Latest news with #ShahDeniz
Yahoo
6 days ago
- Business
- Yahoo
BP says it makes biggest oil and gas find in 25 years
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 fuels. The 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 production. Company executive Gordon Birrell says the discovery is "BP's largest in 25 years" and that the firm will explore building a production hub there. In 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 coast. It said the discovery was the company's biggest since the Shah Deniz gas field in the Caspian Sea in 1999. The 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 operations. BP's attempt to transform itself into a "net zero" energy producer has faced major hurdles since it put the plan into action five years ago. In 2020, the Covid-19 pandemic pushed it to a $5.7bn (£4.29bn) annual loss. It also took a $25bn hit two years later from writing off a stake in its Russian energy business after the start of the Ukraine war. BP's 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 Ukraine. BP shares rose by a little over 1% in London trading after the announcement.
BBC News
6 days ago
- Business
- 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.
Al Arabiya
03-06-2025
- Business
- Al Arabiya
BP boosts investment in Azerbaijan Caspian Sea projects
BP said on Tuesday that it had completed acquisition of stakes in two offshore exploration and development blocks in the Azerbaijan sector of the Caspian Sea. The agreements to finalize the deal were signed by BP and Azeri state energy company SOCAR, BP said in a statement. There was no immediate indication as to possible production volumes. Separately, the Shah Deniz consortium in which BP has a 29.99 percent interest said it had decided to invest $2.9 billion to expand the Shah Deniz Compression Project, aiming at boosting production from the giant gas field in the Caspian Sea. The project is expected to add 50 billion cubic meters (bcm) of gas and 25 million barrels of condensate production and export, the consortium said.
