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BP to quit most prolific oilfield in US history

- Oil major to sell entire Alaska business for $5.6 billion

home > Upstream, Invesments, Energy Projects, Europe, Americas 28.08.2019 11:30 Övunç Kutlu

BP to quit most prolific oilfield in US history

British multinational oil and gas giant BP will cease its Alaska operation in the most prolific oilfield in U.S. history to date, and will sell its entire business in that state, the British company said in a statement on Tuesday

Hilcorp Alaska, an affiliate of Hilcorp Energy Company based in Texas, will pay $5.6 billion for BP's interests in the state of Alaska.

The sale will include BP's entire upstream and midstream business in Alaska, including BP's interest in the 800-mile (1,287 kilometers) Trans Alaska Pipeline System, which the British firm helped build during the mid-1970s.

BP has faced criticism from environmental organizations for drilling and exploring in Alaska, but Group Chief Executive Bob Dudley said the recent decision is part of the company's long-term goals.

"Alaska has been instrumental in BP's growth and success for well over half a century," he said in the statement, adding the company has other opportunities in the U.S. and around the world that are more closely aligned with the firm's long-term strategy.

Dudley said the sale of the Alaska assets is also part of BP's $10 billion divestment plan for the next two years.

Currently, some 1,600 employees are associated with BP's Alaska business and the firm said “it would provide clarity about their future once the transaction is approved by state and federal regulators.”

BP began working in Alaska in 1959, drilling the confirmation well in 1968 in Prudhoe Bay oilfield, located in the north of Alaska near the Beaufort Sea just south of the Arctic Ocean.

BP started producing oil from Prudhoe Bay in 1977, and has a 26% stake in the asset, which became the most prolific oilfield in U.S. history. It has since produced over 13 billion barrels of oil, and is estimated to have the potential to produce more than one billion further barrels, according to the statement.

BP's oil production from Alaska this year is expected to average almost 74,000 barrels per day (bpd), which constitutes a small portion of the 921,000 bpd it produced during the second quarter of 2019 from all of its operational U.S. fields.

Dudley said BP has invested more than $20 billion in the U.S. over the last three years.

The buyer, Hilcorp, is currently the largest private oil and gas operator in Alaska, currently producing more than 75,000 bpd in the state.

In 2018, Prudhoe Bay oil production amounted to around 270,000 bpd, accounting for more than half of Alaska's total oil production.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr



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US oil rig count posts biggest monthly fall since March

- Oil rig number in US falls by 34 in month of August
03.09.2019 Upstream , Americas

South Sudan probes birth defects in oil regions

- Ministry of Petroleum says it is probing whether deformation, stillbirths and miscarriages are due to oil pollution
31.08.2019 Oil , Upstream , Refining/Petro Chemistry , Middle East-Africa , General

Oil up with stock drop, easing of US-China tension

- US crude stocks decreased by 11.1 million barrels, much higher than expectation of 2 million barrels draw
30.08.2019 Upstream , Downstream , Refining/Petro Chemistry , Energy Security , World , Asia , Americas , General

US crude oil production breaks new record

- Crude output reaches all-time high of 12.5 million barrels a day
30.08.2019 Upstream , Americas

Oil giants' total revenue, income decline in 1H19

- Top oil companies' total net income falls by more than 11% in first half of 2019
29.08.2019 Upstream , Invesments , Asia , Americas

BP to quit most prolific oilfield in US history

- Oil major to sell entire Alaska business for $5.6 billion
29.08.2019 Upstream , Invesments , Energy Projects , Europe , Americas

US oil rig count drops most since April

- Oil rig number reaches lowest level since January 2018
26.08.2019 Upstream , Americas

South Sudan makes new oil discovery

- Crude find is first since country's independence in 2011, says petroleum minister
24.08.2019 Upstream , Middle East-Africa , General

Global oil supply up in July 2019

- OPEC crude oil production decreases by 246 thousand barrels per day to average 29.61 million barrels per day
17.08.2019 Oil , Upstream , International Organization , General

