BP Strengthens Asian PTA Presence
BP announced today that it has increased its interests in its Taiwanese and Korean PTA joint ventures. BP now owns 59.02 per cent of China American Petrochemical Company (CAPCO) in Taiwan and 47.41 per cent of Samsung Petrochemical Company (SPC) in Korea. As a result of the two deals, BP's equity PTA capacity in Asia has increased by 14 per cent to around three million tonnes a year.
CAPCO is the largest producer of PTA in Asia operating six production units with a total capacity of 2.1 million tonnes per annum. BP acquired the incremental 9.02 per cent interest in CAPCO from Central Investment Holding Company (CIHC). As a result, BP now controls 59.02 per cent of the equity in CAPCO while Chinese Petroleum Corporation and CIHC retain 25.00 per cent and 15.98 per cent respectively.
SPC is the third largest producer of PTA in Asia operating four PTA units in Korea to produce a total of 1.4 million tonnes per annum. BP and SPC recently completed a number of transactions with minority shareholders of SPC increasing BP's ownership of SPC from 35 per cent to 47.41 per cent. BP's ownership of SPC is now equal with Samsung's.
BP Licenses Innovene Technology For Sasol Polymers Polypropylene Expansion
BP and Sasol Polymers have signed an agreement to license BP's Innovene polypropylene process technology for the expansion of Sasol's polypropylene facilities located in Secunda, Republic of South Africa. The new plant will have an annual capacity of 300,000 tonnes, produce homopolymers, random copolymers and impact copolymers, and start up in 2006. Sasol will use BP's proprietary high activity CD catalyst to realize the full benefits of the technology.
2004/4/27 BP New 'Twin-Track' Strategy
BP Plans To Sell
Over 50% Of Petrochemicals Business And Prepares For IPO
today that it plans to consolidate the Olefins and Derivatives
(O&D) division of its petrochemicals business into a
stand-alone entity able to operate separately from the BP Group.
BP said it plans to sell O&D in due course, possibly through an Initial Public Offering, depending on market circumstances and necessary approvals, in the second half of 2005.
At a strategy presentation on March 29, 2004, Lord Browne said future investment would focus more on so-called “advantaged products”, including paraxylene, PTA and acetyls which were strong in growing Asian markets and where BP has a proprietary technological lead, and less on olefins and derivatives which dominated the company’s portfolio in the more fragmented and lower-growth European markets.
BP focuses on seven core products -purified terephthalic acid (PTA), paraxylene (PX), acetic acid,(残す）
acrylonitrile, ethylene, high-density polyethylene (HDPE) and polypropylene (PP)（売却）
BP chemicals spin-off to include Grangemouth, Lavera refineries
BP plans to include two of its European refineries in a new petrochemicals business being spun off from the main group, the company said Tuesday. The new unit comprising BP's olefins and derivatives businesses is due to be sold, possibly through an initial public offering, in the second half of 2005.
The company has now decided to include its refineries at Grangemouth in Scotland and Lavera in southern France in the new venture.
Petro Chemical News 2004/4/15 (Vol. 42, No. 14)
BP Plans Sale of
LAO/PAO Business Under New 'Twin-Track' Strategy
BP last week
announced its intention to sell its linear alpha olefins (LAO)
and polyalphaolefins (PAO) business under a new twin-track strategy for its petrochemicals
Under this strategy, explained BP, the company will now approach aromatics and acetyls differently from olefins and derivatives (O&D), and will reduce total annual organic capital expenditures to about $750-million in 2006 from the current level of approximately $1-billion.
BP's plan to consolidate olefins business 'no surprise': sources
announced Tuesday to consolidate the olefins and derivatives
division of its petrochemicals business into a stand-alone
entity, came as no surprise to many of the Asian participants,
according to Platts polls on Wednesday.
One source close to the company said that murmurs of the move have been heard a while back already.
Meanwhile, market sources were concerned that BP's plan to sell its O&D division in the second half of 2005 might not be able to attract sufficient buying interest.
BP Steps Up
Investment In China
BP announced today that it has signed a number of agreements covering investments totalling around $1 billion which will deepen its presence in the growing Chinese energy market.
Building on the highly encouraging results from the BP and Sinopec acetic acid joint venture in Chongqing where the capacity is already being increased from 200,000 tonnes a year to 350,000 tonnes a year, BP today signed a heads of agreement to build a 500,000 tonnes a year acetic acid plant in Nanjing, Jiangsu province, through a 50/50 joint venture with Sinopec.
The company also signed a letter of intent to examine the viability of expanding production at the BP Zhuhai PTA plant from 350,000 tonnes a year to 1.2 million tonnes a year.
BP’s two Chinese retail service station ventures also took a step forward
with the signing of the joint venture contracts and articles of
association for both the BP Sinopec Zhejiang Petroleum Company
Limited and the BP PetroChina Petroleum Company Limited.
In a separate move, BP also announced that it has agreed to be a partner in a hydrogen vehicle demonstration project being established by the Chinese Ministry of Science and Technology.
BP revised the capacity of No2 PTA project in Zhuhai
BP Zhuhai Chemical has revised the capacity of its No 2 PTA project to 900 000 tonne/year in Zhuhai Harbour Industrial Zone (珠海臨港工業區), Guangdong, China, according to the industry sources.
Originally, BP Zhuhai Chemical got the approval for the pre-feasibility study on a 600 000 tonne/year PTA project in June 2003. But recently, in order to get greater economy of scale, the company has increased the capacity of the proposed project to 900 000 tonne/year in a revised feasibility study.
If the company gets the approval smoothly, the work on the project maybe starts in Q3 2005, and the starts-up date due in H2 2007.
Acetic acid for the proposed plant could be sourced from BP’s jv - Yangtze River Acetyls Co (Yaraco) - in Chongqing, China. Yaraco is to up its acetic acid capacity from 200 000 tonne/year to 350 000 tonne/year in April 2005.
BP has already a PTA plant in Zhuhai, the No1 plant has the capacity of 350 000 tonne/year.
BP Zhuhai is an 85:15 jv between BP and China’s Fu Hua Group (富華集團).
The imports of PTA in China reached 3.1 Mt PTA in 2001, 4.3 Mt in 2002, 4.55 Mt in 2003, and 5.72 Mt in 2004.
Phased Exit from Two Manufacturing Plants at Hull, U.K.
announced a phased exit from its DF2 and DF3 acids and acetone
manufacturing operations at Saltend, Hull, and with it a phased withdrawal from its formic
acidギ酸 , propionic acidプロピオン酸 and acetone businesses, leading to a reduction in
its European acetic acid production capacity.
The DF2 and DF3 plants were commissioned in 1967 and 1972 respectively. They use naphtha as a feedstock to produce acetic acid, formic acid, propionic acid and acetone. The propionic acid, formic acid and acetone businesses will be exited. BP is committed to ensuring continuity of supply to its customers until the final closure date. Acetic acid will continue to be produced on other manufacturing assets on the site.
2004/11/30 BP ＢＰ、ＮＯＶＡとの提携でＬＬＤＰＥ生産性アップ
Grangemouth Grows Linear Low Density Polyethylene to Meet Rising Demand
BP has introduced higher rate
production runs of linear low density polyethylene at
Grangemouth, Scotland, to meet growing market demand. This has
been possible due to the successful introduction of a new best-in-class
catalyst, NOVACAT® T, jointly developed between BP and NOVA
It is particularly suited for producing BP’s range of linear low density blown and cast polyethylene film grades.
The Innovene 4 production unit uses proprietary BP Innovene® gas phase technology and has achieved daily and monthly production records throughout this year. Sales in 2004 from this unit are expected to be around 10% up on 2003, with further growth expected in 2005.
BP announced its Ziegler-Natta catalyst collaboration with NOVA Chemicals in 2001 and extended this collaboration to Metallocene and single site catalysts in 2002.
BP has licenced BP Innovene PE technology to 25 licensees in 15 countries.
BP’s gas phase Innovene plant at Granegmouth has a capacity of 320,000 tonnes per year which produces hexene-based LLDPE. BP has a second European plant using gas phase BP Innovene technology of 220,000 tonnes capacity, located at Koln, Germany which produces butene-based LLDPE.
Last month, BP and NOVA Chemicals announced plans to form a European styrene polymers joint venture starting in 2005.
