BP Around the world in 11 deals

BP Around the world in 11 deals

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  Around the world in 11deals The new year for BP follows a prolific period of announcements and agreements that will help to shape the future of the business during 2017 and for decades to come. This map highlights 11 recent deals that enhance the resilience, competitiveness and balance of BP’s global portfolio. ADCO CONCESSION ABU DHABI NEW ACCESS MEXICO LNG THAILAND RETAIL AUSTRALIA ACG OILFIELD AZERBAIJAN FULCRUM INVESTMENT NORTH AMERICA MAD DOG 2 GULF OF MEXICO (US) TANGGUH INDONESIA EXPLORATION MAURITANIA AND SENEGAL ZOHR GAS FIELD EGYPT KHAZZAN GAS FIELD OMAN Exploration, Mauritania and Senegal BP signs agreements with Kosmos Energy to acquire a 62% working interest, including operatorship, of exploration blocks in Mauritania and a 32.49% working interest in Senegal exploration blocks. Both regions hold world-class deepwater gas discoveries and exploration prospects. BP will invest almost $1 billion, mostly in the form of a multi-year exploration and development programme. Zohr Gas Field, Egypt BP buys a 10% share in Egypt’s giant offshore gas field.The field was discovered in 2015 by Italian oil and gas company Eni. It is estimated to hold approximately 30 trillion cubic feet of gas. BP has had a presence in Egypt since 1950. ACG Oilfield,Azerbaijan The BP-operated Azerbaijan International Operating Company signs a letter of intent with SOCAR of Azerbaijan on the key commercial terms to extend development at the Azeri-Chirag-Gunashli oilfield out to 2050. This is 22 years after BP first signed what is known in Azerbaijan as the ‘contract of the century’. Fulcrum investment, NorthAmerica BP’s venturing team invests $30 million in Fulcrum BioEnergy to pioneer the development and production of low-carbon aviation fuel—or biojet—made from town or district waste. The deal gives Air BP access to 50 million US gallons of biojet a year. As a preferred supply chain partner, Air BP will distribute and supply biojet to aircraft at key hubs across the region. Mad Dog 2, Gulf of Mexico (US) The project is given the go-ahead by BP, after three years of work to bring down costs to $9 billion, around 60% lower than the original figure. This will add 140,000 barrels of crude oil production capacity to BP’s Gulf of Mexico operations by late-2021. NewAccess, Mexico New access to explore for the first time in Mexican waters in the Gulf of Mexico. BP won interests in two blocks with significant resource potential in the deepwater Campeche Basin. This follows the energy reforms that have opened up Mexico’s oil and gas industry to foreign participation for the first time in 75 years. ADCO Concession,Abu Dhabi BP signs a new 40-year agreement to extend the ADCO concession to 2055. The deal grants BP a 10% interest in ADCO and will add around 165,000 barrels of oil per day. The Abu Dhabi Government also becomes a 2% BP shareholder. BP has had a presence in the Emirate since 1939. Khazzan Gas Field, Oman An agreement is reached with the Government of Oman to expand the Khazzan gas project by 50%. The deal adds more than 380 square miles (1,000 square kilometres) to the south and west of the original 1,040 square miles (2,700 square kilometres) of Block 61. Phase one of the project is on track to deliver first gas by the end of 2017. LNG,Thailand A 20-year deal is signed that will see BP provide PPT, Thailand’s national petroleum and petrochemical company, with approximately 1 million tonnes of liquefied natural gas (LNG) every year. Supply starts in 2017 and will be sourced from BP’s diverse portfolio of LNG, including the Freeport LNG Project in the US. Retail,Australia BP announces plans to establish a new partnership withWoolworths, one of Australia’s largest supermarket retailers, including to acquire, rebrand and operate more than 500 fuel and convenience sites for $1.3 billion. The deal will include a new fuel and convenience offer called Metro at BP. Tangguh, Indonesia BP extends its interest in theTangguh LNG plant in Indonesia to just over 40%, with the acquisition of an additional 3% share. The plant is the second largest in the country and is set to grow. TheTangguh Expansion Project will add a third processing train, extending capacity from the current 7.6 million to 11.4 million metric tonnes by 2020.