BP BP.L has started production at Oman’s giant Ghazeer natural gas field, which is set to underpin the company’s oil and gas output for years as it shifts to renewables.
The decision to reduce service fee for patents, utility models and industrial designs for students, research centres and…74 Views | the publication reaches you by | Oman News
BP is in the midst of the largest overhaul in its history after Chief Executive Bernard Looney set out a path to shift rapidly towards renewable power and reduce BP’s oil and gas production by 1 million barrels per day (bpd) by 2030.
“It is absolutely central for BP because it generates the funding allowing us to invest in new businesses and transform the company,” Gordon Birrell, BP head of oil and gas operations, told Reuters.
BP shares, which remain near 25-year lows, were down 1.4% by 0922 GMT. The shares have lost 54% so far this year due to concerns about a drop in oil and gas demand as a result of the coronavirus epidemic and long-term worries about its strategy.
BP, which wants to sell $25 billion of assets by 2025, is in talks to sell down its Oman stake, industry sources have said.
The first phase, Khazzan, was brought online in September 2017. Total production capacity from the block is expected to reach 1.5 billion cubic feet of gas a day and more than 65,000 bpd of associated condensate.
BP holds 60% of the Block 61 project, Oman’s national oil and gas company has 30% and Malaysia’s Petronas [PETRA.UL] holds another 10%.
In a significant endorsement that will support exports to European Union (EU) markets, Oman’s largest cement manufacturer, Raysut…480 Views | the publication reaches you by | Oman News
Do you have information you want to reach our readers?