BP to Close U.S. Linear Alpha
Olefin Production Capacity
BP announced today that it would
close its Linear Alpha Olefin (LAO) production facility in Pasadena, Texas, by the end of 2005. The company will
continue the manufacture of linear alpha olefins at its other two
facilities in Alberta, Canada and Feluy, Belgium.
Closure of the Pasadena site will reduce BP’s global linear alpha olefin capacity by 500,000 tonnes (1.1 billion pounds) per year.
According to George Tacquard, Senior Vice President of BP’s Global Derivatives business, the closure is the result of an extensive review of the company’s global linear alpha olefins business and prospects for the LAO industry.
“The LAO industry has faced a very difficult environment for the past few years, with overcapacity, slow demand growth, and high feedstock and energy costs. The Pasadena site is our oldest production site, and the closure of these older assets will allow our LAO business to focus resources on keeping our two newer sites at Feluy and Joffre competitive,” Tacquard said.
After the restructuring, BP will have an annual linear alpha olefin production capability of 300,000 tonnes (660 million pounds) at Feluy, Belgium and another 250,000 tonnes (550 million pounds) at the Joffre, Alberta plant.
BP Announces New Identity for Petrochemicals Company
BP announced today that the name
of its new olefins and derivatives subsidiary will be Innovene.
Innovene will be formed as a separate entity within the BP Group in April, with more than $9 billion in assets and $15 billion in third-party sales globally. The new company will be headquartered in Chicago and have more than 8,500 employees at 26 principal sites around the world.
Notes to editors:
Innovene will be created as a wholly owned subsidiary of BP on April 1, 2005. BP expects to sell the company later in 2005, possibly by way of an IPO, subject to necessary approvals and market conditions.
Innovene's major manufacturing sites include Grangemouth in Scotland, Lavera in France, Koln in Germany and Lima, Chocolate Bayou and Green Lake in the US. SECCO, the joint venture with Sinopec and SPC in Shanghai and the largest petrochemical complex in China to date, is due to become fully operational in the next few months.
Innovene manufacturers petrochemicals, including olefins (ethylene and propylene) and their derivatives such as polyethylene, polypropylene, acrylonitrile, linear alpha olefins, polyalphaolefins, and solvents, as well as gasoline, diesel and other refined products made in the Grangemouth and Lavera refineries. These chemicals are used to make a wide variety of plastic goods, including food and drink containers and wrappings, pipe work, automotive parts and mouldings of all kinds.
May 19, 2005 Nova
BP and NOVA Chemicals sign binding agreements for European Styrenics Joint Venture
New venture names two senior officers
BP and NOVA Chemicals
Corporation today announced they have signed binding agreements
merge their European styrenic polymers businesses into a 50:50
As previously announced in November 2004, the transaction to form
the Joint Venture will be cashless.
The Joint Venture will be named NOVA Innovene, after its shareholders NOVA Chemicals and Innovene, BP's newly formed olefins and derivatives business.
July 28, 2005 ChemicalWeek
Shanghai Secco Olefins JV
to Stay with BP After Innovene Spin-Off
BP says its 50% stake in the Shanghai Secco Petrochemical joint venture will remain with the BP group following the spin-off of BP's Innovene olefins and derivatives business later this year. BP originally intended to include the Secco stake with Innovene.
Secco also builds on BP's strong relationship with Sinopec, BP says. That includes the Yaraco acetyls jv at Chongqing, China and an acetic acid jv that is under construction at Nanjing, China.
Yahoo Finance September 2, 2005
India's Reliance may be
preparing to bid for BP unit Innovene
Reliance Industries Ltd is believed to be putting together the finishing touches of a plan to bid for Innovene, the wholly-owned subsidiary of BP PLC, the Economic Times reported, citing industry sources.
Though BP had committed to Innovene employees at the time of the separation that it would list the company through an IPO and not sell it to a strategic investor, the company may be keeping other options also open, the newspaper cited industry sources as saying.
BP chemical unit Innovene sets $1 billion IPO
The main petrochemical subsidiary of oil giant BP Plc, Innovene Inc., said late on Monday it was planning a U.S. initial public offering (IPO) to raise $1 billion.
The filing with the U.S. Securities and Exchange Commission also follows Innovene's deal earlier this year to build a $2 billion plastics plant in Saudi Arabia in a move to orient the unit toward fast-growing Asian markets.
On Aug. 28, the Times of India said Reliance Industries, flagship of the Ambani family's Reliance group and India's largest company, may be close to launching a bid for an unnamed business that bore a close resemblance to Innovene.
"If Reliance is serious about Innovene, then they should be moving in quickly. If you wait for the company to get listed then it would bring about a lot more legal formalities and even valuations could go higher," Sharma said.
BP Confirms Plans for
Second Zhuhai PTA Plant
BP is planning a second
world-scale PTA (purified terephthalic acid) plant at their BP Zhuhai
Chemical Company Limited (BP Zhuhai) site in Guangdong
BP Zhuhai, a joint venture between BP (85 per cent) and Fu Hua Group (15 per cent), currently operates a 350,000 tonnes a year PTA plant at the site and will also own and operate the new plant. 富華集団
The new plant, with a capacity of 900,000 tonnes a year, will be the first to employ BP’s latest generation PTA technology and, subject to final approval from the Chinese Government, is expected to come on stream at the end of 2007 to meet PTA demand growth in China.
Notes to editors
|*||PTA is the preferred raw material used to manufacture polyethylene terephthalate, a widely used polyester polymer for the production of textiles, bottles, packaging and film products. In China, 90 per cent of PTA production is used in the textile industry. Government statistics show that China’s PTA consumption in 2004 exceeded 10 million tonnes, of which only around 40 per cent was supplied by domestic production.|
|*||BP Zhuhai was formed as a joint venture between BP and Fu Hua in 1997. The venture’s first PTA plant, with initial capacity of 350,000 tonnes a year (tpa), began production in 2003 and has the capability to expand to 500,000 tpa. The site’s combined PTA production capacity after the completion of the new plant will be more than 1.2 million tpa, confirming Zhuhai as one of the major PTA production centres in China.|
|*||BP has been a leader in PTA for over 30 years, with a global market share of 21 per cent on an equity basis (or 31 per cent including joint ventures). BP operates 21 PTA plants located in Asia, the Americas and Europe with a total combined annual production capacity of more than 9 million tonnes.|
|*||BP is one of the world’s largest oil, gas and petrochemicals groups, generating 2004 profits of over $16 billion and revenues of over $280 billion. BP employs about 103,000 people worldwide and has activities in more than 100 countries. The company is one of the leading foreign investors in China, having invested over $3 billion in commercial projects in the country. Its activities in China include production and importation of natural gas, supply of aviation fuel, import and marketing of LPG, fuels retailing, lubricants blending and sales, and petrochemical manufacturing. BP employs over 3,000 staff in China, either directly or through joint ventures.|
|*||Fu Hua Group Ltd was established in 1986 and became the first Zhuhai company to be listed on the Shen Zhen Exchange in the People’s Republic of China in 1993 with a registered capital of 345 million RMB and total assets of 1.2 billion RMB. Fu Hua Group, the former Fu Hua Polyester Fibre Plant, has been developed into a comprehensive enterprise group with main activities in the fields of harbour transportation, real estate development, import and export, pharmaceutical production and distribution.|
BP in Talks Over China Partnership - FT
Britain's BP Plc has held talks with Chinese officials over a possible partnership with top oil refiner Sinopec Corp., the Financial Times reported on Thursday.
A partnership with Sinopec, China's largest refiner and marketer, would give BP unparalleled access to the most important growing market in the world, the report said.
Sinopec would benefit from BP's upstream exploration activities, according to the FT.
Financial times 2005/10/13
LORD BROWNE LINES UP ANOTHER AUDACIOUS DEAL FOR OIL MAJOR
News that Lord Browne is negotiating a big deal with China's Sinopec will come as no surprise to observers of his decade-long tenure as chief executive, writes Thomas Catan in London. Lord Browne, 57, has come to be known for his audacious takeovers of companies around the world, which saw BP emerge as the second-largest publicly traded oil company in the world.
ジョン・ブラウン卿 BP p.l.c.グループ最高経営責任者。
Restatement of historical results following 2006 resegmentation.
