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BP Plc abandoned three oil projects in Kazakhstan after it changed strategy to concentrate on renewable energy and its existing ventures.
(Bloomberg) BP Plc abandoned three oil projects in Kazakhstan after it changed strategy to concentrate on renewable energy and its existing ventures.
The European major sent a letter to state-run KazMunayGas in October last year, saying that after 18 months of work to evaluate such offshore blocks as the Bolshoy Zhambyl, Zhemchuzhnaya and Kalamkas Sea it decided not to pursue them with future investments, according to the letter published on KazMunayGas website yesterday.
BP agreed to examine Kazakh oil projects in May 2019, a few months before Royal Dutch Shell Plc announced it had exited two crude projects in the Caspian Sea. The retreat from the fields both in the area of the giant Kashagan field was made as high costs made them uneconomic and reflected an industry-wide push to cut break-even costs. Oil prices tumbled last year as
In just over two months, North Sea dealmaking has surpassed last year s total as companies look to make the most of crude s emergence from the pandemic-induced slump.
(Bloomberg) In just over two months, North Sea dealmaking has surpassed last year’s total as companies look to make the most of crude’s emergence from the pandemic-induced slump.
Disclosed oil and gas acquisitions have reached $2.7 billion this year, according to consultant Wood Mackenzie Ltd. A big chunk came within 24 hours this week as two closely held buyers NEO Energy, backed by Norwegian investment firm HitecVision AS, and newcomer Waldorf Production U.K. Ltd. snapped up two separate deals worth more than $1 billion combined.