BP reshapes its UK North Sea portfolio with $625 million asset sale

BP has agreed terms to sell its interests in the Andrew area in the central UK North Sea. New cross-industry consortium to make enhanced recycling of polyester plastics a commercial reality. BP announced that its recent three-well drilling campaign offshore Mauritania. Company has also non-operating interest in the Shearwater field.

BP and Reliance Industries Limited (RIL) today signed a definitive agreement relating to the formation of their new Indian fuels. Leading global energy business migrating all data and its 900 key applications. BP and Bunge announce the completion of a new joint venture.

BP operates the Andrew assets comprising the Andrew platform, the Andrew (62.75%), Arundel (100%), Cyrus (100%), Farragon (50%). BP has agreed the first in a series of innovative power deals with Amazon Web Services (AWS). It holds a 27.5% stake in the Shell-operated Shearwater field. BP Ventures is investing €10 million in MaaS Global, a provider of digital mobility software designed.

Under the terms of the deal, Premier Oil will pay BP $625 million. Public charging points operated in the UK by BP Chargemaster are now regularly supplying more than 60 MWh. BP has been reshaping its portfolio in the North Sea to focus on core growth areas. The Senegal has further confirmed the world-class scale of the gas resource in the region.

Ethanol produced from sugarcane is one of the most carbon-efficient biofuels available globally. It including the Clair, Quad 204 and ETAP hubs. Three appraisal wells drilled this year, GTA-1, Yakaar-2 and Orca-1, targeted a total of nine hydrocarbon-bearing zones. The company’s innovative Whim app allows customers to access and connect.

The advantaged production to hubs through the Alligin, Vorlich and Seagull tieback projects. BP technology targets opaque and difficult-to-recycle PET plastic waste, such as highly-coloured bottles and food trays. The wells encountered gas in high quality reservoirs in all nine zones. The data center migration expands upon BP’s existing relationship with AWS.

“BP has been reshaping its portfolio in the North Sea to focus on core growth areas”, said Ariel Flores, BP North Sea regional president.

Company adding advantaged production to our hubs through the Alligin, Vorlich and Seagull tieback projects. These fuels have lifecycle greenhouse gas emissions about 70% lower than conventional hydrocarbon transport fuels. Company have also now decided to divest our Andrew and Shearwater interests, believing them to be a better strategic fit for another owner.

The majority of vehicles in Brazil around 75% are flex fuel, meaning they are able to run on ethanol and/or gasoline. The investment in the Finnish-based start-up supports BP’s strategy of developing and providing mobility. It confident that Premier Oil, already a significant operator in the North Sea, is the right owner of these assets.

The wells were the first in the region to be operated by BP. The five fields in the Andrew area all produce through the Andrew platform, which is located about 140 miles north-east of Aberdeen. Lindenhayn says the joint venture clearly demonstrates BP’s commitment to the energy transition.

The hub started production in 1996. The deal is in line with BP’s growing sustainable power business, which includes tailored Power Purchase Agreements. The transportation options in an increasingly smarter, digital world. The average daily production has been around 25,000 to 30,000 barrels of oil equivalent per day.

It proud to serve thousands of electric vehicle drivers every day. The Shearwater field is a high pressure, high temperature reservoir produced through a process, utilities and quarters platform. All three were completed safely, under budget and ahead of schedule. It located around 140 miles east of Aberdeen.

The expectation is to grow this relationship to more than double the capacity in excess of 400 MW. It offers users a single digital key that unlocks the full spectrum of city transport. Shearwater’s 2019 production has been in the region of 14,000 barrels of oil equivalent per day gross.

BP Infinia is designed to turn opaque and difficult-to-recycle (known as ODR) PET plastic waste. The Andrew assets are expected to transition to Premier Oil as a fully operational entity with 69 staff who operate and support the assets. It also highlights Brazil’s recent Low Carbon Transport Policy. BP will provide AWS with 122 MW of new renewable power capacity.

The contractual terms and conditions are protected under UK Transfer of Undertakings regulations. The overall drilling campaign was delivered 40 days ahead of schedule and $30 million under budget. BP will now begin consultation with in-scope staff. A new solar farm in Spain, which is expected to deliver 50 MW to AWS from 2021.

There is no transfer of staff associated with the Shearwater sale. It have seen incredible growth in the utilisation of our public charging network over the past 12 months. The sales are the latest step in BP’s planned program of $10 billion divestments by the end of 2020. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.

The subject to the receipt of regulatory and other third-party approvals. The Greater Tortue Ahmeyim Phase 1 development was sanctioned in December 2018. BP and AWS are both targeting reductions in emissions from their respective operations. The MaaS Global team is at the forefront of a tech-enabled mobility evolution.

BP’s first 150kW forecourts are already live in London and Essex, with other installations in England. The timings of both potential future developments will depend on the level of appraisal required. BP is working with the corporate sector to connect organisations to renewable energy sources. BP aims to complete the sale and transfer of operatorship of the assets at the end of the third quarter of 2020.

Facebook Comments