Following the launch of BP Alternative Energy in November 2005 and the sale of Innovene to INEOS in December 2005, certain assets have been transferred between segments to reflect the operational structure of the Group. These transfers are effective from 1 January 2006. Financial information for 2005 and 2004 has been restated to reflect these transfers.
|Summary of the 2006 asset transfers:|
|1.||following the sale of Innovene to INEOS, the SECCO and Malaysia JV interests, previously held in other businesses and corporate (OB&C) are transferred to refining and marketing (R&M)|
|2.||the formation of BP alternative energy has resulted in the transfer of certain mid-stream assets and activities to gas, power and renewables (GP&R):|
|・South Houston green power
(SHGP) cogeneration facility (Cogen) (in Texas City
refinery) from R&M
・Watson Cogen (in Carson refinery) from R&M
・Phu My phase 3 in Vietnam from exploration and production (E&P)
|3．||transfer of hydrogen for transport from GP&R to R&M|
These three transfers are
|Descriptions of the transferred assets:|
|・||Shanghai Ethylene Cracker Complex (SECCO) is an integrated olefins and derivatives site with a 900kte Ethylene cracker and a number of downstream derivative facilities. It is a JV between BP (50%), Sinopec (30%) and Sinopec Shanghai Petrochemical Company (20%). The site commenced operation in 2005|
|・||Malaysia Interests comprise:|
|a||430 kte Ethylene cracker through the Ethylene Malaysia Sdn. Bhd. (EMSB) associated undertaking between BP (15%), Petronas (72.5%) and Indemitsu (12.5%); and|
|b||310 kte Polyethylene cracker through the Polyethylene Malaysia Sdn. Bhd. (PEMSB) associated undertaking between BP (60%) and Petronas (40%)|
|・||Watson Cogen in the Carson refinery is a 410MW cogeneration facility providing steam and power to BP's Carson refinery in Los Angeles, CA. (and to third parties). The cogen plant is jointly owned by BP (51%) and Edison-Mission (49%) and first entered operation in the mid-1980s|
|・||South Houston Green Power (SHGP) Cogen in the Texas City refinery is a 700MW cogeneration facility supplying steam and power to BP's Texas City refinery in Texas (and to third parties). The cogen plant is a JV between BP (50%) and Cinergy (50%) and first entered commercial operation in 2004|
|・||Phu My phase 3 is a 720MW gas-fired CCGT located in Vietnam. The plant is an Equity Accounted associated undertaking between BP (33.3%), Semcorp (33.3%) and Kyushu Electric (33.3%). The plant began commercial operation in 2003|
|・||the Hydrogen for Transport team participates in demonstration projects across Europe, Asia and the US, in partnership with both governments and auto manufacturers. BP provides the infrastructure for these projects through hydrogen refuelling stations|
BP Expanding European PTA and Paraxylene Production
BP today confirmed that
it is proceeding with its project for a major increase in purified
terephthalic acid (PTA) production capacity at its Geel,
Belgium, plant and also announced that it has recently completed
a significant increase in the plant's paraxylene (PX) production capacity.
The planned debottleneck of PTA production at Geel will increase capacity by more than 350,000 tonnes a year, making the total PTA production capacity of the Geel site some 1.4 million tonnes a year.
As well as expanding PTA production capacity, application of the latest advances in BP's proprietary paraxylene production technology to Geel’s PX unit in 2005 has now increased capacity of the unit to 560,000 tonnes a year - over 30 per cent higher than the original design capacity of the unit, commissioned in 2000. The use of BP's PX crystallisation technology has made the plant one of the most energy-efficient PX plants now operating.
BP has been a leader in PTA for over 30 years, with a strong record of growth and innovation in this business. BP has a global PTA production capacity share of 21 per cent on an equity basis (or 31 per cent including joint ventures). BP operates 21 PTA plants located in Asia, the Americas and Europe with a total combined annual production capacity of more than 9 million tonnes.
BP is also a leader in the PX Business with a global production capacity share of 11%. BP's PX assets are in the Americas and Europe with a total combined annual production capacity of 2.9 million tonnes.
Geel (Belgium) is the integrated production site for BP's PTA and PX manufacturing in Europe. Its annual production capacity for PTA & PX has grown from 300.000 to 1.4 million tonnes over the timespan of a decade. Cost effective rail and road connections reach all major European markets, and make the site very attractive in terms of logistics. The Geel site is also advantaged as part of BP's extensive PTA & PX technology and manufacturing networks, contributing to developments on safe, reliable and cost & energy effective manufacturing.
BP produces PTA from plants in the US, Belgium, Brazil, Korea, Indonesia, China, Malaysia and Taiwan. We successfully commissioned our latest PTA production units in early 2003. These are the Zhuhai joint venture in southern China with capacity of 350,000 tonnes a year and the sixth train at our CAPCO joint venture in Taiwan with capacity of 700,000 tonnes a year.
26 September 2005
BP Zhuhai, a joint venture between BP (85 per cent) and Fu Hua Group (15 per cent), currently operates a 350,000 tonnes a year PTA plant at the site and will also own and operate the new plant.
The new plant, with a capacity of 900,000 tonnes a year, will be the first to employ BP's latest generation PTA technology and, subject to final approval from the Chinese Government, is expected to come on stream at the end of 2007 to meet PTA demand growth in China.
The purified terephthalic acid (PTA) plant is located in the State of Pahang on the east coast of the Malaysia peninsula, 25 km from Kuantan town. This BP wholly owned unit began production in 1996 with an annual PTA capacity of 600,000 tons.
07 May 2003
BP announced today that it has increased its interests in its Taiwanese and Korean PTA joint ventures. BP now owns 59.02% of China American Petrochemical Company (CAPCO) in Taiwan and 47.41% of Samsung Petrochemical Company (SPC) in Korea. As a result of the two deals, BP's equity PTA capacity in Asia has increased by 14% to around three million tonnes a year.
CAPCO is the largest producer of PTA in Asia operating six production units with a total capacity of 2.1 million tonnes per annum. BP acquired the incremental 9.02% interest in CAPCO from Central Investment Holding Company (CIHC). As a result, BP now controls 59.02% of the equity in CAPCO while Chinese Petroleum Corporation and CIHC retain 25.00% and 15.98% respectively.
SPC is the third largest producer of PTA in Asia operating four PTA units in Korea to produce a total of 1.4 million tonnes per annum. BP and SPC recently completed a number of transactions with minority shareholders of SPC increasing BP's ownership of SPC from 35% to 47.41%. BP's ownership of SPC is now equal with Samsung's.
BP participates in a joint venture in PT Amoco Mitsui (PT AMI) to produce purified terephthalic acid (PTA) in Indonesia. PTA is the preferred intermediate used in the manufacture of polyester resin for fibres, films, and packaging. Our partners (and equity) in this PTA joint venture are BP (50%), Mitsui Chemicals (MCI 45%), and MBK 5%. This venture headquarter is located in Jakarta while the plant is situated in Merak. The plant started up in August 1997 with an annual production capacity of 350,000 tons of PTA.
The Cooper River plant, about 25 minutes north of Charleston, South Carolina, is home to the worlds largest single purified terephthalic acid (PTA) unit. PTA is the preferred intermediate used in the manufacture of polyester resin for fibers, films, and packaging. This facility, located on a 5000 acre site, has two production units which combine to manufacture approximately 2.8 billion pounds of PTA per year as well as associated shipping, utility, and waste treatment facilities. The product is sold both domestically and internationally by rail hopper cars and bulk sea containers.
Rhodiaco Indústrias Químicas in Paulínia, São Paulo, Brazil, is a joint venture between BP (49%) and Rhodia-Ster/M&G (51%).The 250,000 tons per year plant is the only South American manufacturer of purified terephthalic acid (PTA). PTA is the preferred intermediate used in the manufacture of polyester resin for fibers, films, and packaging.
BP to Market Share of SPC in Korea
BP announced today that it has decided to pursue a sale of its 47.41% equity interest in Samsung Petrochemical Co., Ltd. (SPC), its joint venture with Samsung located in South Korea. SPC is one of the leading producers of purified terephthalic acid (PTA) in Asia with a total production capacity in excess of 1.8 million tonnes per year. PTA is the preferred raw material used to manufacture polyester.
