Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

(BP.)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

BP starts Oman's giant Ghazeer gas field

share with twitter share with LinkedIn share with facebook
10/12/2020 | 07:04am EDT
FILE PHOTO: File photograph shows a sign is outside BP's North Sea Headquarters in Aberdeen

LONDON (Reuters) - BP has started production at Oman's giant Ghazeer natural gas field, which is set to underpin the company's oil and gas output for years as it shifts to renewables.

The London-based firm said Ghazeer, the second phase of the development of Block 61, started four months ahead of schedule.

BP is in the midst of the largest overhaul in its history after Chief Executive Bernard Looney set out a path to shift rapidly towards renewable power and reduce BP's oil and gas production by 1 million barrels per day (bpd) by 2030.

But oil and gas is set to help pay for the move.

"It is absolutely central for BP because it generates the funding allowing us to invest in new businesses and transform the company," Gordon Birrell, BP head of oil and gas operations, told Reuters.

BP shares, which remain near 25-year lows, were down 1.4% by 0922 GMT. The shares have lost 54% so far this year due to concerns about a drop in oil and gas demand as a result of the coronavirus epidemic and long-term worries about its strategy.

BP, which wants to sell $25 billion of assets by 2025, is in talks to sell down its Oman stake, industry sources have said.

The first phase, Khazzan, was brought online in September 2017. Total production capacity from the block is expected to reach 1.5 billion cubic feet of gas a day and more than 65,000 bpd of associated condensate.

BP holds 60% of the Block 61 project, Oman's national oil and gas company has 30% and Malaysia's Petronas holds another 10%.

(Reporting by Ron Bousso; Editing by Louise Heavens and Edmund Blair)

By Ron Bousso


Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.00% 191.7983 Delayed Quote.-58.49%
LONDON BRENT OIL -1.33% 40.02 Delayed Quote.-37.71%
WTI -1.81% 38.095 Delayed Quote.-36.11%
share with twitter share with LinkedIn share with facebook
All news about BP PLC
04:57aBP sells LNG cargo for December delivery to Vitol at $7.65 per mmbtu - Platts
RE
03:24aBP : Receives a Buy rating from Credit Suisse
MD
10/27EUROPE : European stocks hit one-month low as virus fears dominate
RE
10/27BP : Leading energy companies form partnership to accelerate the development of ..
PU
10/27GLOBAL MARKETS LIVE : Focus is on Microsoft
10/27Storm Zeta lashes Mexico, churns toward U.S. Gulf Coast
RE
10/27U.S. offshore energy producers brace for Hurricane Zeta impact
RE
10/27BP Posts Fifth Straight Quarterly Loss -- 2nd Update
DJ
10/27BP swings back to profit, epidemic uncertainty weighs
RE
10/27BP : Buy rating from Bernstein
MD
More news
Financials (USD)
Sales 2020 178 B - -
Net income 2020 -21 653 M - -
Net Debt 2020 46 140 M - -
P/E ratio 2020 -2,29x
Yield 2020 10,6%
Capitalization 51 690 M 51 861 M -
EV / Sales 2020 0,55x
EV / Sales 2021 0,42x
Nbr of Employees 67 600
Free-Float 93,2%
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,39 $
Last Close Price 2,55 $
Spread / Highest target 163%
Spread / Average Target 72,3%
Spread / Lowest Target -25,4%
EPS Revisions
Managers
NameTitle
Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
Sector and Competitors
1st jan.Capitalization (M$)
BP PLC-58.49%51 861
RELIANCE INDUSTRIES LTD35.29%174 247
EXXON MOBIL CORPORATION-52.97%141 012
CHINA PETROLEUM & CHEMICAL CORPORATION-33.05%66 059
NESTE OYJ53.06%43 083
PTT-27.27%29 458