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BP PLC (BP.L)

BP.L on London Stock Exchange

436.90GBp
23 Sep 2016
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Latest Key Developments (Source: Significant Developments)

BP Plc completes sale of partial interest in Castrol India
Tuesday, 20 Sep 2016 04:02am EDT 

BP PLC : Completes sale of partial interest in Castrol India . Castrol Limited today sold 8.5% shareholding held in Castrol India to a range of domestic and international investors . BP now holds 51% interest in Castrol India . BP, through Castrol Limited intends to continue as the majority shareholder in Castrol India . BP does not expect this transaction to impact staff or customers of Castrol India or its existing contracts .  Full Article

Nexans umbilicals to make subsea connection for BP and DEA
Tuesday, 13 Sep 2016 05:11am EDT 

Nexans : Nexans umbilicals to make subsea connection for BP and DEA in Egypt's West Nile Delta project . BP Exploration (Delta) Limited, UK has ordered approximately 100 km of static umbilicals and associated accessories .Delivery will take place in 2018.  Full Article

BP and CNPC sign second shale gas production sharing contract
Thursday, 1 Sep 2016 03:35am EDT 

BP Plc : BP signs second Chinese shale gas contract with CNPC . Has signed a second production sharing contract (PSC) for shale gas exploration, development and production with China National Petroleum Corporation . PSC, signed on 27th july, covers an area of approximately 1,000 square kilometres at Rong Chang Bei in Sichuan basin Further company coverage: [BP.L] (Bengaluru Newsroom: +91 80 6749 1136).  Full Article

Destin Pipeline says evacuating all staff from MP 260 platform
Monday, 29 Aug 2016 07:57pm EDT 

Destin Pipeline Co LLC: Destin Pipeline says all personnel have been evacuated from the MP 260 platform. . Destin Pipeline says all receipt points at MP 260, including the Okeanos Gas Gathering System, Marlin and Horn Mountain have been shut in. . Destin Pipeline says all delivery points, including VKGS have also been shut in. . Destin Pipeline says transportation service to its 24 inch lateral continues to be available for deliveries to MP 261JP. . Destin Pipeline says 24 inch lateral will remain isolated from MP 260, and its to flow on the 24 inch lateral will be dependent on downstream operations. Related: Destin Pipeline says evacuating non-essential staff from offshore facilities [nFWN1B70K5] The company is majority owned by BP Plc with Enbridge Inc a minority partner. (Reporting by Harshith Aranya in Bengaluru) ((BLRCEEditorial@thomsonreuters.com;)).  Full Article

BP Trinidad & Tobago and Atlantic LNG announce successful sanction of the Trinidad Onshore Compression project
Friday, 29 Jul 2016 12:23pm EDT 

BP Plc : BP Trinidad and Tobago LLC and Atlantic LNG today announced successful sanction of Trinidad onshore compression (TROC) project . Project is 100 pct funded and owned by BP Trinidad and Tobago and will be operated by Atlantic . Majority of construction work will be handled by Atlantic with BP and other shareholder representation . Start-up is planned for early 2017 . BP Trinidad and Tobago and Atlantic sanction Trinidad onshore compression project . National Gas Company of Trinidad and Tobago and other directly impacted upstream stakeholders, TROC project received final approval on July 26, 2016 . Mechanical completion and commissioning of TROC compressor at Atlantic will take place over next few months . TROC project has potential to deliver approximately 200 mln standard cubic feet of gas per day in 2017 Further company coverage: [BP.L].  Full Article

BP could take three more investment decisions this year - CEO
Tuesday, 26 Jul 2016 05:23am EDT 

Bp Plc : Bp ceo says potential projects are gas project in india, mad dog 2 and trinidad project . Bp ceo says could make three more investment decisions this year . 5 billion this year . Bp ceo says sees oil prices recovering by end of 2016 or early 2017 as seeing signs that market is balancing Further company coverage: [BP.L] (London Equities Newsroom) ((+44 20 7542 7717;)).  Full Article

BP Q2 underlying RC profit of $720 million
Tuesday, 26 Jul 2016 02:47am EDT 

Bp Plc : Upstream replacement cost (rc) loss for q2 was $109 million compared with a profit of $228 million a year ago . Upstream underlying rc profit for q2 was $29 million compared with $494 million for same period in 2015 . Upstream q2 non-operating items include a net gain of $7 million, a charge of $348 million for h1 . Total company net pre-tax charge of $5,229 million for q2 and $6,146 million for half year . Total company net cash provided by operating activities for q2 and half year was $3.9 billion and $5.8 billion respectively . 2Q16 part 1 of 1 . Q2 replacement cost (rc) loss for q2 was $2,247 million, compared with a loss of $6,266 million a year ago . Net cash provided by operating activities for q2 and half year was $3.9 billion and $5.8 billion respectively . Net debt. at 30 june 2016 was $30.9 billion, compared with $24.8 billion a year ago . Underlying rc profit for q2 was $720 million, compared with $1,313 million for same period in 2015 . Net pre-tax charge of $5,229 million for q2 and $6,146 million for half year . Company provided analyst consensus . Q2 capital expenditure on an accruals basis. for q2 was $4.2 billion compared with $4.7 billion for same period in 2015 . Quarterly dividend of 10.00 cents per ordinary share ($0.600 per ads) . Q2 downstream replacement cost profit before interest and tax for q2 $1,405 million versus $1,628 million year ago.  Full Article

Bidenergy signs agreement with BP Australian and New Zealand
Wednesday, 20 Jul 2016 07:40pm EDT 

Bidenergy Ltd : Signs agreement with bp Australian and New Zealand . Signed a subscription agreement to provide cloud-based platform to the Australian and New Zealand businesses of BP plc .  Full Article

BP estimates remaining material Deepwater Horizon liabilities
Thursday, 14 Jul 2016 12:58pm EDT 

BP Plc : BP estimates all remaining material Deepwater Horizon liabilities . Co says it can now reliably estimate all of its remaining material liabilities in connection with Deepwater Horizon incident . Expects to take an after-tax non-operating charge of around $2.5 billion in its Q2 2016 results. . Charge is expected to include a pre-tax non-operating charge associated with oil spill of around $5.2 billion . Cumulative pre-tax charge relating to deepwater horizon incident estimated at $61.6 billion or $44.0 billion after tax .Co believes any further outstanding deepwater horizon-related claims not covered by this additional charge will not have a material impact.  Full Article

Oil firm Det norske aims for drilling in new Arctic area by 2017/18
Thursday, 14 Jul 2016 04:15am EDT 

: Det norske CEO Karl Johnny Hersvik tells a presentation of the firm's second-quarter results that drilling in Barents Sea licences awarded in the 23rd oil licensing round off Norway may occur as early as next year or maybe in 2018 . CEO Hersvik says: "We have capacity to take on another acquisition after the BP merger" . CFO Alexander Krane says: "After the merger with BP, we expect our borrowing base under the RBL (reserve based lending) to increase going forward. We will update the market as to the discussions with our banks going forward" . CFO Krane says lower capex guidance due to more efficient operations at the Norwegian Alvheim oilfield and lower cost estimate on the Johan Sverdrup oilfield (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

BP unit selling up to $261 million stake in Castrol India: termsheet

MUMBAI Castrol Ltd, a unit of BP Plc , is selling an up to $261 million stake in Castrol India Ltd in a block trade on Tuesday, according to a termsheet seen by Reuters.