popular articles

BP secures new upstream milestones from Iraq to Angola

BP announced strategic progress on its oil projects in Iraq and Angola, marking a key step in its upstream development, according to an internal communication published on April 26.

Please share:

BP plc confirmed it had achieved several critical objectives in the development of its oil projects in Iraq and Angola, continuing the optimisation of its upstream portfolio. The British company notably completed production expansions on existing fields, as well as infrastructure upgrades to support its future growth. These announcements were made during a technical update distributed internally to project partners.

Development of the Rumaila oil field in Iraq

In Iraq, BP reported continued progress at the Rumaila oil field, which it co-operates with Basra Oil Company and China National Petroleum Corporation (CNPC). Rumaila’s current production is now approaching 1.5mn barrels per day, following the commissioning of new treatment units and improvements to water injection. The company specified that these upgrades aim to sustain production while meeting the contractual targets set with the Iraqi government.

Rumaila is one of the largest oil fields in the world, and its development remains a strategic priority for BP, which holds a major technical stake in the project. The company also stressed the importance of efficient secondary recovery management to extend the field’s economic life.

Expansion of activities in Angola

In Angola, BP completed the start-up of new wells as part of its drilling programme in block 31, operated by BP Angola (a local entity of BP plc). First oil from the PAJ project was extracted in early April, and initial production exceeds the technical forecasts established during the design phases. The company indicated that this rapid development strengthens its presence in Angola, where it has been a historic player for more than 30 years.

BP also plans to initiate new maintenance works on several offshore facilities to ensure the stability of its deepwater operations. These projects are part of the objective to maintain Angolan production capacity above 200,000 barrels per day.

Operational outlook

According to BP’s technical managers, these advances in Iraq and Angola should ensure the continued contribution of the two regions to the company’s overall hydrocarbon volumes. BP did not provide public numerical forecasts but emphasised that securing existing production and developing new projects will remain essential pillars of its upstream strategy.

The company stated that the current geopolitical context, particularly in Iraq, requires a high level of operational vigilance but has no immediate impact on its local activities. BP’s communication notes that its operations in these countries are supported by strong partnerships and longstanding cooperation agreements.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Nigeria struggles to secure $5 billion loan from Aramco

Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.

Kremlin Warns of Global Impact from New Russian Oil Price Cap

The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.
Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.
Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.
According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.
Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.

Petrobras enters exclusive talks for nine offshore blocks in Côte d’Ivoire

The Brazilian oil group secured approval from Abidjan to begin negotiations for exploring nine deepwater blocks as part of its business partnerships strategy in Africa.
Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.
Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.
Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.
Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.

US crude oil inventories fall by 4.3 million barrels

Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.

PTAS Aker Solutions secures two-year offshore maintenance contract in Brunei

The oil services joint venture extends its contract with Brunei Shell Petroleum for maintenance and upgrade operations on offshore installations in the South China Sea.
Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.
Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.
Australian company Woodside Energy has filed a complaint with ICSID against Senegal, challenging a CFA40bn tax reassessment related to the offshore Sangomar oil project.
Australian company Woodside Energy has filed a complaint with ICSID against Senegal, challenging a CFA40bn tax reassessment related to the offshore Sangomar oil project.
Nigeria introduces a tax credit capped at 20% for oil operators meeting cost reduction targets, with a focus on gas and offshore projects.
Nigeria introduces a tax credit capped at 20% for oil operators meeting cost reduction targets, with a focus on gas and offshore projects.

International Petroleum repurchases 89,200 shares under its NCIB programme

International Petroleum Corporation repurchased 89,200 common shares between 26 and 30 May under its buyback programme compliant with Canadian and European regulations.
US energy companies reduced the number of active rigs for the fifth consecutive week, reaching their lowest level since November 2021, according to data published by Baker Hughes.
US energy companies reduced the number of active rigs for the fifth consecutive week, reaching their lowest level since November 2021, according to data published by Baker Hughes.
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.
Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.

Advertising