BP news

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The global framework agreements are conceptual engineering and for early engineering and FEED services.

Petrofac has been awarded a three-year extension to its existing maintenance contract with BP and a new four-year metering contract.

BP has reported an underlying replacement cost profit of US$0.8 billion, compared with US$2.4 billion for 1Q19.

BP and Hilcorp have successfully renegotiated the financial terms of the deal to respond to the current environment.

The consideration for the disposal is US$15 million, subject to a retention sum of US$1.7 million.

BP has cut its 2020 spending plans by 25% and will reduce output from its US shale oil and gas business.

Global CAPEX for exploration and production firms (E&Ps) is expected to drop by up to US$100 billion this year, according to Rystad Energy.

Teekay Corp. has entered into a new bareboat charter contract with Britoil Ltd, a subsidiary of BP, for the Petrojarl Foinaven FPSO unit for up to approximately 10 years.

The contract covers the development of the Platina field, located offshore Angola in Block 18.