Latest news with #MurrayAuchincloss
Mint
6 days ago
- Business
- Mint
Petroleum minister Puri talks to Opec about ensuring balance and predictable global oil market
New Delhi: Union petroleum and natural gas minister Hardeep Singh Puri has spoken to Haitham Al Ghais, the secretary general of Opec, on ways to ensure that oil markets remain balanced and predictable, an official statement said on Thursday. During the 9th Opec International Seminar in Vienna on Wednesday, the minister also met several stakeholders in the oil and gas space, including Heineken Lokpobiri, Nigerian minister of state for petroleum resources; Wael Sawan, CEO of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol. The statement said that at the seminar, Puri met the secretary general of Opec. "They discussed India's strong partnership with Opec and ways to ensure that oil markets remain balanced and predictable to support smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world's 3rd largest importer of oil, India and Opec, the grouping of major oil producers, share a unique and symbiotic relationship," the statement said. The talks come as the global oil market emerged from a very volatile scenario last month amid the Israel-Iran conflict. On 5 July, Opec and its allies, commonly known as 'Opec+', agreed that starting August 2025, they would increase production by 548,000 barrels per day. This move has eased supply concerns and prices in the market. In his meeting with Murray Auchincloss, CEO of bp, Puri shared that they took forward the ongoing dialogue on strengthening bp's partnership in India's upstream and downstream energy sector, the statement said. bp has a longstanding and comprehensive engagement in India across the energy value chain and also participated in the ninth round of auctions under the Open Acreage Licensing Policy (OALP). The discussions also covered India's plans to aggressively enhance its domestic exploration and production (E&P) capabilities by exploring 2.5 lakh sq km under OALP Round-10. Indian energy companies have partnered with bp for E&P investment globally and are now collaborating in retail, natural gas, and compressed biogas. The minister and Russel Hardy, Vitol's Group CEO, discussed current challenges in the global energy markets and collaborations across the hydrocarbons value chain. Puri's meeting with the Shell CEO was focused on potential collaborations in light of India's ambitious exploration and production plans. The minister noted that India is set to explore nearly 2.5 lakh square km in new offshore and onshore areas, marking one of the world's largest bidding rounds. He underlined that India's efforts to increase the share of natural gas in its energy mix from 6% to 15% present significant opportunities for advanced technological partnerships. He added that the drive towards greater exploration and production activity stands to benefit from Shell's cutting-edge technologies, paving the way for mutually beneficial collaborations that support India's energy security objectives.
Zawya
07-07-2025
- Business
- Zawya
Driving Angolan Hydrocarbon Production: bp Chief Executive Officer (CEO) Murray Auchincloss Joins Angola Oil & Gas (AOG) 2025
Murray Auchincloss, CEO of global energy company bp, has joined the Angola Oil&Gas (AOG) conference as a keynote speaker. His participation comes as bp – through its joint venture Azule Energy – advances a series of large-scale oil and gas developments in Angola, covering strategic investments from upstream exploration to oil production to non-associated gas development. Auchincloss' participation at the event reflects bp's broader commitment to Angola and is expected to unlock new opportunities for collaboration across the sector. With a long history in Angola, bp has played an instrumental role in unlocking significant value from the country's oil and gas resources. Initial forays by the energy major in the 1990s included the acquisition of four deepwater blocks, with a further five deep and ultra-deepwater blocks across the Kwanza and Benguela basins acquired in 2011. These investments marked the start of a decades-long commitment to Angola, with the energy major contributing significantly to the country's oil production. Many of these blocks continue to account for a significant share of the country's production portfolio, including Block 18 and 31 in the Lower Congo basin and Blocks 19 and 24 in the Kwanza and Benguela basin. Following a merger of bp's Angolan assets in 2022 with those of energy major Eni, the companies further strengthened their operational stronghold in Angola. The merger led to the establishment of the largest independent equity producer of oil and gas in the country and one that continues to play a central role in Angola's oil and gas market. The company's asset portfolio comprises 18 licenses – of which 11 are operated by Azule Energy and one is situated in Namibia. Azule energy also has a stake in the country's sole LNG facility: Angola LNG. With a target to increase oil production to 250,000 barrels per day – up from the current 210,000 bpd – while advancing non-associated gas development, Azule Energy is accelerating the development of several impactful projects. The company is preparing to start operations at the Agogo FPSO vessel in the second half of 2025. The vessel – arriving in Angolan waters in May 2025 – will be situated at the Agogo Integrated West Hub Development, joining the operational Ngoma FPSO to harness resources from Block 15/06. The vessel will increase the block's production capacity by 120,000 bpd and features a combined cycle power generation unit, advanced electrification and digital automation, a seawater-driven turbine generators and a vapor recovery unit to eliminate flaring. The vessel will add to Azule Energy's existing portfolio of operational FPSOs in Angola, with four deepwater vessels. currently in production. Beyond Agogo, Azule Energy is developing Angola's first non-associated gas projects through its operatorship of the New Gas Consortium. The project will harness gas resources at the Quiluma&Maboqueiro shallow water fields, thereby enhancing feedstock for the Angola LNG facility. As of February 2025, the project partners – namely, Cabinda Gulf Oil Company, Sonangol P&P and Totalenergies – completed the offshore platforms for the project. Production is expected to start in late-2025 or early-2026, six-months ahead of schedule. These developments coincide with a drive to enhance clean energy development in Angola, with Azule Energy spearheading projects in biorefining and solar. The company is developing the Caraculo solar photovoltaic plant through Solenova – a joint venture with Sonangol – which will be located in the province of Namibe. The project targets a total capacity of 50 MW, with the first 25 MW phase coming online in 2023. In 2024, Azule Energy and Sonangol signed an agreement to enhance decarbonization at the operational Luanda Refinery – the country's sole operating refining facility. The agreement will see the partners conduct a feasibility study for the development of a biorefinery at the facility, aiming to advance low-carbon energy solutions in Angola. These projects reflect the commitment by bp to advance Angolan energy production and Auchincloss' participation at the country's premier industry event is expected to generate greater understanding of the company's portfolio, ongoing projects and future investment plans. Distributed by APO Group on behalf of Energy Capital&Power.
