Latest news with #BritishPetroleum
India.com
5 days ago
- Automotive
- India.com
BIG move by Mukesh Ambani as Reliance boss sets sights on new business in deal worth Rs 830000 crore; the company is…, Ambani faces competition from…
Mukesh Ambani (File) Mukesh Ambani, the richest man in India and all of Asia, has reportedly set his sights on venturing into the lubricant oil business. According to a report by Bloomberg, the Reliance Industries Chairman is eyeing to purchase Castrol– the lubricant brand owned by British Petroleum. As per the report, several major firms, including Mukesh Ambani-led Reliance Industries, Apollo Global Management, Lone Star Funds, as well as Saudi Aramco– the world's largest oil company– have expressed interest in purchasing or acquiring a major stake in Castrol lubricants. Other potential buyers include Brookfield Asset Management and Stonepeak Partners, even as names of other companies have been kept under the wraps because discussions are still in the initial stage, Bloomberg reported. Rs 83000 crore deal Citing sources, the report said the potential deal for Castrol could be worth between $8-10 billion (approximately Rs 66,400 crore to Rs 83,000 crore), adding that initial bids are expected to begin in the coming few weeks, and it is likely that several companies may place bids together. Meanwhile, banks have expressed willingness to finance the potential Castrol deal with a loan of up to $4 billion, which will be made available in different currencies. The loan is likely to include leveraged loans and high yield bonds, as per the report. According to experts, this could be one of the few major financing deals in the market this year, and thus bankers and investors are keeping a close watch. British Petroleum to sell Castrol British Petroleum (BP) has initiated a major restructuring of the company, which includes reviewing its lubricant business that operates under the brand name Castrol. US investment giant Elliott Investment Management, one of the largest shareholders in BP, is reportedly putting pressure on the company to review its businesses amid falling oil prices, which may result in the firm selling some of its assets, including Castrol. BP's Castrol business makes lubricants for auto and industry, in addition to liquid cooling solutions for artificial intelligence (AI) data centers. Experts believe Reliance and Aramco and majorly interested in Castrol's operations in fast-growing markets like India.
Times
10-05-2025
- Business
- Times
Does it make sense for Shell to buy BP?
Tongues are wagging across the City about the prospect of a mega deal: a £200 billion tie-up of two historic London names, BP and Shell. To the average person, their logos are familiar from countless petrol stations. To many others, they are key dividend payers into pension pots. To the wider world, they own oil wells across the globe. A merger of the two would create a European oil giant, but mark a dramatic decline in the fortunes of BP, which until 25 years ago, was known as British Petroleum and was a proud symbol of Britain's corporate success around the world. BP traces its roots to an adventuring oil prospector who struck the deal of a lifetime when he uncovered vast deposits in Persia,
Asharq Al-Awsat
03-05-2025
- Business
- Asharq Al-Awsat
Sudani: Syrian President's Presence at Baghdad Summit Important for All
Iraqi Prime Minister Mohammed Shia Al-Sudani has stressed the importance of Syrian President Ahmed al-Sharaa's participation in the upcoming Arab League summit, calling it a key step toward announcing a 'new vision' for Syria. Baghdad will host the 34th Arab League Summit on May 17, amid converging views over al-Sharaa's invitation. Speaking in an interview with US journalist Tim Constantine, Sudani said the summit represents more than a ceremonial gathering. 'Iraq is not just a host - we're taking the initiative to offer solutions to the region's crises,' he said. Sudani described his invitation to al-Sharaa as in line with the Arab League's established protocol. 'Regardless of the political dynamics or nature of the transition in Syria, al-Sharaa is the official representative of the Syrian state. His presence is crucial to express Syria's perspective on its future,' he stated. 'Syria is a cornerstone for Arab security and stability,' he added. 'We are committed to supporting its recovery, political stability, and reconstruction.' While some factions in Iraq's Coordination Framework political alliance initially objected to al-Sharaa's invitation - especially after Sudani met him in Doha in the presence of Qatari Emir Sheikh Tamim bin Hamad - opposition appears to be softening. The alliance has since declared its support for the summit, stating that attendance by Arab leaders is a government matter. With just weeks until the summit, Sudani sought to shift international perceptions of Iraq. 'Iraq is not a war zone,' he said. 'The situation on the ground is far more stable - people in Baghdad are out late at night, and over $88 billion in investment has flowed in, including a major oil deal with British Petroleum in Kirkuk.' He further pointed that tourism, too, was on the rise. 'I've seen visitors at historic sites like Hatra near the Syrian border and in Ur, a pilgrimage site for Christians. This is not the Iraq often portrayed in the media,' he noted. However, Sudani acknowledged the challenges ahead. 'The government's biggest task is to restore public trust in state institutions after two decades of setbacks and widespread corruption.' On US-Iraq relations, Sudani stressed that ties extend beyond security. 'We have strong economic partnerships with major American firms, and we import $4 billion worth of US vehicles. Recent tariff changes under President Trump affect us indirectly through third-party countries.'