Dave Miller, president of BP's global PTA business said,"SPC is an excellent business with a solid performance track record and is well-positioned for continued growth. BP and Samsung however have different views of SPC's future strategy and BP believes if it is able to achieve an appropriate price, exiting is in the best interest of SPC and its shareholders.
Note to editors
SPC is currently owned by BP (47.41%), Samsung (47.41%) and Shinsegae (5.18%). It is staffed by Samsung personnel, headquartered in Seoul and operates four PTA plants on two separate sites; Ulsan Petrochemical Complex (approximately 400 km from Seoul) and Daesan Petrochemical Complex (approximately 145 km from Seoul and 400 km from China) with a total production capacity in excess of 1.8 million tonnes per year).
* Ulsan 1,100千トン、Daesan 700千トン
BP has enjoyed more than 30 years of success in South Korea and remains fully committed to the country. BP's other activities in South Korea - Samsung BP Chemicals, Asian Acetyls, K-Power, lubricants and shipping - are unaffected by the decision to exit SPC.
In the power sector, we acquired a 35% stake in K-Power, which is a joint venture with SK Corp (65%) to build and operate a 1,074 MW power plant. The plant is located at POSCO’s LNG terminal, enjoying competitive LNG prices as well as technological benefits. It is scheduled to start full operation by July 2006 and will be the first merchant plant in Korea
The BP group began marketing lubricants here in 1977. We now operate a blending facility (opened by Castrol in 1989), which has a capacity of 65,000 mtpa. We market automotive lubricants primarily through the Castrol brand. We have also supplied high quality industrial lubricants - metal working fluid and general industrial oils- to most industries since 1984, including Hyundai/Kia Motors and POSCO. Our International Marine team provides bunkers and lubricants at ports worldwide to major Korean shipping customers. We have a dedicated third-party marine lubricant blender in Busan, supplying around 30,000 KL a year to contracted vessels, including those newly built.
BP Shipping has been building ships in Korea since 1997.
Agrees Major Exploration and Production Deal with Libya
BP's single biggest exploration commitment," says BP group chief executive.
BP and its Libyan partner, the Libya Investment Corporation (LIC), today signed a major exploration and production agreement with Libya's National Oil Company (NOC). The initial exploration commitment is set at a minimum of $900million, with significant additional appraisal and development expenditures upon exploration success.
BP、ロシアのガス田売却 ガスプロムに 事業の独占進む Kovykta project Gazprom
BP and TNK-BP Plan Strategic Alliance with Gazprom as TNK-BP Sells its Stake in Kovykta Gas Field
BP and TNK-BP today announced that they have signed a memorandum of understanding to create a strategic alliance with the Russian gas giant, Gazprom, to invest jointly in major long-term energy projects or swap assets around the world.
Under the terms of the agreement signed by all parties, TNK-BP agreed to sell Gazprom its 62.89 per cent stake in Rusia Petroleum, the company which holds the licence for the Kovykta gas field in East Siberia. It will also sell its 50 per cent interest in East Siberian Gas Company (ESGCo), the company constructing the regional gasification project.
|TNK-BP is the
major shareholder of RUSIA Petroleum; besides, Interros
and the Irkutsk Region Administration are among the
Interros is a major Russian private investment company.
TNK-BP owns and operates five refineries (four in Russia and one in Ukraine) and has a retail network of approximately 1,600 sites spread across Central Russia and Ukraine, with a particularly strong position in the Moscow market.
will pay between $700-$900 million, subject to adjustments, for
TNK-BP's interests in Rusia and ESGCo.
Notes to editors:
Gazprom is Russia's largest company and the world's largest producer of natural gas. It holds about one quarter of total world gas reserves. Gazprom exports gas to 32 countries within and beyond the FSU. In 2005 the company sold 156.1 billion cubic metres of gas to European countries and with 76.6 billion cubic metres to the CIS and Baltic states.
TNK-BP is the third largest oil company in Russia. In 2006 it produced 1.9 million barrels of oil equivalent a day. It is owned and managed jointly by BP and Alfa Access Renova group.
The Kovykta gas field is located some 450 kilometres from the city of Irkutsk in the north of the Irkutsk region of Eastern Siberia. It has estimated resources of approximately 2 trillion cubic metres of gas in place.
September 1, 2003, BP, one of the largest international oil
companies, and Alfa Access Renova (AAR) announced the
creation of a strategic partnership to jointly hold their oil
assets in Russia and Ukraine. As a result, TNK-BP was created.
Today, TNK-BP is Russia’s third largest
oil company in terms of reserves and crude oil production.
BP and AAR each own an equal interest in TNK-BP. AAR contributed its holdings in TNK International, Onaco and Sidanco, its share in RUSIA Petroleum (which holds licenses for the Kovykta gas condensate deposit and the Verkhnechonsk oil and gas deposit), its stake in the Rospan gas field in West Siberia (the New Urengoy and East Urengoy deposits).
BP contributed its holding in Sidanco, its stake in RUSIA Petroleum and its BP Moscow retail network. In January 2004, BP and AAR reached an agreement to incorporate AAR’s 50% stake in Slavneft into TNK-BP. Slavneft, which has operations in Russia and Belarus, was previously owned jointly by AAR and Sibneft. Under the transaction terms, BP is committing cash as well as its own shares as future payments.
The independent audit conducted by DeGolyer and MacNaughton confirmed that as of December 31st 2006, TNK-BP’s total proved reserves were 7.810 bn bbls or 1.0 bn tons of oil equivalent on a SEC (US Securities and Exchange Commission) life-of-field basis; 8.949 bn bbls or 1.19 bn tons of oil equivalent on a SPE (Society of Petroleum Engineers) basis.
In 2004, the company produced approximately 72 mmtpa of oil or 1.47 mmbd, in 2005 ? 75 mmtpa or 1.58 mmbd. TNK-BP’s principal refining assets are located in Ryazan (near Moscow), Nizhnevartovsk (West Siberia), Nyagan (Khanty-Mansiysk), Saratov (Saratov region) and Lisichansk in Ukraine. Throughput in 2005 totaled 632 kbd or 30.89 mmtpa. The company’s retail network includes approximately 1,600 filling stations located primarily in Central European Russia and in Ukraine.
In the near future, TNK will further develop its asset base in Russia and the CIS, pursue an aggressive production growth strategy through broader use of technology across the business, expand its operations in East Siberia, add reserves to its portfolio and pursue new strategic projects.
TNK-BP’s five-year strategy aims at enhancing the company’s long-term value. While the company is implementing an aggressive short-term plan, it continues to invest in large-scale and longer-term projects. This strategy will help create the underlying conditions for sustainable growth and profitability in the period beyond the company’s five-year horizon.
Access IndustriesはLen Blavatnik が設立し、所有する投資会社である。
Len Blavatnikは本年49歳、ロシアで生まれ、21歳の時に米国に移住し米国籍をとった。ハーバードビジネススクールのMBAを取り、1986年にAccess Industriesを設立した。
その後、ロシアの友人及びロシアの富豪と組んで Tyumen Oil Co. (TNK) を設立、更にBPとTNKの合弁で2003年にTNK-BP を設立した。
アルファ・グループ・コンソーシアム（アリファ・グループ、Alfa Group）は、ロシアの新興財閥。ロシア最大の金融産業コングロマリットのひとつ。中心企業であるアルファ銀行に代表される商業及び投資銀行業の他、石油及びガス、消費財取引、保険業、小売業と電気通信分野などグループ企業は広範である。 アルファ・グループの総帥は、オリガルヒのひとりでもあるミハイル・フリードマンと、ロシア連邦対外経済関係相などを務めた後、実業界に転身したピョートル・アーヴェン（ピョートル・アベン）である。1988年にフリードマンが設立したトレーディング・カンパニー、アルファ・エコAlfa-Ecoが最初で業務を拡大していった。本社はモスクワにある。
Renova Holding は、ロシア経済を背景とするベンチャーキャピタル
会長Viktor Feliksovich VEKSELBERG ヴェクセルベルク氏の個人資産はおよそ81億フラン ( 約7800億円 ) で、ロシアの長者番付では第5位。石油とアルミで財をなした。プーチン大統領とも顔見知りだ。現在はチューリヒに豪華なマンションを購入して住んでいる。
・BPとAlfa group & Access/Renovaが合弁会社設立へ
英BPとロシアの持株会社 Alfa group とAccess/Renova は、合弁石油会社を設 立する意向を明らかにした。
"Alfa group" と "Access/Renova"は、現在保有している石油大手TNK株97%と シダンコ株56%を新会社に委譲する。また、両社が取得しているサハリン4、サハリン 5プロジェクトの事業権益も新会社に移る予定。
BPの新合弁会社への投資額は67億5,000万米ドル。同社は、契約締結後30億米ドルを直接投資。その後年間12億5,000万米ドル分の自社株を3年間、"Alfa group" と "Access/Renova"に譲渡する。
新会社への出資比率は、BPが50%、"Alfa group" と"Access/Renova"が50%。 契約が締結されるのは今年夏になる予定だ。
BP, ABF and DuPont Unveil $400 Million Investment in UK Biofuels
The wide spread availability of biofuels in the UK took a major step forward today as BP, Associated British Foods (ABF) and DuPont announced major investment plans, totalling around $400 million, for the construction of a world scale bioethanol plant alongside a high technology demonstration plant to advance development work on the next generation of biofuels.
