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Aberdeen oil jobs at risk as BP reviews operations

The Herald Scotland

18 hours ago

Business
The Herald Scotland

Aberdeen oil jobs at risk as BP reviews operations

'The North Sea: We have a proud history and we're proud of the team producing for more than 60 years now, and it's been a tremendous piece of business for us,' the head of BP's oil and gas production unit Gordon Birrell enthused. He added: 'I would say the North Sea performance this year in terms of safety, production, costs has been tremendous. They really have stepped up … so kudos to the team up there.' Mr Birrell was speaking in a presentation to analysts fronted by BP chief executive Murray Auchincloss, who is leading a campaign to help the company retain its independence amid investor dissatisfaction with its performance. As BP's share price has trailed behind rivals such as Shell and US giants ExxonMobil and Chevron, some sector watchers think the firm could be vulnerable to a takeover bid. READ MORE: As Chevron closes Aberdeen office, what now for North Sea jobs? Mr Auchincloss decided to refocus BP on the oil and gas business after succeeding Bernard Looney, who championed a drive to turn the company into a renewables powerhouse. As the company posted $2 billion (£1.5bn) second quarter profits last week, Mr Auchincloss said he had agreed with chairman designate Albert Manifold that BP should conduct a thorough review of its portfolio of businesses to ensure it maximizes shareholder value. The decision to launch the review will cause concern among sector-watchers in Scotland amid fears that firms will slash investment in the North Sea in response to a series of tax hikes in recent years. Chancellor Rachel Reeves sparked outrage when she increased the rate of the windfall tax in her first Budget in October. The move gave added impetus to a shakeup in the area which has seen giants combining their North Sea businesses in a bid to reduce costs. The consolidation process will have worrying implications for jobs. Israeli-owned Ithaca Energy announced plans for lay offs in March months after it merged with the bulk of the North Sea portfolio amassed by Eni of Italy. READ MORE: Israeli-owned firm takes control of UK's biggest gas field Shell and Norwegian giant Equinor are in the process of combining their North Sea operations. Asked why BP had not made a similar move, Mr Birrell told analysts: 'The reason we haven't jumped into a joint venture is we believe we've got the best portfolio up there and that's been our view for quite a while.' His comments underline BP leaders' belief in the long-term potential of the company's North Sea assets and may help to dispel fears that the company is cooling on the area. The North Sea portfolio includes stakes in the giant Clair oil field West of Shetland and four big developments off Aberdeenshire. Mr Birrell has noted the potential to achieve a significant increase in production off Shetland where BP has been considering plans for a third phase of development of the Clair field. READ MORE: Just Transition Fund farce deepens as Scottish firms fight over windfarm scraps In the results presentation, BP noted that the Murlach oil field development in the North Sea is one of 10 major upstream projects that it expects to start up by the end of 2027. The list includes projects in the Americas, West Africa and Egypt. Murlach will be linked to the ETAP production platform 140 miles east of Aberdeen. However, Mr Birrell signalled that BP's enthusiasm for the North Sea may wane if Ms Reeves does not offer some concessions to the industry in the Budget she will announce later this year. 'We're also monitoring any potential changes to the fiscal situation in the North Sea which we expect to get some clarity on at some point this year,' he noted, adding: 'Once we've got clarity on the fiscal situation we'll then make decisions.' North Sea industry leaders have warned that the increase in the windfall tax that was announced in October will lead to big cuts in investment in the area. They have focused their campaigning efforts on a call for the Government to bring forward the expected end date for the windfall tax to 2026 from 2030. READ MORE: SNP Government green jobs failure seen in English city success The case for change has been boosted by the fall in the crude price in recent weeks amid concern about the outlook for global demand. Brent crude is selling for around $66 per barrel compared with $80/bbl in June. It fetched more than $120/bbl in 2022 when the windfall tax was introduced by the former Conservative Government. The OPEC oil exporters organisation has caused complications by agreeing to a significant increase in members' total production quotas. However, Ms Reeves has limited room for manoeuvre given her need to boost tax revenues to fund the Government's spending plans. The case for oil and gas tax cuts may have been undermined by ExxonMobil boss Darren Woods in comments reported by the FT this month. Mr Woods told reporters that ExxonMobil wanted to increase oil and gas production saying: 'Frankly if you look at the price environment we're in it's very attractive. So I think if you can't make money and generate good returns … you probably have a bigger, more fundamental issue.' READ MORE: Scotland set for surge in windfarm developments amid Donald Trump opposition Against that backdrop the Chancellor may not feel she needs to give much ground. It seems unlikely that BP would resort to a dramatic move such as a complete exit from the North Sea if hopes for significant tax changes are disappointed. If the company decided to sell off some North Sea assets bargain hunters might have the upper hand. However, BP is unlikely to commit to large scale developments such as an extension of the Clair field so long as its tax concerns are not addressed. BP provided a reminder last week that the outlook for jobs at the firm and in the wider sector will remain bleak regardless of what Ms Reeves does. The company said it planned to shed 6,200 jobs globally, including 4,700 under an existing programme of cuts, without specifying where. Mr Auchincloss highlighted the potential for AI to help the firm boost the efficiency of its exploration and production operations. News that the redundancy programme could result in a 15% cut in the number of office jobs at BP will spark alarm in Aberdeen. The company remains a major employer in the granite city despite axing hundreds of North Sea jobs during the downturns the industry has weathered in recent years.