Epoch Times
29-04-2025
- Business
- Epoch Times
BP's First-Quarter Earnings Slide as Global Crude Prices Fall
As international crude oil prices continue to slide on demand worries worldwide, British oil giant BP PLC Group reported disappointing first-quarter results only days after the company announced a major discovery in the Gulf of America. During the April 29 trading session, BP's American depositary For the period ended March 31, the company, formerly known as British Petroleum, Wall Street had expected the London-based oil and gas conglomerate to report first-quarter earnings of $0.56 per share on revenue of $40.12 billion, according to FactSet. During a 'Following the introduction of global tariffs and related government responses, there has been increased market volatility driven by rising concerns around the potential impact of a weaker economic outlook,' said Auchincloss, adding 'commodity prices have softened as the market anticipates a potential reduction in demand for oil and gas driven by economic uncertainty.' As BP posts its first-quarter results and rival supermajors ExxonMobil and Chevron are on tap for later this week, oil prices are under pressure as supply concerns continue to roil global markets, analysts say. Related Stories 4/27/2025 4/25/2025 In London, Brent crude settled at $64.25 per barrel, down $1.61, or 2.4 percent, on April 29, on the International Petroleum Exchange on April 29. West Texas Intermediate, the premium U.S. grade, settled at $60.42 per barrel, down $1.63, or 2.6 percent, on the New York Mercantile Exchange. If lower commodity prices persist, Auchincloss warned, the company would likely need to offset lower income and cash flow from operations by revisiting its $14.5 billion capital spending plan to fund nearly a dozen major oil and gas development projects worldwide. BP's previous capital plan outlook in February ranged between $13 billion and $15 billion through 2027, but the current guidance leans toward the lower end. Still, the BP chief executive said the integrated oil giant remains committed to cutting the company's enormous $27 billion debt load by between $14 billion and $18 billion through 2027. The company is also considering the possible sale of its Castol Oil business in the Netherlands, valued at $10 billion. BP's other cost-saving initiatives include slashing the company's stock buyback program from $1.75 billion to $750 million and cutting another $4 billion to $5 billion in structure expenses across operations. 'We have extensive experience of managing through many price cycles and know how to navigate a weaker environment should we see a sustained period of lower prices,' said Auchincloss. Just over a year as CEO, Auchincloss also highlighted the company's renewed focus on upstream operations to explore and drill for oil and gas worldwide. As part of its global exploration plan, Auchincloss said, the company plans to drill more than 40 wells over the next three years. Among the company's key developments was a major Far South discovery announced on April 14 in the Gulf of America. Located in western Green Canyon, approximately 120 miles off the coast of Louisiana, the well was drilled to a total depth of 23,830 feet. Once operational by the decade's end, Far South is expected to bring more than 400,000 barrels of oil equivalent per day for BP and co-owner Chevron USA, which share a 57.5 percent/42.5 percent stake in the huge oil play. 'This is off to an exceptional start with six discoveries so far this year, including in the Gulf of America, Trinidad, and Egypt, our best quarter for exploration in a very long time,' said Auchincloss. Since Trump took office, BP has reset and retooled its operations to focus and reallocate capital to the high-return upstream business and reduce its commitment to renewables and climate action. In 2019, BP set one of the world's most ambitious net-zero policies, establishing a goal for its global operations to be carbon-free by 2050. In March, however, Auchincloss announced that the company would increase oil and gas spending to nearly $10 billion annually and cut renewable expenditures by a whopping 70 percent. Companywide, BP also expects to grow its global upstream production to 2.3 million to 2.5 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035. Around 1 million barrels of oil equivalent per day are expected to be delivered from the U.S. onshore and offshore regions by 2030. During the conference call, Auchincloss did not mention BP's ongoing proxy fight with Elliott Management. According to industry reports, the Wall Street activist investment firm recently revealed that it holds a nearly 5 percent stake in the London-based oil conglomerate and is seeking executive, organizational, and operational changes at BP.
Zawya
07-04-2025
- Business
- Zawya
Iraq oilfields to be developed by BP contain 5 bln barrels
Iraqi oilfields to be developed by British Petroleum (BP) under a contract signed last week contain proven crude reserves of around five billion barrels, an Iraqi oil official says. Baghdad signed the deal with BP after the Company submitted an updated study on the fields in the Northern Kirkuk province, said Amer Khalil, Director General of the state-owned North Oil Company (NOC). Khalil told the official Iraqi news agency at the weekend that BP completed an initial study on the four fields years ago but an agreement was delayed due to attacks by the Daesh militants during 2014-2017. 'BP has submitted to the Iraqi oil Ministry an updated study on the development of the four oilfields in Kirkuk…this prompted the cabinet to endorse the signing of a contract with the Company…these fields contain an estimated five billion barrels of extractable oil deposits,' he said. The Oil Ministry said last week the contract with BP includes increasing oil production to a record high of 420,000 barrels per day, boosting gas output to 400 million cubic feet per day and the construction of a 400-MW power plant. At that oil production level, the reserves of those fields can last nearly 32 years and they account for nearly 3.5 percent of Iraq's total proven oil deposits of 145 billion barrels. The fields are currently operated Kirkuk-based NOC and include the Baba and Avanah domes of the Kirkuk oil field, along with the Bai Hassan, Jambur and Khabbaz fields. The project coincides with plans by OPEC member Iraq to increase its sustainable oil production capacity by nearly two million bpd to more than six million bpd in 2029. Iraq, which also controls nearly 3.5 trillion cubic metres of gas deposits, has awarded contracts to several foreign companies, mostly from China, over the past months for the development of its crude and gas resources. (Writing by Nadim Kawach; Editing by Anoop Menon)