US crude oil inventories rise for w/e August 9

- Commercial crude inventories increase by 1.6 million barrels
16.08.2019 Upstream , Refining/Petro Chemistry , Americas

Oil rig count in US falls by 3 to 776 this week

- Brent oil prices continued their upward trend on Friday with escalated tensions in the Strait of Hormuz
28.07.2019 Upstream , Americas , General

Oil gains weekly as dovish US Fed weakens dollar

- Federal Reserve's rate cut expectation lowers American dollar, and increases crude oil demand
13.07.2019 Upstream , Invesments , Americas

Lower global economic growth reduces oil demand: EIA

- Lower GDP growth expectation is one of main reasons for slower growth in global liquids consumption, US administration says
13.07.2019 Upstream , Invesments , Americas

US crude output for April surpasses 12M barrels daily

- US states of Texas, Oklahoma and federal offshore Gulf of Mexico all see record crude production in April
10.07.2019 Upstream , Americas

Oil sees weekly fall from oversupply, low demand worries

- Brent oil heads for 2.4% weekly loss
07.07.2019 Upstream , International Organization , Asia , Americas

Oil prices fluctuate with supply risks for w/e June 14

- Crude prices falls more than 3% this week
15.06.2019 Upstream , Stock Market , Americas , Middle East-Africa

US again leads world in oil production, consumption

- US comes in top for fifth consecutive year, while Saudi Arabia is second, and Russia in third place
15.06.2019 Upstream , Downstream , Americas

US revises down oil price forecasts for 2019

- Brent price lowered by $3, WTI by $4 a barrel for this year
13.06.2019 Upstream , Stock Market , Americas

Oil prices rebound from losses after rise in US stocks

- Brent oil fell 4.1%, WTI lost 3.8% on Wednesday after US crude inventories US showed increase despite expectation of decline
13.06.2019 Upstream , Stock Market , Americas

Iraq says ExxonMobil to resume operations in Basra

- US oil company had evacuated around 30 employees to Dubai as 'precautionary measure' less than a month ago
03.06.2019 Upstream , News from companies , Middle East-Africa , General

Oil prices fail to recover from three-month low

- Brent crude lost 6.1% on previous session to mark its largest single daily loss this year
01.06.2019 Upstream , Stock Market , Americas

Oil mixed with fall in Iran's exports, US-China woes

- Decline in Iranian oil exports push prices higher, while US-China trade impasse sustains market fears of low demand
31.05.2019 Upstream , International Relations , Middle East-Africa

Petrofac secures two North Sea contract extensions

- British oilfield services provider awarded two Operations and Maintenance contract extensions worth around $32M
28.05.2019 Upstream , News from companies , Europe , General

Oil prices down following largest weekly drop of 2019

- Brent crude lost more than 5% last week, while WTI plummeted by around 7%
27.05.2019 Upstream , International Relations , Asia , Americas , Middle East-Africa

Oil falls more than 5% to post biggest 2019 weekly loss

- Brent declines 5.4% for the week, while WTI slumps by 6.9%
27.05.2019 Upstream , International Relations , Asia , Americas

Shell starts output at Appomattox in Gulf of Mexico

- Appomattox currently expected to produce 175,000 barrels of oil equivalent per day
25.05.2019 Upstream , News from companies , Americas , General

Oil gains with OPEC signaling output cut extension

- Saudi minister says OPEC and allies will "gently" decrease crude oil inventories in second half of 2019
21.05.2019 Upstream , International Organization , Americas , Middle East-Africa

Uzbekistan to invest $33 billion in oil and gas sector

- Tashkent government will realize over 30 investment projects between 2019-2025, national oil and gas company announces
18.05.2019 Upstream , Upstream , Asia , General

Oil has small gains awaiting US-China trade row outcome

- Trade dispute threatens global oil demand, as two nations represented 34% of world oil consumption in first quarter of 2019
14.05.2019 Upstream , Stock Market , International Relations , Asia , Americas

US revises up Brent oil forecast by $5 for 2019, 2020

- International benchmark is estimated to average $70 a barrel this year
09.05.2019 Upstream , Stock Market , International Organization , Americas , Middle East-Africa