2025 Western & Southern Open: Blinkova [81st] vs. Birrell [79th] Prediction, Odds and Match Preview

USA Today

6 days ago

Sport
USA Today

2025 Western & Southern Open: Blinkova [81st] vs. Birrell [79th] Prediction, Odds and Match Preview

On Thursday, Kimberly Birrell (No. 79 in the world) takes on Anna Blinkova (No. 81) in the Round of 128 at the Western & Southern Open. Blinkova is favored over Birrell for this match, with -135 odds against the the underdog's +105. Tune in to watch the Western & Southern Open from August 6-18 on Tennis Channel. Tennis odds courtesy of BetMGM Sportsbook. Odds updated Wednesday at 6:35 PM ET. For a full list of sports betting odds, access USA TODAY Sports Betting Scores Odds Hub. Anna Blinkova vs. Kimberly Birrell matchup info Watch the Tennis Channel and more sports on Fubo! Blinkova vs. Birrell Prediction Based on the implied probility from the moneyline, Blinkova has a 57.4% to win. Blinkova vs. Birrell Betting Odds Blinkova vs. Birrell matchup performance & stats

BP says it has made largest oil find of the century off Brazil

Miami Herald

05-08-2025

Business
Miami Herald

BP says it has made largest oil find of the century off Brazil

Aug. 5 (UPI) -- British energy giant BP announced Tuesday its biggest oil and gas find in decades in the South Atlantic, amid a pivot back to its fossil fuel roots and away from renewable energy. Gordon Birrell, BP's executive vice president for production and operations, said the discovery of the deposits, at the Bumerangue block in the Santos Basin, 250 miles off the east coast of Brazil, was "BP's largest in 25 years" and that the company was looking at constructing a hub to extract the oil and gas. BP said it had not found a field of a similar magnitude since the Shah Deniz gas field in the Caspian Sea in Central Asia in 1999 and comes as the company has made a series of other finds, including in Namibia, Egypt, the Gulf of Mexico and the Caribbean. "This is another success in what has been an exceptional year so far for our exploration team," said Birrell. The announcement came as the company released results for the second quarter showing net profit fell 14.6% from the April to June period in 2024 to $2.35 billion. However, the performance easily exceeded the expectations of analysts who had forecast BP's earnings would come in at just $1.81 billion, so soon after a major "reset" aimed at reviving the company's fortunes that it announced in February. The turnaround plan centered on boosting investors' faith in the company with a dramatic cut in planned investments in renewable energy projects in favor of ploughing billions of dollars a year more into the traditional oil and gas business. To that end, Tuesday's announcement included a rise in its quarterly dividend from 8 cents to 8.32 cents and that BP would keep its share buyback program at $750 million for the second quarter, with CEO Murray Auchincloss pledging a "thorough review" to ensure the firm was "maximizing shareholder value moving forward." "Inside the upstream, we've had tremendous performance, along with record operating efficiency [and] along with starting up five new major projects," Auchincloss told CNBC. He also hailed the Santos Basin discovery, saying he was "very optimistic" about it. BP's share price on the London Stock Exchange rose as high as $5.55 after the results were released before falling back slightly to $5.47 in afternoon trade. Copyright 2025 UPI News Corporation. All Rights Reserved.

