Azerbaijan to send 1.2 billion bcm of gas to Syria through Turkey annually, says SOCAR
Nasirov was speaking in southern Turkey, close to the Syrian border, as Turkey and Azerbaijan launched natural gas exports to Syria.
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BBC News
2 hours ago
- BBC News
BP makes biggest find in 25 years as it refocuses on fossil fuels
Energy giant BP says it has made its largest oil and gas discovery this century as it shifts its focus away from renewable energy and back to fossil UK-based firm said on Monday that it is conducting tests at the site in deep water off Brazil's west coast. The discovery could play a major role in BP's plans to increase crude oil executive Gordon Birrell says the discovery is "BP's largest in 25 years" and that the firm will explore building a production hub February, BP slashed its planned investments in renewable energy and said it would spend billions of dollars more a year on its oil and gas operations, as it aims to boost investor confidence. BP said it had found a roughly 500-metre area of oil and gas at the Bumerangue block in the Santos basin, 250 miles (400km) off Brazil's west said the discovery was the company's biggest since the Shah Deniz gas field in the Caspian Sea in find adds to BP's several other discoveries of energy reserves this year, including those in the Gulf of Mexico, which is called the Gulf of America by the administration of US President Donald Trump, and Egypt."This is another success in what has been an exceptional year so far for our exploration team", said Mr Birrell, the firm's executive vice president for production and attempt to transform itself into a "net zero" energy producer has faced major hurdles since it put the plan into action five years 2020, the Covid-19 pandemic pushed it to a $5.7bn (£4.29bn) annual also took a $25bn hit two years later from writing off a stake in its Russian energy business after the start of the Ukraine share price has also come under pressure as it pumped billions of dollars into renewable energy, while rival companies benefitted from soaring oil and gas prices in the wake of Russia's invasion of shares rose by a little over 1% in London trading after the announcement.
Daily Mail
7 hours ago
- Daily Mail
BP strikes black gold in largest oil find for 25 years as it pivots back towards fossil fuels
BP has revealed its biggest oil and gas field discovery in 25 years in a boost for the energy giant as it pivots back towards fossil fuels. It came as the FTSE 100 firm was due to unveil an update on cost-cutting plans alongside its second-quarter results this morning. BP, which last month hired the former boss of tarmac maker CRH to replace chairman Helge Lund, is under intense pressure from investors such as US activist Elliott Advisors to boost its value. Chief executive Murray Auchincloss is attempting to reverse a pivot to green energy, undertaken by his predecessor Bernard Looney, and refocus on oil and gas to close the gap with Shell and US peers Exxon Mobil and Chevron. The discovery of the oil and gas field off Brazil comes as a boost to Auchincloss's turnaround plan. The Bumerangue field is in the Santos Basin, off the coast of Brazil and is larger than the metropolitan borough of Birmingham. It is BP's biggest find since the 1999 discovery of a gas field in the Caspian Sea, and its tenth this year. Shares rose 1.8 per cent, or 7.35p, to 406.05p. Gordon Birrell, BP's executive vice-president for production and operations, said: 'We are excited to announce this significant discovery. 'This is another success in what has been an exceptional year so far for our exploration team. 'Brazil is an important country for BP.' But the company warned that analysis suggested high levels of carbon dioxide in the well, which could make extracting oil more difficult. 'If BP wanted a piece of news to convince the markets of its renewed focus on hydrocarbons ahead of its second-quarter numbers later this week then its biggest oil discovery in a quarter of a century provides it,' Russ Mould, investment director at AJ Bell said. He added: 'The full significance of the find will take time to establish. 'With a new chair in place, BP will want to use its latest numbers to convince the market it has truly revamped its strategy and moved away from the green push which proved unpopular with a significant portion of its shareholder base.' As part of Auchincloss's strategy to close the valuation gap between BP and rivals, he plans to increase oil and gas investment to £8billion a year, and slash spending on renewables by nearly £4billion to £1.5billion.
Reuters
8 hours ago
- Reuters
Coterra Energy beats profit estimates on strong output, higher gas prices
Aug 4 (Reuters) - Coterra Energy (CTRA.N), opens new tab beat Wall Street estimates for second-quarter profit on Monday, as higher production and a rebound in U.S. natural gas prices offset weaker oil prices. Shares of the company rose 1.3% in after-hours trading. The Houston-based shale producer saw increased output across the Permian and Anadarko basins, with total production rising 17% to 783,900 barrels of oil equivalent per day (boepd) in the quarter. While gains from production helped lift results, they were partially offset by weaker crude prices, with the average benchmark Brent crude price falling over 20% from a year earlier amid U.S. tariffs, weak global demand and increased supply from OPEC+ producers. Coterra's average realized price for oil — the price it received for each barrel produced — fell to $62.80 per barrel, from $79.37 per barrel last year. Meanwhile, a rise in U.S. natural gas prices helped cushion the impact of weak oil prices. The company's average realized prices for natural gas jumped over 74% to $2.20 per thousand cubic feet (Mcf) in the second quarter. Coterra also announced a new supply agreement to deliver 50 million cubic feet of natural gas per day to the CPV Basin Ranch Energy Center — a proposed 1,350 megawatt combined-cycle natural gas power plant — under a seven-year deal beginning in 2028. The facility is being built in the Permian Basin, and the deal marks Coterra's first supply deal in the top U.S. oil patch, as the company looks capitalize on growing demand for natural gas. Coterra posted an adjusted profit of 48 cents per share for the three months ended June 30, compared with analysts' estimates of 45 cents per share, according to data compiled by LSEG.