Irish Times
07-07-2025
- Business
- Irish Times
Shell denies takeover talk, but BP's woes persist
Shell has denied it. No plans to buy BP . No talks. Nothing to see. Still, when your biggest domestic rival has to publicly insist it's not trying to take you over, the market smells blood. BP's weakened state has long been a talking point: a failed green pivot, poor returns and a chief executive exit (Kerryman Bernard Looney ) under a cloud. In February, Murray Auchincloss, the ex-chief financial officer who is now in charge, promised a reset. Back to oil and gas, back to what BP knows. READ MORE However, if Looney's green pivot angered shareholders, Auchincloss's pivot back hasn't soothed them either, with shares down almost 20 per cent since February's peak. Its renewables unit may be too big to sell, and its best assets – Gulf of Mexico oil, US shale, LNG – are also the ones Auchincloss doesn't want to lose. The problem is if oil prices drift lower and earnings disappoint again, Auchincloss may lose control of what gets sold. BP trades below the value of its parts, and investor patience at BP's current price may be running dangerously thin
STV News
26-06-2025
- Business
- STV News
What is going on between Shell and BP and what does it mean?
It seems patience at Shell has now run out. Media and industry speculation over the oil giant bidding for its North Sea rival BP has been rife for some time. In recent months, it has gathered pace. On Thursday, the latest story in the Wall Street Journal spoke of talks taking place between the two sides. However, this morning Shell could not have been clearer. It said it hadn't been 'actively considering' an offer for BP, it hadn't 'made an approach to' the firm and 'no talks' had taken place. It went on to say: 'Shell confirms it has no intention of making an offer for BP'. If the deal had happened it would have created, according to experts, a business worth in the region of £200bn. It would have seen two of the major players in oil and gas and the wider industry, join forces in what would have been one of the biggest UK mergers in recent years. The striking part of the statement is that it was made under what is known as 2.8 of the UK City Code on takeover and mergers. That might seem dull, but in theory, it means Shell has barred itself from making an offer for BP within the next six months. I say in theory, because there are a number of ways it still can. If BP's board agree to an approach, if someone else makes an offer and if the Takeover Panel decides there is a change in circumstances. Well, firstly, the share price in BP has declined significantly, dropping 22% in the past year. The firm earlier this year said it was cutting its investment in renewables and instead focusing more on oil and gas. Chief executive Murray Auchincloss said at the time the firm had gone 'too far, too fast' on its green strategy, first launched under its pervious CEO, Bernard Looney. That was a desperate attempt to bolster its share price and keep investors happy. Particularly one investor, Elliott Investment Management, which has been pushing for changes to the strategy at BP. It would appear the reset has done little to arrest the drop in share price or to appease the investors who are desperate for better returns. Market analysts AJ Bell this morning said this about BP's position as a takeover prospect. 'BP is an obvious takeover target in the oil and gas sector due to its relatively cheaper valuation versus peers, a muddled strategy that has seen the business lose its way, and the presence of an activist investor pushing for change,' it said. 'It looks like a sitting duck.' Shell on the other hand has been doing reasonably well of late. It has focused instead on buying back shares, it too is looking more at oil and gas production and has some big deals of its own in recent decades. The attention of both has slightly shifted from the North Sea. Although, Shell is at the forefront of the Jackdaw development. That field was at the centre of a legal case, along with Rosebank, which has struck at the very heart of the future of the North Sea. Shell also announced last year it was to merge its North Sea assets with Equinor and create a new, joint independent producer instead. It would appear, that is where its focus is when it comes to the UK. BP, still has significant presence in the North Sea but has gradually been selling off assets over the years. It still employs a lot of people in its North Sea headquarters in Aberdeen, although it did announce it would globally be cutting jobs. If its strategy is to look at oil and gas more, then the UK won't likely be the place, given the UK Government's stance on the granting of new offshore drilling licences. Whatever happens, the UK Government is likely to keep a keen eye on any deal. A merger with Shell might keep the business in the UK but it could lead to job losses, like any merger can. If a foreign investor was to swoop in, that might not sit well either with the Government and others concerned about a British firm, with such a rich history, now in foreign ownership. Of course, the statement today from Shell won't stop the market and industry speculation. There could be a bid at some point in the future. It also won't stop speculation about the future of BP and its position as a takeover target. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Bloomberg
26-06-2025
- Business
- Bloomberg
End of Shell Takeover Talk Puts BP Back in Elliott's Crosshairs
Newsletter Energy Daily CEO Murray Auchincloss needs to show he's making good on promises to strengthen the balance sheet by driving up production and offloading billions of dollars in assets. By Save Welcome to our guide to the commodities markets powering the global economy. Today, energy reporter Mitchell Ferman looks at what's at stake for BP following news that Shell isn't bidding for the oil major. Speculation about BP Plc's immediate future has been doused, but the company is still feeling the heat.