The bioethanol plant, in which BP and ABF subsidiary British Sugar would each hold 45 per cent with DuPont owning the remaining 10 per cent, will be built on BP's existing chemicals site at Saltend, Hull. Due to be commissioned in late 2009, it will have an annual production capacity of some 420 million litres from wheat feedstock.
Associated Press 2007/8/10
BP Formalizes Coal-Bed Methane Plans
The coal-bed methane exploration that British Petroleum has talked about undertaking in southeastern British Columbia, to the alarm of some Montana officials, is now a formal proposal.
BP would be required to inject into the ground the water brought forth in coal-bed methane work, Eichenberger said Wednesday at a meeting of the Flathead Basin Commission, which is charged with monitoring Flathead water quality and working to safeguard it.
Methane from coalbed reservoirs can be recovered economically, but disposal of water is an environmental concern.
Most gas in coal is stored on the internal surfaces of organic matter. Because of its large internal surface area, coal stores 6 to 7 times more gas than the equivalent rock volume of a conventional gas reservoir. Gas content generally increases with coal rank, with depth of burial of the coalbed, and with reservoir pressure. Fractures, or cleats, that permeate coalbeds are usually filled with water; the deeper the coalbed, the less water is present, but the more saline it becomes. In order for gas to be released from the coal, its partial pressure must be reduced, and this is accomplished by removing water from the coalbed. Large amounts of water, sometimes saline, are produced from coalbed methane wells, especially in the early stages of production.
While economic quantities
of methane can be produced, water disposal options that are
environmentally acceptable and yet economically feasible, are a
Water may be discharged on the surface if it is relatively fresh,
but often it is injected into rock at a depth where the quality
of the injected water is less than that of the host rock. Another
alternative, not yet attempted, is to evaporate the water and
collect the potentially saleable solid residues; this scheme
might be feasible in regions having high evaporation rates.
June 29 2007 BP BP's answer to food-based ethanol
Fuel Crops Limitedという合弁企業を設立し、ヤトロファ
Oil Yield (ton/ha/yr)
Yield Palm oil (Malaysia) 3.75 Rapeseed (EU) 1.33 Soyabean (USA) 0.46 Sunflower (Argentina) 0.66 Jatropha 1.44 ＭＰＯＢ マレーシアパームオイル委員会
September 7 2007 Fortune Magazine
BP's answer to food-based
The oil giant believes an inedible plant called jatropha can ease global fuel demands. It could boost incomes in Africa and other impoverished regions too.
Can a poisonous plant become a biodiesel hero and help African economies in the process?
BP thinks so. It believes jatropha - an inedible plant used for hedges that was spread around the world centuries ago by Portuguese sailors - can dent global fuel demands without using up foodstuffs such as corn, soy and sugar cane, plus boost incomes in Africa and other impoverished regions.
January 18 2008 BP
BP Reinforces its Commitment to China
BP announced today during a ceremony in the Great Hall of People in Beijing that it had signed a series of agreements to enhance its commitment to China. These agreements involve strategic integration and commercialisation of clean coal conversion technologies, wind power generation and world-class acetic acid production.
Energy Commercialisation Centre
BP and the China Academy of Sciences (CAS) signed an agreement to undertake a feasibility study into a proposed Clean Energy Commercialization Centre (CECC) joint venture. This represents a major step forward following the signing of a Memorandum of Understanding in Shanghai last August.
Under the agreement, CECC is intended to integrate individual clean energy related technologies - coal gasification, coal to liquids, coal to chemical, carbon capture and storage, coal bed methane and underground gasification - from CAS institutes and other organizations both within and outside the PRC, into competitive integrated feedstock manufacturing and product distribution systems and solutions such as polygeneration complexes. The CECC would also serve as an international platform to foster collaboration among research institutes, enterprises and other institutions to improve indigenous Chinese innovation capabilities and market applications in areas such as clean coal conversion, zero emission and carbon capture and storage.
BP signed a framework agreement with Beijing Tianrun New Energy Investment Co., a subsidiary of Goldwind Science and Technology Co., Ltd., with the intention of jointly investing, constructing, and operating three 49.5 megawatt wind power plants near Bayan Obo in Inner Mongolia. The two parties have also agreed to explore further wind power investment opportunities in other areas of Inner Mongolia.
BP and Sinopec signed a Memorandum of Understanding to add a new 650k tonnes acetic acid plant at their YARACO joint Venture in Chongqing, upstream Yangtze River, Southwest China. This marks another major milestone in strengthening the existing partnership in acetic acid production and follows on from the successful investment in Yangtze River Acetyls Company (YARACO) in Chongqing, and in the BP Yangtze Petrochemicals Acetyls Company (BYACO) in Nanjing.
生産 輸入 輸出 消費 2001 860 200 - 1,060 2002 840 350 - 1,190 2003 947 500 - 1,447 2004 1,152 525 16 1,661 2005 1,370 542 35 1,877 2006 1,438 707 28 2,117 2007 1,628 499 138 1,989
BP and AAR Move to
Resolve Joint-Venture Dispute
An overhaul of the governance structure of Russia's third largest oil company, TNK-BP, has been agreed in principle by the two main owners, BP and Alfa Access-Renova (AAR). The aim is to better align their respective interests and improve the transparency of TNK-BP's equity.
Alfa Access Renova は3社の連合。 ・ Alfa Group は、ロシアの新興財閥で、ロシア最大の金融産業コングロマリットのひとつ。中心のアルファ銀行のほか、石油及びガス、消費財取引、保険業、小売業と電気通信分野などグループ企業は広範である。 ・ Access Industries はロシア生まれの Len Blavatnik が設立し所有する米国の投資会社で、Basellを買収した。
Len Blavatnik はLyondell Chemical の株式を購入し、話題となっている。
参考 2006/6/15 Basellの買収
2007/5/16 Access Industries の会長、Lyondell Chemical の株式を購入
・ Renova Holding はロシアの長者番付では第5位のViktor Feliksovich Vekselberg の所有するベンチャーキャピタル。
A memorandum of understanding (MOU) signed today and due to be finalised in detail over the coming months, envisages the re-structuring of the TNK-BP board through the appointment of three new directors independent of either side.
折半出資石油会社 経営問題で和解 CEO退任容認
TNK-BP is a leading Russian oil company and is among the top ten privately-owned oil companies in the world in terms of crude oil production. The company was formed in 2003 as a result of the merger of BP’s Russian oil and gas assets and the oil and gas assets of Alfa, Access/Renova group (AAR). BP and AAR each own 50% of TNK-BP. The shareholders of TNK-BP also own close to 50% of Slavneft, a vertically integrated Russian oil company.
TNK-BP is a vertically integrated oil company with a diversified upstream and downstream portfolio in Russia and Ukraine. The company’s upstream operations are located primarily in West Siberia (Khanty-Mansiysk and Yamalo-Nenets Autonomous Districts, Tyumen Region), East Siberia (Irkutsk Region), and Volga-Urals (Orenburg Region). In 2007 the company produced on average 1.6 mboed. Including its 50% share in Slavneft, average production was 1.8 mboed.
