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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 ....
BP Plc offered more evidence that Big Oil has barely begun to heal the wounds from last year s historic slump. (Bloomberg) BP Plc offered more evidence that Big Oil has barely begun to heal the wounds from last year’s historic slump. The Western world’s largest energy producers were supposed to be sailing into the fourth-quarter earnings season with a tailwind from stronger commodity prices, but BP’s miss and Chevron Corp.’s surprise loss show the enduring impact of the Covid-19 pandemic. Earnings fell short of expectations mainly due to weak fuel sales and refining margins. BP eked out a modest profit, but it was just a fraction of typical pre-pandemic levels. Cash flow, which failed to cover dividends and capital expenditure despite deep cuts to both, raised more fundamental questions about the company’s ability to sustain investor returns. Shares fell 4%. ....
BP Acquires Majority Stake in U.S. Forest Carbon-Offsets Company Laura Hurst, Bloomberg News (Bloomberg) BP Plc acquired a majority stake in forest carbon-management company Finite Carbon, expanding on an initial investment made last year. The transaction gives BP one of the worldâs biggest carbon-credit traders control of the largest developer of forest carbon-offset credits in the U.S. It comes at the end of a year thatâs seen the oil major step up its commitment to reduce emissions and increase investments in cleaner energy. Finite Carbon, with 50 carbon projects over 3 million acres of land, connects landowners to businesses that pay a fee per ton of carbon dioxide permanently stored in the forest. Companies can purchase offsets on the market or privately to cancel out their emissions. ....