Number of US oil rigs rises by 2 to 807

- Despite increase in weekly oil rig count, crude prices rise on Friday on strong US employment data
06.05.2019 Finance , Upstream , Americas , General

Eni to explore oil in Block 1 offshore Bahrain

- Italian energy company signs exploration and production sharing agreement with Bahrain's oil and gas authority
02.05.2019 Upstream , News from companies , Middle East-Africa , General

Abu Dhabi launches bid round 2 for 5 exploration blocks

- Three offshore, two onshore blocks cover nearly 34,000 sq. km. and have substantial oil and gas potential, ADNOC says
02.05.2019 Upstream , Shale/Unconventional , Upstream , News from companies , Middle East-Africa , General

Repsol, LLOG partner for new Gulf of Mexico projects

- Companies to carry out joint deepwater projects in several blocks comprising Leon and Moccasin discoveries
30.04.2019 Upstream , News from companies , Americas , General

ExxonMobil net income falls almost 50% in first quarter

- US major posts net income of $2.35 billion in first quarter of 2019, down from $4.65 billion for same period last year
29.04.2019 Lng/Lpg , Upstream , Projects , Americas

Brent falls as Trump calls on Saudis, OPEC to up output

- 'Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement,' Trump said Friday
29.04.2019 Upstream , Stock Market , International Relations , Americas , Middle East-Africa

Schlumberger's net income falls 20% in 1Q19

- Net income decreases to $421 million in first quarter of year, from $525 million for same period a year ago
20.04.2019 Upstream , Invesments , Americas

Oil prices up with decline in US oil rig count

- Brent posts 0.5% increase for four day trading this week, a day early because of market closure on 'Good Friday'
19.04.2019 Upstream , Stock Market , International Organization , Eurasia

8 count fall in US oil rigs supports higher prices

- Despite decline, number of oil rigs in US has remained steady compared to a year ago
19.04.2019 Upstream , Americas

Oil price dips slightly as US retains record high output

- US crude oil output remains above 12 million barrels per day
18.04.2019 Upstream , Stock Market , Americas

US crude oil stocks, production fall for w/e April 12

- Crude oil production falls to 12.1 million barrels per day
18.04.2019 Upstream , Refining/Petro Chemistry , Americas

US crude export levels and destinations rise in 2018

- Reaching 42 countries, US crude exports increased by 67 percent year-over-year
17.04.2019 Upstream , Oil , Americas

Oil falls with possibility of OPEC, Russia output boost

- Russian official signals OPEC+ could increase output to regain lost shares taken by U.S. shale producers
17.04.2019 Upstream , International Relations , Eurasia , Americas , Middle East-Africa

US crude oil production more than doubles in decade

- Since shale oil revolution in 2008, US sees annual crude production grow by 119%
16.04.2019 Upstream , Invesments , Energy Projects , Americas

Oil prices up with OPEC cuts, supply risks

- Canada-based RBC Capital Markets raises oil price forecast by around $6 per barrel for 2019
13.04.2019 Upstream , Stock Market , Energy Security , Middle East-Africa

Shell to sell US Gulf of Mexico asset for $965 million

- Caesar-Tonga asset, in which Shell has 22.45% interest, produces 70,000 barrels of oil equivalent per day
12.04.2019 Upstream , Projects , Europe , Americas

Oil prices fall with rising US stocks, record output

- US crude production remains at all-time high to push oil prices lower
11.04.2019 Upstream , Stock Market , Americas

Oil prices on rise with Libya tensions & supply cuts

- IMF lowering global growth forecast could keep some cap on rising crude oil prices
11.04.2019 Upstream , Energy Security , Middle East-Africa

US revises up oil price forecasts for 2019

- Energy Information Administration revises up Brent oil by $2 per barrel for this year
11.04.2019 Upstream , Stock Market , Americas

Oil prices mixed as Brent crude hovers around $71

- Benchmark reaches $71.34 a barrel -- its highest level this year
09.04.2019 Upstream , Energy Security , Middle East-Africa
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