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BP Plc said it already achieved its $35 billion net-debt target, reaching the threshold at which it has said it can restart share buybacks about a year earlier than expected.
(Bloomberg) BP Plc said it already achieved its $35 billion net-debt target, reaching the threshold at which it has said it can restart share buybacks about a year earlier than expected.
The news reflects an accelerated pace of asset sales and improved business performance, with BP’s trading division capitalizing on dramatic moves in energy markets. It marks a potential turning point following a tumultuous year for the industry, in which fuel sales and refining margins were hammered by the impact of the coronavirus pandemic.
Oil and gas production in Scotland decreased from 2018 to 2019, according to new statistics announced recently by Scotland s chief statistician.
Oil and gas production in Scotland decreased from 2018 to 2019, according to new statistics announced recently by Scotland’s chief statistician.
Production in Scotland, including Scottish adjacent waters, is estimated to have been 74 million tons of oil equivalent in 2019, which marked a decrease of 3.9 percent compared to 2018. The 2019 figure of 74 million tons accounted for 78 percent of total UK production.
The production of crude oil and natural gas liquids increased by 2.3 percent to 54 million tons of oil equivalent from 2018 to 2019. The figure, which was said to be the highest level since 2010, was offset by a fall of 17.4 percent in natural gas production, to 20 million tons of oil equivalent.
Not all countries have the luxury of including hydrogen in their energy development plans.
Saudi Aramco, the world’s largest oil company, has been talking with China about collaboration in blue hydrogen, ammonia, and synthetic fuels production as well as carbon capture and storage (CCS) investment. The possible partnership was brought up by Saudi Aramco CEO Amin Nasser at the China Development Forum in Beijing last month. Nasser said at the time that these are essential “to achieving our long-term, low-carbon ambitions.”
Blue hydrogen is produced by burning natural gas but also utilizes CCS for emissions. Brown hydrogen uses coal in its production and has a high carbon footprint because it doesn’t capture emissions. Gray hydrogen is produced using natural gas and also doesn’t utilize CCS. Green hydrogen, however, is produced by splitting water into hydrogen and oxygen using an electrolyzer that may be fed by wind, solar, or hydro power and produces no emissions.
The queue of hundreds of ships that built up around the Suez Canal after the grounding of the Ever Given vessel has been cleared, according to Egyptian authorities.
(Bloomberg) The queue of hundreds of ships that built up around the Suez Canal after the grounding of the Ever Given vessel has been cleared, according to Egyptian authorities.
The final 85 ships passed through the waterway on Saturday, the Suez Canal Authority said on its Facebook page, adding that the operation demonstrated its ability to manage emergencies.
Overall, 422 vessels passed through since the tanker was freed on March 29, after blocking the canal for almost a week.