British oil and gas company bp has announced that it would reorganise its business into two operating segments - Upstream and Downstream - thus replacing its current three-segment structure, effective July 1. This comes as part of bp's efforts to simplify its structure, boost performance as well as shareholder returns.
SLB announced that its OneSubsea joint venture has been awarded a contract by bp to provide a subsea boosting system for the Thunder Horse project, a development in the deepwater portion of Gulf of America.
bp and partners signed three Indonesian Production Sharing Contracts, increasing bp’s block participation to 11. Two blocks near Tangguh LNG in Papua Barat offer exploration potential, while bp joined INPEX-operated Barong block in East Java.
bp confirmed its entry into a production sharing agreement (PSA) for six blocks in the North Ustyurt region of Uzbekistan. The agreement includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks.
Arcius Energy, backed by BP and Adnoc’s XRG, approved a $500 million final investment decision to develop Egypt’s Harmattan gas field in the El Burg offshore concession, aiming to boost natural gas production for domestic demand.
bp has agreed to acquire a 60 per cent interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas as part of bp’s strategy to grow its upstream portfolio.
bp has announced a gas and condensate discovery offshore Egypt following the drilling of the Denise W-1 exploration well in the Temsah Concession, located in the Eastern Mediterranean.
bp agreed to sell its Gelsenkirchen refinery and related businesses in Germany to Klesch Group, advancing its strategy to streamline operations, strengthen finances, and support cost reductions targeting $6.5–$7.5 billion by 2027.
bp confirmed gas production start-up from Angola’s Quiluma field, part of the New Gas Consortium (NGC), operated by Azule Energy. This marks continued successful project launches and exploration achievements for the bp‑Eni joint venture.
Following a strategic review, bp has agreed to sell a 65 per cent stake in Castrol to Stonepeak for an enterprise value of $10.1 billion, reflecting an EV/LTM EBITDA of 8.6x and highlighting the business’s growth potential.
