Bloomberg reported that BP and Reliance intend to invest $5 billion in India's largest natural gas field in an effort to boost output.
Articles Tagged "BP"
Reuters reported that Azerbaijan has extended the production sharing agreement for the Shah Deniz gas project for an additional five years in move to strengthen ties with BP.
Bloomberg announced that BP plans to join the Trans-Anatolia project that will deliver gas from the Caspian field of Shah Deniz to Europe.
Reuters reported that BP has agreed to sell its interest in the Sean gas field, located in the UK North Sea, to SSE Plc for $288 million.
A brief overview of gas price developments, supply and demand and significant market movers.
The Wall Street Journal reported that ExxonMobil Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP), BP plc (LSE:BP) and TransCanada Corp. (TSX:TRP) have agreed to merge two competing natural gas pipeline projects into a single pipeline that will export natural gas from Alaska's North Slope to Asia.
Forbes reported that Alaska has given ConocoPhillips (NYSE:COP), ExxonMobil Corp. (NYSE:XOM) and BP plc (LSE:BP) until the end of October to develop a plan to transport natural gas from the state's North Slope to a port where it will be condensed into liquefied natural gas and exported to Asian markets.
The latest developments underscore a general theme from the subcontinent as it has been looking at other areas to acquire oil and gas assets overseas to meet its growing energy demand. As Asia’s third-largest oil consumer, India has been aggressively scouting for overseas gas and oil assets to meet its supply deficit and is competing with China for fields from Africa to Venezuela.
Prices are expected to rise, initially pushed higher by increased gas demand for cooling, as Senior Meteorologist Joe Bastardi of AccuWeather.com predicted this summer to be the “hottest summer since 2005 for much of the nation” and later from increased demand in industrial and power generation.
Oil major BP plans to invest $2 billion over the next 5 years in the oil and gas projects it operates in Algeria. For full story, click here