Under PRMS (formerly SPE) criteria, Total Proved Reserves were 9.982 bn bbl of oil equivalent. This represents a Total Proved PMRS reserves replacement ratio of 297%.
TNK-BP controls 675 thousand bbl/day in installed refining capacity, with principal refining assets located in Ryazan (near Moscow), Saratov (Volga-Urals), Nizhnevartovsk (West Siberia) and Lisichansk in Ukraine.
TNK-BP operates a retail network of approximately 1,600 filling stations Russia and Ukraine working under the BP and TNK brands. The company is one of the key suppliers to the Moscow retail market and is a market leader in Ukraine.
TNK-BP is headquartered in Moscow and is governed by a multinational management team with experience of working in over 50 different countries. A blend of the best international and Russian talent ensures accelerated introduction of world-class technology, project management, corporate governance and best Health, Safety and Environment practices.
TNK-BP employs approximately 65,000 people, mostly located in eight major areas of Russia and Ukraine.
On 1 September 2003, BP and Alfa, Access, Renova (AAR) announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine. As a result, TNK-BP was created. Today, TNK-BP is Russia’s third largest oil company (after Rosneft and Lukoil) in terms of reserves and crude oil production.
BP and AAR each own an equal interest in TNK-BP. AAR contributed its holdings in TNK International, ONAKO and SIDANCO, its share in RUSIA Petroleum (which holds licenses for the Kovykta gas condensate deposit and the Verkhnechonsk oil and gas deposit), its stake in the Rospan gas field in West Siberia (the New Urengoy and East Urengoy deposits).
BP contributed its holding in SIDANCO, its stake in RUSIA Petroleum and its BP Moscow retail network. In January 2004, BP and AAR reached an agreement to incorporate AAR’s 50% stake in Slavneft into TNK-BP. Slavneft, which has operations in Russia and Belarus, was previously owned jointly by AAR and Sibneft (now Gazprom Neft).
Since 2003, TNK-BP has significantly increased production by almost 250% on a barrel of oil equivalent basis (adjusted for divestments of assets) - from close to 1.3 mboe/d in 2003 to 1.6 mboe/d in 2007 (exluding Slavneft production).
In the near term, TNK-BP will continue to develop its brownfield base, managing decline rates and ensuring reserves replacement rate in excess of in-year production. Simultaneously, we will continue to develop new greenfield projects to ensure sustainable growth in the longer term. We expect the first of our new greenfield projects to come on line in 2009; until then TNK-BP's production is expected to stay generally flat.
BP shutting 600,000
mt/year of US PX production: sources
BP is idling 600,000 mt/year of US paraxylene production because of increased capacity coming on line in the Far East, market sources said Friday. BP declined to comment on the closures.
Market sources on Friday said BP would be shutting 350,000 mt/year of production in Texas City and 250,000 mt/year of production in Decatur, Alabama.
BP is also idling 150,000 to 200,000 mt/year of PTA production in Decatur, the sources said.
to Sell Malaysian Ethylene and Polyethylene Interests to Petronas
BP today announced that it has agreed to sell its interests in ethylene and polyethylene production in Malaysia to PETRONAS.
The agreement concerns BP's 15 per cent interest in Ethylene Malaysia Sdn Bhd (EMSB) and 60 per cent interest in Polyethylene Malaysia Sdn Bhd (PEMSB), both of which are operated by PETRONAS, and are located at Kertih, on the east coast of Malaysia. This announcement does not affect BP's other businesses in Malaysia.
the terms of the agreement, PETRONAS will, at closing, pay $363m in
cash to BP, inclusive of a balance
sheet adjustment of $13m and the repayment of a shareholder loan
of $53m. Subject to certain conditions, both parties anticipate
completing the transaction by the end of 2010. Additionally, BP
will also receive an EMSB pre-closing dividend payment amounting
to $48m, subject to EMSB Board approval.
Sue Rataj, President of BP's Global Petrochemicals Business, said: ''Whilst these are attractive businesses with strong domestic and regional markets, BP recognizes that PETRONAS is their natural owner, with various integration opportunities uniquely available to them at the Kertih site. BP will continue to focus on the development and expansion of our olefins and derivatives business in China, and other large rapidly growing markets, and pursue opportunities in China and India to extend our leading world positions in aromatics and acetyls.''
EMSB's olefins cracker, commissioned in 1995, has production capacity of approximately 440,000 tonnes per annum (tpa) of ethylene, a basic petrochemical feedstock. The company is owned by PETRONAS (72.5 per cent), BP (15 per cent) and Idemitsu (12.5 per cent). PEMSB, whose polyethylene plant also began operation in 1995, is owned by BP (60 per cent) and PETRONAS (40 per cent). The plant has a production capacity of some 318,000 tpa of polyethylene, used primarily for packaging and film manufacture. Ethylene feedstock for the plant is supplied by EMSB.
BP has been present in Malaysia since the 1960s and now has over 850 staff in the country. BP is currently in the process of growing its Asian Business Service Centre in Kuala Lumpur, which supports business and functional operations both regionally and globally. BP owns a 600,000 tpa purified terephthalic acid plant in Kuantan and has a 70 per cent interest in a 560,000 tpa acetic acid plant in Kertih. BP also has a lubricants plant at Port Klang and the company's lubricants brands, Castrol, BP and Duckhams, hold a significant market share in the country.
February 21, 2011
BP and Reliance Industries Announce Transformational Partnership in India
Reliance Industries Limited and BP to participate across the gas value chain in India
BP to take a 30 per cent stake in 23 oil and gas blocks
Reliance Industries Limited and BP today announced a historic partnership between the two companies. Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and Mr. Robert Dudley, BP Group Chief Executive, signed the relationship framework and transactional agreements in London.
The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 block(Krishna Godavari D6 block) , and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.
The partnership will combine BP's world-class deepwater exploration and development capabilities with Reliance's project management and operations expertise.
Mukesh Ambani said: "We are delighted to partner with BP, one of the largest energy majors and one of the finest deep water exploration companies in the world. This partnership combines the skills of both companies and will be focused on finding more hydrocarbons in the deep water blocks of India and significantly contribute to India's energy security."
For BP, Reliance is a natural partner in India, given its strong position in the Indian market.
"This partnership meets BP's strategy of forming alliances with strong national partners, taking material positions in significant hydrocarbon basins and increasing our exposure to growing energy markets," said Mr. Carl-Henric Svanberg, Chairman of BP.
BP will pay Reliance Industries Limited an aggregate consideration of US$7.2 billion, and completion adjustments, for the interests to be acquired in the 23 production sharing contracts. Future performance payments of up to US$1.8 billion could be paid based on exploration success that results in development of commercial discoveries. These payments and combined investment could amount to US$20 billion.
BP's confidence in India is evident from the fact that the transaction constitutes one of the largest foreign direct investments into India.
The 23 oil and gas blocks together cover approximately 270,000 square kilometres. This will make the partnership India's largest private sector holder of exploration acreage.
So that the joint venture can capitalise on Reliance's outstanding project management track record and operations expertise, Reliance will continue to be the operator under the production sharing contracts, whose blocks lie in water depths ranging from 400 to over 3,000 metres. These currently produce about 1.8 billion cubic feet of gas per day (bcf/d), over 30 per cent of India's total consumption, and over 40 per cent of India's total production.
"India is one of the fastest growing economies in the world. By allying ourselves with Reliance, we will access the most prolific gas basin in India and secure a place in the fast growing Indian gas markets, creating a genuinely distinctive BP position," said Bob Dudley. "BP looks forward to a long and successful working partnership with Reliance."
Completion of the transactions is subject to Indian regulatory approvals and other customary conditions.
April 01 2011 BP
BP Accesses Four Coalbed Methane Production Sharing Contracts in Indonesia
BP confirmed today that it has signed four new coalbed methane (CBM) production sharing contracts (PSCs) in the Barito basin of South Kalimantan, Indonesia.
BP and co-owner Pertamina were jointly awarded the Tanjung IV CBM PSC through a direct award from the Government of Indonesia. BP will hold a 44 per cent participating interest in the PSC with Pertamina holding the remaining 56 per cent.