Canada's Victoria Mboko tops Aussie Kimberly Birrell in National Bank Open debut

Hamilton Spectator

27-07-2025

Sport
Hamilton Spectator

Canada's Victoria Mboko tops Aussie Kimberly Birrell in National Bank Open debut

MONTREAL - Toronto's Victoria Mboko made good on her first impression in front of the Montreal faithful Sunday in opening-round action at the National Bank Open tennis tournament. Mboko, making her main draw debut on home soil, powered her way past Australia's Kimberly Birrell 7-5, 6-3, on a scorching afternoon on IGA Stadium's Centre Court. Mboko utilized her big and powerful service game, hammering 15 aces, which regularly exceeded 180 km/h. She also mixed in some solid forehand winners to energize the crowd all throughout her 90-plus minutes spent on court. Mboko got off to a strong start, breaking Birrell on the Aussie's opening service game to go up 2-0. However, Birrell immediately broke back the following game. Both players held serve until the set's 12th and final game, with Mboko breaking the serve of her opponent to take the opener 7-5. Mboko was gifted a break in the fourth game of the second set, with Birrell committing a costly double-fault to put the Canadian ahead 3-1. Mboko never looked back from there, holding serve three times to pull away with the straight-sets victory. The 18-year-old Mboko, currently ranked No. 88 in the world, was one of seven Canadians awarded a wild card into the WTA 1000 main draw. Although she was born in North Carolina, Mboko moved to Toronto as a young child with her family and represents Canada on tour. Mboko has enjoyed a meteoric rise up the WTA rankings in 2025, having started the season as the 350th-ranked player in the world. Mboko improved to 46-8 this season across all competitions thanks to Sunday's victory, which also included a stretch of 22 consecutive match wins – all in straight sets - at the International Tennis Federation (ITF) Challenger tour level. Mboko also impressed at the Grand Slam level, qualifying for both the French Open and Wimbledon this season, where she reached the third and second round, respectively. Mboko's first-round win sets up a meeting with American Sofia Kenin in the second round. The 23rd-seeded Kenin earned an automatic bye into the second round by virtue of her ranking. Marina Stakusic of Mississauga, Ont., opened Centre Court action earlier in the day, falling to Romania's Jaqueline Cristian 2-6, 6-2, 6-2 in her first-round match. 'I think I came out pretty strong and played well in the first set,' the 20-year-old Stakusic said. 'She just kept hanging in there. She didn't give me many free points and she served really well. She was pretty level-headed the whole match.' The 142nd-ranked Stakusic, in her fourth appearance at the NBO, was making her main draw debut in Montreal after bowing out in the second round of last year's tournament held in Toronto. 2023 Wimbledon champion Marketa Vondrousova also advanced to the second round for the second straight time in Montreal, dispatching 20-year-old Philippine phenom Alexandra Eala 3-6, 6-1, 6-2 in a spirited three-set battle. The night session will feature a pair of Canadian veterans on Centre Court. Bianca Andreescu of Mississauga, Ont., will match up against two-time Grand Slam champion Barbora Krejcikova. The 25-year-old Canadian, who won the NBO in Toronto in 2019, is coming off a strong showing at the Hopman Cup last week in Italy, as she teamed up with Montreal's Felix Auger-Aliassime to capture the exhibition team tournament. Vancouver's Rebecca Marino will take on French qualifier Elsa Jacquemot. The 34-year-old Marino has struggled this season, winning just one WTA Tour-level match all year. Sunday marks the start of a revamped 12-day, 96-player format. Action continues daily at IGA Stadium through to the final on Aug. 7. This report by The Canadian Press was first published July 27, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .

RBC Capital Sticks to Their Hold Rating for Kelsian Group Limited (KLS)

Business Insider

16-07-2025

Business
Business Insider

RBC Capital Sticks to Their Hold Rating for Kelsian Group Limited (KLS)

In a report released on July 14, Owen Birrell from RBC Capital maintained a Hold rating on Kelsian Group Limited, with a price target of A$3.50. The company's shares opened today at A$3.79. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Birrell is a 3-star analyst with an average return of 2.7% and a 48.98% success rate. Birrell covers the Industrials sector, focusing on stocks such as Transurban Group, Brambles , and Atlas Arteria. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Kelsian Group Limited with a A$4.58 average price target. The company has a one-year high of A$5.33 and a one-year low of A$2.19. Currently, Kelsian Group Limited has an average volume of 898.4K. Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of KLS in relation to earlier this year.