustainability Report describes progress towards BP’s low carbon ambitions.

The deal will also give the state-owned company Sonangol a 10% equity interest in the block. Dragon Oil is a wholly-owned subsidiary of the Emirates National Oil Company (ENOC). Resolution 22, proposed by members of investor group Climate Action 100+. It clearly a matter for the police to resolve as swiftly as possible. The project will further boost output at one of the largest oil fields in the Gulf of Mexico.

The UK’s largest electric car charge point provider will install 100 at forecourts. BP expects that its publication will contribute to the broader discussion around standardization. It highlights actions taken under the ‘reduce, improve create’ framework. It’s operated by Esso Angola, Block 15 has produced more than 2.2 Bbbl of oil since 2003. The deal is subject to the Egyptian Ministry of Petroleum and Mineral Resources.

It received 8.4% support, against a 75% threshold for a special resolution to be accepted. It recognize that the world is on an unsustainable path. The project is expected to add an estimated 50,000 gross barrels of oil equivalent per day. The move underlines BP’s commitment to support the wider adoption of EVs. The BP DES LNG MSA has also been refined over time to reflect current industry standards. It shows how BP is making progress on its targets for reducing GHG emissions in its operations.

The new investment is expected to result in an additional 40,000 bopd. It is the part of BP’s plan to divest more than $10 billion of assets globally. BP’s shareholders have shown their support for the approach. Company believe the strategy is consistent with Paris and welcome steps. The latest expansion at Thunder Horse is another example of how the Gulf of Mexico is leading. The ultra-fast chargers supply enough power to charge up to 100 miles equivalent in 10 minutes.

Stephen Willis, BP Angola Regional President says “This is a major step forward for Block 15, unlocking significant future investment and production opportunities”.

Publication of the BP DES LNG MSA comes at a time of major growth for both BP’s LNG business. The report also outlines actions taken to improve BP’s products. The extension is an important milestone for BP’s Angola business and is well-aligned with the Angolan government. It must continue our engagement with shareholders. It support a faster transition to a low carbon energy system. BP Angola has a 24% interest, ENI Angola Exploration 18%.

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