BP and co-owner PT Sugico Graha (Sugico) were jointly awarded the Kapuas I, II and III CBM PSCs through a direct offer from the Government of Indonesia. BP will hold a 45 per cent participating interest in the PSCs with Sugico holding the remaining 55 per cent.
CBM PSC BP Pertamina Sugico
Tanjung IV 44% 56% - Kapuas I, II and III 45% - 55%
Bob Dudley, BP group
chief executive, said: “Today’s agreements follow on from BP’s recent agreements to access new
resources in Indonesia, China, India and Australia. BP has
significant experience and expertise in the development of
unconventional gas, including coalbed methane, and we look
forward to working with our partners to apply this to the
potential of Indonesia's coal resources.”
Together, the four PSCs cover an area of approximately 4,800 square kilometres.
“BP is very pleased to be extending our working relationship with Pertamina in the development of Indonesian CBM resources, and also to cooperate with Sugico in creating a material CBM position in a highly prospective basin. These four PSCs complement BP’s existing CBM position in Indonesia, allowing us to leverage our 30-plus years of CBM experience to deepen our portfolio in Kalimantan,” said William Lin, BP's President of Asia Pacific Exploration & Production.
These awards mark BP’s first CBM access in Indonesia outside its joint venture with ENI, VICO, which in late 2009 was awarded the Sanga Sanga CBM PSC near the Bontang LNG plant in East Kalimantan.
Notes to editors:
BP has over 35 years of experience in Indonesia and is one of the largest foreign investors in the country. Activities are dominated by its exploration and production business, notably the Tangguh LNG operations in Papua Barat province.
BP has pioneered CBM technology with over 30 years of operating experience in the San Juan Basin, Colorado in the United States. In the San Juan basin, BP produces approximately 650 million cubic feet of gas a day (gross) from approximately 1300 company-operated wells,
VICO Indonesia is a joint venture between BP and ENI, in which BP has a 38 per cent interest. VICO’s oil and gas production is centered in the Sanga Sanga PSC, East Kalimantan basin with wells located in Badak, Nilam, Semberah and Mutiara fields. Most of the natural gas is delivered to PT Badak NGL's plant at Bontang where LNG and LPG are produced and shipped.
Pertamina is Indonesia’s state-owned integrated oil and gas company with more than 50 years experience in the challenging geological environment of Indonesia and in pioneering the development of LNG. Pertamina has operations and facilities throughout Indonesia, and serves the energy needs of over 220 million Indonesians.
In the 2009 sale of BP’s interests and operatorship of the Offshore North West Java PSC to Pertamina, the two companies also agreed to cooperate on developing CBM in Indonesia.
PT Sugico Graha (Sugico) is an Indonesian-based mining and energy company formed in 1986. In partnership with other companies, Sugico has engaged in CBM exploration in Sumatra and Kalimantan.
BP and AAR Reaffirm Commitment to Growth and Success of TNK-BP as Talks Continue with Rosneft Following Expiry of Agreement
BP and Alfa- Access- Renova (“AAR”) announced today that they would intensify their efforts to ensure TNK-BP’s continued success following the lapse of the BP-Rosneft share swap transaction (and the related Arctic exploration opportunity) originally announced on 14 January 2011.
In recent months, BP has conducted detailed negotiations with AAR and Rosneft to seek a reasonable and businesslike solution that would allow the agreements to proceed to the satisfaction of all parties. Such a solution has not been found at this time, although talks will continue.
BP and AAR each acknowledge the active engagement and support provided by Rosneft throughout the recent discussions. Both BP and AAR see significant advantages in continuing to deepen this dialogue and cooperation with Rosneft.
Bob Dudley, BP group chief executive said: “BP remains committed to Russia, to working constructively with AAR in TNK-BP and to our existing good relationship with Rosneft. All parties have worked hard to reach an acceptable resolution, as we believe it could offer significant benefits to BP shareholders, to Rosneft, AAR and Russia.
“TNK-BP has been an excellent investment for all parties since 2003 and it is gratifying that both BP and AAR have agreed to look beyond the disagreements of the past few months and to fully focus on this important and successful business we have built together. At the same time, we look forward to continuing our work with Rosneft in our Sakhalin joint venture, running our new joint German refining business, and considering other future projects.”
Mikhail Fridman, Chairman of Alfa Group, said: “AAR remains dedicated to the success of TNK-BP, one of the most dynamic and successful oil companies in the world. As we have always stated, AAR is a long-term strategic investor, and we look forward to working with BP on delivering the next phase of TNK-BP’s growth, both in Russia and internationally. AAR also sees significant benefit to developing cooperation with Rosneft within the framework of the TNK-BP Shareholder Agreement, and we plan to continue discussions about potential collaboration among BP, Rosneft and AAR.”
|Notes to editors:|
|・||Since its establishment in 2003, TNK-BP has delivered consistently high returns to its shareholder.|
|・||From 2003 to 2011, TNK-BP has paid more than $100 billion in duties and excise taxes.|
|・||Last year, TNK-BP increased production of oil and gas by 3.1 per cent and replaced 134 per cent of its reserves. Its first quarter profit was $2.4 billion, a 91 per cent increase relative to Q1 2010.|
|・||The deadline for the 14th January share swap agreement, and related cooperation agreement and framework agreements, was May 16, 2011. As the conditions precedent for these agreements have not been satisfied, these agreements have now lapsed.|
TNK-BP はロシアで3番目に大きい石油会社で、BPとAlfa Access Renova group が50%ずつ所有している。
Alfa Access Renova は下記の3社の連合。
Mikhail Fridman と German Khan が50%ずつ保有。
|Access Industries||ロシア生まれの Len Blavatnik が設立し所有する米国の投資会社で、Basellを買収した。|
|Renova Holding||ロシアの長者番付では第5位のViktor Feliksovich Vekselberg （SUALの大株主）のベンチャーキャピタル。|
On Tuesday, Rosneft said it was talking to Shell and Exxon about bringing them in to replace BP, after the British and Russian companies failed to reach an agreement before Monday night's deadline.
５月 6日 仲裁裁判所がＴＮＫ―ＢＰの北極大陸棚事業への参加を条件に株式交換認める
4 August 2011 BP
BP and JBF Group Agree to Build New Co-Located PET Facility in Geel, Belgium
BP has entered into agreements with JBF RAK LLC under which JBF RAK LLC is to build a new 390,000 tonne per year polyethylene terephthalate (PET) production unit in Geel, Belgium, subject to required approvals.
The agreements provide JBF rights to build and operate this PET unit on BP’s existing petrochemicals complex in Geel, adjacent to BP’s world-class purified terephthalic acid (PTA) facility. BP will in return supply PTA directly to this new PET manufacturing unit. Startup of the unit is scheduled in 2014.
Frédéric Baudry, Vice-President for BP Petrochemicals Europe said: “We are delighted that JBF has decided to invest in Geel. This new PET plant leverages BP’s scale, technology and location advantages at Geel to deliver a competitively integrated PX-PTA-PET manufacturing complex in Europe. Such a complex will help maintain and develop BP’s position in the region and underpins BP’s long term commitment to its merchant customers.”
Patrick Van Acker, Manufacturing Director of BP Geel, said: “This agreement demonstrates that our region can attract significant investments by looking for synergies with foreign investors. Moreover, by avoiding unnecessary PTA transportation in the PET supply chain and by reducing the corresponding environmental impact, we create a sustainable and long term anchorage for PTA and PET production in Geel.”
BP in Geel belongs to the BP group of companies. The company in Geel employs more than 400 people. BP in Geel produces paraxylene and PTA. Paraxylene is the main raw material to produce PTA. In Europe, PTA is mainly used to make PET. Worldwide PTA’s main use is in the manufacture of polyester.
The plant set up has a capacity of 1200 Tonnes per day continuous polymerization plant for manufacturing polyester resin for packaging, with downstream integration into a plant for producing 1000 Tonnes per day of Polyester SSP (bottling) grade Chips and 200 Tonnes per day of Polyester Film incorporating the latest technology. The facilities are located at Emirate of Ras Al Khaimah, U.A.E. The plant was commissioned and operational by Jan 2007.JBF RAK produces 360000 TPA of finest Bottle Grade PET Resin, and 72000 TPA of BOPET Film under the brand name ARYAPET. The best-suited infrastructure has been set-up to meet the requirements of the customers.
