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Latest Key Developments (Source: Significant Developments)

Aker Solutions signs 2 engineering framework contracts with BP
Wednesday, 8 Feb 2017 07:45am EST 

Aker Solutions Asa : Aker Solutions secures two global engineering framework accords from BP . Value of agreements depends on amount of work requested by BP. Orders will be booked as they are received . First contract is for feasibility and concept engineering and second is for feed services covering full range of upstream developments . Each agreement is for three years with options to extend for two years. Work will involve aker solutions teams globally . "The agreements expand on our recently signed subsea framework contracts with BP," said Luis Araujo, chief executive officer of Aker Solutions ."We can now apply our full range of expertise from subsea to surface to drive efficiency and maximize value for a key customer.".  Full Article

BP misses forecasts as annual earnings slide for second consecutive year
Tuesday, 7 Feb 2017 02:51am EST 

BP Plc : Says Q4 and full year 2016 . BP's fourth-quarter replacement cost (RC) profit was $72 million, compared with a loss of $2,233 million for same period in 2015 . Net debt. at Dec. 31 2016 was $35.5 billion, compared with $27.2 billion a year ago . Says full year of 2016 RC loss was $999 million, compared with a loss of $5,162 million for full year of 2015 . Announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ads), which is expected to be paid on March 31 2017 . Says underlying RC profit for full year was $2,585 million, compared with $5,905 million for same period in 2015 . Capital expenditure on an accruals basis. for Q4, excluding amounts relating to renewal of a 10 pct interest in Abu Dhabi onshore oil concession was $5.1 billion, compared with $6.1 billion for same period in 2015 . Capital expenditure on an accruals basis for Q4 was $7.6 billion. . Says net cash provided by operating activities for Q4 and full year was $2.4 billion and $10.7 billion respectively, compared with $5.8 billion and $19.1 billion for same periods in 2015 . Disposal proceeds, as per cash flow statement, were $0.5 billion for Q4, compared with $0.2 billion for same period in 2015 . Underlying RC profit for Q4 was $400 million . Says reserves replacement ratio. on a combined basis of subsidiaries and equity-accounted entities including impact of Abu Dhabi renewal was estimated at 109 pct(a) for year.  Full Article

BP expects OPEC cuts to have limited impact on output
Tuesday, 7 Feb 2017 02:30am EST 

Bp Plc : BP CFO Gilvary says OPEC cuts to have limited impact on company's production this year . BP CFO Gilvary says OPEC, non-OPEC producers appear to be sticking to production cut targets . BP CFO Gilvary says sees global crude stocks to build in first half of 2017 but stock draws expected for full year . BP CFO Gilvary says expects oil prices to hold above $50/bbl this year Further company coverage: [BP.L] (Reporting By Ron Bousso and Karolin Schaps) ((ron.bousso@thomsonreuters.com;)).  Full Article

BP says divestment proceeds for 2017 are expected to be $4.5-5.5 billion
Tuesday, 7 Feb 2017 02:00am EST 

Bp Plc : We have adapted by cutting our controllable cash costs by $7 billion from 2014 - a full year earlier than planned - ceo . Bp now anticipates balancing its organic sources and uses of cash by end of 2017 in a brent oil price environment of around $60 a barrel. . Divestment proceeds for 2017 are expected to be $4.5-5.5 billion, reverting to $2-3 billion a year thereafter. . Including estimated additional organic capital spending associated with portfolio additions, organic capital expenditure is now expected to be $16-17 billion in 2017 . Bp is moving towards completion of process for resolving business economic loss (bel) claims arising from 2010 oil spill . Amounts to resolve remaining claims are expected to be substantially paid in 2017 . In 2017 cash payments related to spill are expected to be lower than in 2016, around $4.5-5.5 billion, around $2 billion in 2018 and little over $1 billion a year from 2019 . Pre-Tax charge of $625 million was taken in quarter to reflect latest estimate for claims, including bel claims, and associated costs . Together with non-cash impact of ongoing unwind of discounting effects on provision and other costs, a total pre-tax charge of $800 million was taken in q4 .Total cumulative charge for incident is now $62.6 billion on a pre-tax basis, $44.1 billion after tax..  Full Article

Petrofac says awarded $25 mln BP contract
Monday, 6 Feb 2017 04:58am EST 

Petrofac Ltd : Secured award of a three-year extension to its existing contract in North Sea. .Contract, worth in region of $25 mln, was awarded following a competitive tender process.  Full Article

