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

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...

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Chevron Technology Ventures invests in modular CO₂ capture system

Chevron Technology Ventures invests in modular CO₂ capture system

Carbon Clean Solutions Limited has completed an equity investment of $16 million from three global investors. Company announced that its wholly owned subsidiary Chevron Global Energy Inc. has completed the sell down of its 135 million shares. Company reached a settlement agreement with James Russell DeLeon, the principal funder of the fraudulent lawsuit against Chevron...

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BP’s carbon-neutral pledge puts pressure on Exxon, Chevron

BP’s carbon-neutral pledge puts pressure on Exxon, Chevron

BP’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change. BP set a new ambition to become a net zero company by 2050 or sooner. BP, as operator and on behalf of co-venturer Shell, today announced encouraging early production from the...

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CGG exits marine seismic acquisition business, kicks off marine streamer JV

CGG exits marine seismic acquisition business, kicks off marine streamer JV

CGG announced that it has completed its exit from the marine seismic acquisition business. CGG anticipates Q4 2019 segment Group revenue at $393 million. CGG announced that it is completing its exit from the seabed data acquisition business. CGG has completed JumpStart multi-client geoscience packages for the North West Shelf (NWS) of Australia. It following...

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

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...

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Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos Energy has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gulf of Mexico producing assets. Company announced that the Company has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gulf of Mexico producing assets. Company announced its financial and operational results for...

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Maersk Drilling tags Halliburton and Petrofac for its Seapulse exploration drilling program

Maersk Drilling tags Halliburton and Petrofac for its Seapulse exploration drilling program

Maersk Drilling has signed agreements with Halliburton and Petrofac to collaborate on an exploration program. The success stories from Maersk Resolute’s recent contract with Petrogas E&P Netherlands B.V. are many. On 2 October 2017, Maersk Discoverer moved the boundaries for drilling in shallow waters. CFO Marianne Sørensen will be joining Rambøll as their new Group...

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Speakers at IPAA’s annual meeting laud industry, see tough election ahead

Speakers at IPAA’s annual meeting laud industry, see tough election ahead

The Independent Petroleum Association of America (IPAA) kicked off the first day of its annual meeting on last Thursday. Interior Secretary Ryan Zinke will depart at the end of the year. Telegram and its parent company, Hearst, continue their tradition of honoring the area’s energy industry. Two Capitol Hill insiders sorting out the issues for...

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BP invests in carbon-offset monetization firm

BP invests in carbon-offset monetization firm

BP Ventures has invested $5 million in Finite Resources Inc, parent company of Finite Carbon, a US-based forest carbon management company. BP recently announced a new joint venture with US agri-commodities company Bunge. Innovative enhanced recycling technology capable of processing PET plastic waste which currently goes unrecycled. The investment will enable Finite Carbon to grow...

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LAGCOE keynote speaker issues rallying call, to earn social license to operate

LAGCOE keynote speaker issues rallying call, to earn social license to operate

Kimberly McHugh, vice president of drilling & completions at Chevron, kicked off LAGCOE 2019 Wednesday morning. Six months after the inaugural Energy Innovators Pitch Challenge. With that pitch, Josh Suttles and his company, Flange Cuff LLC, pulled ahead of nine other finalists for $25,000 in professional marketing. A federal agency that regulates offshore energy production...

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