• 6 minutes U.S. Shale Oil Debt: Deep the Denial
  • 12 minutes Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 17 minutes WTI @ $75.75, headed for $64 - 67
  • 9 hours Satellite Moons to Replace Streetlamps?!
  • 3 hours Trump vs. MbS
  • 22 mins Nucelar Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 3 hours Why I Think Natural Gas is the Logical Future of Energy
  • 2 days EU to Splash Billions on Battery Factories
  • 1 day The Dirt on Clean Electric Cars
  • 9 hours Can “Renewables” Dent the World’s need for Electricity?
  • 3 hours Get on Those Bicycles to Save the World
  • 23 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days The end of "King Coal" in the Wales
  • 3 hours Can the World Survive without Saudi Oil?
High Prices Benefit Iran Despite Lost Oil Exports

High Prices Benefit Iran Despite Lost Oil Exports

Iranian Vice President Eshaq Jahagiri…

Saudi Arabia Calls The End Of Russia’s Oil Prowess

Saudi Arabia Calls The End Of Russia’s Oil Prowess

Saudi Crown Prince Mohammed bin…

BP To Sell Oilfields In Egypt To Shift Focus To Natural Gas

BP

British Petroleum has begun to sell off its mature oil fields in Egypt to shift its focus to developing the country’s large natural gas reserves, according to a new report by Bloomberg

The Gulf of Suez assets have been available to purchase for a few months, it has now been disclosed, and British Petroleum is hoping to raise roughly $1 billion from a deal, sources close to the matter said.

BP has an overall goal to sell between $2 billion and $3 billion in assets this year, which is a less ambitious liquidation goal than last year when it sold $4.3 billion in properties, leases, and projects. The company has been on the road to recovery since the oil spill in the Gulf of Mexico in 2010.

Last year, British Petroleum CEO Bob Dudley said he saw 2017 as a recovery year after a period of crisis that devastated the company’s bottom line, according to a report by The Financial Times in December.

“This year has felt like a turning point,” says Dudley. “We’re never going to feel complacent. But it feels like we are now dealing with the same problems that everyone else has.” 

BP brought a total of seven oil and gas production projects online in 2017, almost breaking the company’s record for maximum inaugurations in a year. The multinational oil major is also trying to increase the share of its gas production as part of its effort to become friendlier to the environment, while still producing fuels that will power civilization. 

“There will be a need for oil well into the second half of the century,” Dudley says. “There are going to be 2bn more people in the world by 2035... Every kind of energy is going to be needed.” 

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News