Aker BP says to produce up to 135,000 boed in 2017 vs 118,200 in 2016
Monday, 16 Jan 2017 01:10am EST 

Aker BP Asa : Increases reserves and maintains very good results in exploration, drilling and wells, projects and production . 2017 production is expected to increase to between 128,000 and 135,000 boepd, with an average production cost of 11 usd/boe . In 2016, Aker BP's production was 118,200 barrels of oil equivalents per day (boepd), about 80 per cent oil and 20 per cent gas . With current portfolio, company has potential to produce 270,000 boepd in 2023 (from both sanctioned and non-sanctioned projects), representing a compound average growth rate of 12 percent . Company's recorded p50 reserves have grown to 711 million boe at end of 2016 and contingent resources were estimated at 600 million boe at year-end 2016, an increase of 84% from previous year . Plans investments (capex) of usd 900-950 million in 2017 . Exploration expenses (expex) are expected to be between usd 280-300 million, while decommissioning expenditures (decom) are estimated at usd 100-110 million in 2017 . Ambition is to sustain a dividend of minimum usd 250 million per year in medium term and to increase dividend level once johan sverdrup is in production . Ambition is to be a leading exploration player on norwegian continental shelf and has an ambition to discover a net 250 million boe in 2016 - 2020 period . Last year, projected net resource growth proved 83 million boe as a result of exploration activity.  Full Article

BP and PTT sign 1 mln tonnes per annum LNG deal
Wednesday, 28 Dec 2016 08:55pm EST 

BP Plc : BP and PTT sign LNG sale and purchase agreement . Says BP will provide PTT with approximately 1 mln tonnes of LNG per annum . Term of agreement is 20 years . Commercial terms of agreement were not disclosed . Lng supply will commence in 2017, sourced from BP's portfolio of LNG, including Freeport LNG project in USA Further company coverage: [BP.L] (Bengaluru Newsroom) ((+91 806 749 1136;)).  Full Article

Shell Midstream Partners acquires interests in three Gulf of Mexico pipelines
Wednesday, 28 Dec 2016 09:15am EST 

Shell Midstream Partners Lp : Shell Midstream Partners LP says acquisition was funded with borrowings under shell midstream partners' revolving credit facilities . Shell Midstream Partners LP - acquired 10% interest in Proteus Oil Pipeline Company LLC 10% interest in endymion oil pipeline from BP . Deal expected to be immediately accretive to unitholders . Shell Midstream Partners LP- terms of acquisition were approved by board of directors of general partner of Shell Midstream Partners . Shell Midstream Partners LP - also acquired 1pct interest in Cleopatra Gas gathering from BP .Shell Midstream Partners LP acquires interests in three Gulf of Mexico pipelines.  Full Article

Woolworths Ltd announces sale of fuel business to BP for $1.79 billion
Tuesday, 27 Dec 2016 04:32pm EST 

Woolworths Ltd : Announces sale of fuel business and strategic partnership . On 24 Dec entered into binding agreements to facilitate sale of its 527 Woolworths-owned fuel convenience sites and 16 committed development sites to BP for $1.785 billion . Sale of fuel business is not expected to have a material impact on woolworths group earnings . Transaction is subject to customary closing conditions including BP obtaining Australian Competition and Consumer Commission (ACCC) and FIRB . Woolworths and BP plan on entering into a long-term strategic partnership . To preserve and expand 4CPL fuel discount offer, parties will enter into a minimum 10-year redemption agreement .Woolworths and BP will commit to maintain and equally fund issuance of 4CPL fuel discount vouchers under same conditions as today.  Full Article

BP says company-operated AIOC signs development agreement
Friday, 23 Dec 2016 06:56am EST 

BP Plc : SOCAR and BP-operated AIOC sign principles of agreement on future development of ACG oil field in Azerbaijan to 2050 . Agreement will create significant jobs in years ahead . Agreement will cover development of field until 2050 and will add significant resource development potential to middle of century . Shareholders in aioc are BP, Chevron, Inpex, Statoil, Exxonmobil, TPAO, ITOCHU and ONGC Videsh Further company coverage: [BP.L] (Bengaluru Newsroom: +91 80 6749 1136).  Full Article

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BRIEF-Caltex Australia comments on Woolworths' decision to sell fuel business to BP

* Notes Woolworths' decision to sell its fuels business to BP, subject to regulatory approval