BP news

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.

The project proposes to capture the 1.7 million t of carbon dioxide currently separated from natural gas at the Moomba gas processing plant each year and reinject it.

VOS will continue its exclusive provision of four vessels to support BP’s North Sea and West of Shetland assets until 2023.