Latest news with #WilliamLin
CNA
13-05-2025
- CNA
CNA938 Rewind - How should you dispose of your PMD batteries?
CNA938 Rewind The police are investigating an incident involving a suspicious-looking bag with wires found in Queenstown early Sunday morning (11 May). Security checks established that the item in the bag was a battery from a personal mobility device. Daniel Martin and Justine Moss speak with William Lin, Director of Maximal SG, about proper PMD battery disposal.
Yahoo
24-03-2025
- Business
- Yahoo
BP and Apollo agree on $1bn deal for 25% stake in bp TANAP
BP and Apollo have finalised agreements for Apollo-managed funds to acquire a 25% non-controlling stake in BP Pipelines (TANAP), referred to as bp TANAP. bp TANAP is a bp subsidiary that holds a 12% interest in the TANAP pipeline, which is crucial for transporting natural gas from Azerbaijan across Türkiye. Apollo funds will purchase the non-controlling shareholding in bp TANAP for approximately $1bn. The proceeds will contribute to bp's $20bn divestment programme. Despite monetising its interest, bp will remain the controlling shareholder, retaining strategic interest and governance rights in the pipeline. The transaction is expected to close in the second quarter of 2025, pending regulatory and TANAP shareholders' approvals. bp gas & low carbon energy executive vice president William Lin said: 'We are pleased to extend our partnership with Apollo and to deepen our partnership in this key piece of energy infrastructure for Europe. 'This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe. bp and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities.' TANAP, spanning approximately 1,800km across Türkiye, is the central section of the Southern Gas Corridor (SGC) pipeline system. The SGC transports gas from the Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to European markets including Italy and Greece. In November 2024, Apollo and bp completed a previous agreement for Apollo to partner with bp on TAP, the final leg of the SGC. BP and Apollo continue to explore further cooperation opportunities in infrastructure, gas and low-carbon energy assets. Apollo partner Skardon Baker said: 'We see significant potential with our scaled, long-term capital to partner with bp, in alignment with their strategic objectives. We are pleased by the highly successful partnership to date.' Additionally, Saudi Aramco is reportedly considering acquiring bp's Castrol lubricant business, potentially valuing the division at around $10bn. BP is evaluating options for its Castrol division, including a potential sale, as part of a broader strategic review. "BP and Apollo agree on $1bn deal for 25% stake in bp TANAP" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Euronews
26-02-2025
- Business
- Euronews
BP unveils multi-billion-dollar deal to redevelop Iraq's oil fields
The agreement between BP and Iraq's government will focus on the redevelopment of four large oil and gasfields in Kirkuk in the north of the country. The agreement follows a memorandum of understanding between BP and Iraq signed in July 2024 – of which technical terms were agreed in December and the majority of commercial terms agreed in January – together with previous work that BP has done on the fields in Kirkuk from 2013 to 2019. The deal, which could be worth $25 billion(€23.8bn) over the lifetime of the project, comes as BP is set to row back on previous targets to cut oil and gas production by 2030. It's also a major achievement of Iraq where output has been constrained by years of war, sectarian tensions and corruption. In a statement BP said that the agreement was for an initial phase that would include oil and gas production of more than three billion barrels of oil equivalent. It includes the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields: Bai Hassan, Jambur and Khabbaz. Untapped potential for 20 billion barrels of oil BP added that the wider resource opportunity across the contract and surrounding area is believed to include up to 20 billion barrels of oil equivalent. BP executive vice president William Lin said: "This agreement builds on our longstanding and strategic relationship with the Government of Iraq and delivers access to a material new resource opportunity, within one of the world's most prolific hydrocarbon provinces. "It will enable us to bring our experience of managing giant fields to realise the potential of this important asset for Iraq." He added: "This opportunity is fully in line with our priority of pursuing new growth opportunities for bp as we strengthen and high-grade our portfolio across the world." Major shift in BP strategic aims The British multinational is currently undergoing a reset of a green strategy set under its previous CEO Bernard Looney which aimed at focusing the company more on renewable energy. At an event in London this morning, Looney's successor, Murray Auchincloss, announced a major pivot away from green targets. He said: "Today we have fundamentally reset BP's strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns."
Zawya
25-02-2025
- Business
- Zawya
BP and Iraq fnalise agreement for Kirkuk oilfield redevelopment
UK-based international oil and gas giant BP announced on Tuesday that it reached agreement on all contractual terms with the Government of Iraq to invest in several giant oil fields in Kirkuk. The agreement includes the rehabilitation and redevelopment of the oilfileds, spanniong oil, gas, power, and water infrastructure, with additional potential for investment in exploration. The agreement is subject to final governmental ratification. BP said it will work closely under Iraqi government in setting up the new operator, which will be an unincorporated organisation comprising personnel from the North Oil Company (NOC) and North Gas Company (NGC) with secondees from BP. The new operator will take over from NOC, the statement said, adding that subsequent to this agreement, BP expects to form a standalone incorporated joint venture (JV) to hold its interests in the operator. BP expects the project to commence in 2025. The fresh agreement follows a memorandum of understanding between BP and Iraq signed in July 2024 – of which technical terms were agreed in December and the majority of commercial terms agreed in January – together with previous work BP has done on the fields in Kirkuk from 2013 to 2019. The agreement is for an initial phase and includes oil and gas production of more than 3 billion barrels of oil equivalent. It includes the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields – Bai Hassan, Jambur and Khabbaz – in Federal Iraq, all of which are currently operated by the NOC. The wider resource opportunity across the contract and surrounding area is believed to include up to 20 billion barrels of oil equivalent. BP's executive vice president William Lin said the agreement delivers access to a material new resource opportunity, within one of the world's most prolific hydrocarbon provinces. Work will include a drilling programme, the rehabilitation of existing wells and facilities, and the construction of new infrastructure, including gas expansion projects. Under the agreement, BP's remuneration will be linked to incremental production volumes, price and costs. BP will be able to book a share of production and reserves proportionate to the fees it earns for helping to increase production. (Writing by Majda Muhsen; Editing by Anoop Menon)