BPは8月4日、JBF RAK LLC との間でベルギーのGeel に年産39万トンのPETプラント建設で合意した。
BPは同地にPTA 1,400 千トン、パラキシレン
両社の協力で、Geel工場を欧州における競争力ある PX-PTA-PET 統合コンプレックスとする。
ーーーJBF RAK はインドのポリエステルチップ、ポリエステル糸のメーカーのJBF Industries Ltd とアラブ首長国連邦のRas Al Khaimah首長国の王子が所有するRAKIA (Ras Al Khaimah Investment Authority) のJVである。
JBF Industries Ltd は1982年に設立された。
工場はインド西部のSarigam, Gujarat にある。
ポリエステル 部分延伸糸 (POY) 200千トン
ポリエステル 延伸糸 (FDY) . 50千トン
同社は最近、年産112万トンのPTAプラントをMangalore SEZ（Special Economic Zone) に建設することを決めた。
工場は Oman Aromatics のプラントに隣接し、同社からパラキシレンの供給を受ける。
Oman Aromatics はOman Oil が60%、LGが20%出資するJVで、Benzene 210千トン、Paraxylene 810千トンを生産している。
JBF RAK はRas Al Khaimahに以下の工場を持っている。
Bottle Grade PET Resin 年産400千トン （一部はフィルム用、残りはボトルグレード）
2011/8/30 BP 2011/2/28 BP、インドでのガス・石油開発でRelianceと提携BP and Reliance Commence Strategic Alliance for India
KG deep-sea Krishna-Godavari basin fields
This significant step will commence the planned alliance which will operate across the gas value chain in India, from exploration and production to distribution and marketing. The completion of the deal delivers one of the largest ever foreign direct investments into India.
The two companies will also form a 50:50 joint venture for the sourcing and marketing of gas in India which will also accelerate the creation of infrastructure for receiving, transporting and marketing natural gas.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said “The alliance with BP will boost our efforts to realize the true potential of India’s hydrocarbon reserves. The globally renowned expertise of BP and the in-depth domestic experience of Reliance make for a formidable alliance which will deliver unparalleled value for the country in its pursuit of energy security.”
“This is the beginning of what we expect to be a long and successful working partnership with Reliance, building on the strengths of each company,” said Bob Dudley, BP group chief executive. “This major investment is directly aligned with our strategy of creating long-term value by forming alliances with strong national partners, gaining material positions in significant hydrocarbon basins and increasing our exposure to growing energy markets.”
BP will pay RIL an aggregate consideration of US$7.2 billion, subject to completion adjustments, for the interests to be acquired in the 21 production sharing contracts. Further performance payments of up to US$1.8 billion could be paid based on exploration success that results in development of commercial discoveries.
Notes to Editors
The 21 oil and gas blocks cover approximately 220,000 square kilometres and lie in water depths ranging from 400 to over 3,000 metres. They include the KG D6 block that currently produces about 1.6 billion cubic feet of gas per day (bcf/d), over 40 per cent of India’s total gas production. RIL will remain operator of the PSCs and BP will bring its global deepwater, sub-surface and gas expertise to enhance exploration and development of the blocks.
With respect to the remaining two blocks in February’s announcement, there are ongoing discussions between RIL and the Indian Government with a decision expected at a later date.
14 September 2011
BP to Expand Activities in Biofuels, Buying Out Remaining Shares in Brazil's Tropical Bioenergia S.A.
BP announced today that it has agreed to increase its share in Brazilian biofuel company Tropical BioEnergia S.A. to 100 per cent, by acquiring the remaining 50 per cent of the company from its current joint venture partners for a total cash consideration of approximately US$71 million.
BP's current joint venture partners in Tropical BioEnergia S.A. are Maeda S.A. Agroindustrial (25 per cent) and LDC-SEV Bioenergia S.A. (25 per cent).
After the deal is completed, subject to regulatory approval and agreed closing conditions, BP will become the 100 per cent owner of Tropical BioEnergia S.A. and operator of its producing ethanol mill, located in Edéia, Goiás state. BP intends to double the size of the operations at Tropical BioEnergia to a capacity of five million tonnes of crushed cane, or 450 million litres of ethanol equivalent, per year and also to expand operations in the region.
This acquisition takes the number of producing mills in BP's Brazilian ethanol portfolio to three, all of which are located in Goiás and Minas Gerais states in the centre-south of the country.
Philip New, Vice President of BP Biofuels, commented, "This is another significant milestone in BP's global biofuel strategy as we expand our operations base and demonstrate our genuine commitment to Brazil's ethanol industry, which can deliver sustainable and competitive biofuels into the global market."
Mario Lindenhayn, who heads BP Biofuels in Brazil, continues: "We have a major growth agenda for our biofuels business in Brazil. This transaction, together with other recent acquisitions, gives us a strong platform from which to expand our capacity to supply both domestic and international fuels markets."
Key facts about the acquisition
BP has agreed to pay a total of approximately US$71 million in cash to acquire 50 per cent of the shares in Tropical BioEnergia S.A from Maeda S.A. Agroindustrial and LDC-SEV Bioenergia S.A.. In addition, BP will also refinance Tropical's existing debt.
Maeda S.A. Agroindustrial operates as a subsidiary of Brasil Ecodiesel Industry.
Following the acquisition, BP will own and
operate Tropical BioEnergia's mill in Edéia, Goiás state. BP also operates mills
in Itumbiara, Goiás and Ituiutaba, Minas Gerais.
The mill will be able to supply both Brazilian and international markets with ethanol.
The agricultural land used for sugarcane cultivation related to all BP's operations in Brazil is within the areas permitted under Brazil's proposed Agro-Ecological Zoning of Sugarcane (Zoneamento Agroecológico da Cana-de-açúcar).
The total planned combined crushing capacity of Tropical BioEnergia when fully developed, is expected to be five million tonnes of sugar cane per year. At full capacity, the mill will have a production capacity of about 450 million litres of ethanol equivalent per year. The mill will also have the capacity to supply approximately 250GWh of electricity per year to the grid.
Notes to editors
BP is of one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.
Since 2006, BP has announced investments of more than $2 billion in biofuels research, development and operations, and has announced investments in production facilities in Europe, Brazil and the US. The company has a global biofuels technology centre, located in San Diego in the US and is investing $500 million over 10 years in the Energy Biosciences Institute (EBI), at which biotechnologists are investigating applications of biotechnology to energy.
Launched in November 2005, BP Alternative Energy combines all of BP's interests in low-carbon energy. BP Alternative Energy is investing $8 billion in the growth markets of biofuels, wind and solar while building long term options in carbon capture and storage and clean technology. $6 billion of that has already been invested.
14 September 2011
BP Announces Acquisition of Additional Shares in Brazilian Sugar and Ethanol Producer CNAA
BP has today announced that it has agreed to acquire an additional 3 per cent share of Brazilian sugar and ethanol producer Companhia Nacional de Açúcar e Álcool (CNAA) from LDC Bioenergia S.A. for a price of approximately US$25 million.
Following the acquisition in April 2011 of 83 per cent of the shares of CNAA and subsequent conversion of CNAA’s long-term debt to equity, BP will own 99.97 per cent of the shares of the company – the remaining shares are owned by minority private shareholders. The acquisition is subject to agreed closing conditions.
“This is another step for our biofuels business in Brazil”, said Mario Lindenhayn, CEO of BP Biofuels in Brazil. “We have been operating these mills since April and the teams are working hard to integrate systems and processes to become part of BP.”
Key facts about the acquisition
BP has agreed to pay approximately US$25 million in cash to acquire a 3 per cent stake in CNAA from LDC Bioenergia S.A.. This follows the previously announced acquisition of majority control of CNAA in April 2011. BP will own 99.97 per cent of shares in the company.
Since April 2011, BP has been the operator of the CNAA mills in Itumbiara, Goiás and Ituiutaba, Minas Gerais.
The mills will be able to supply both Brazilian and international markets with ethanol.
The agricultural land used for sugarcane cultivation related to all BP's operations in Brazil is within the areas permitted under Brazil's proposed Agro-Ecological Zoning of Sugarcane (Zoneamento Agroecológico da Cana-de-açúcar).
Note to News Editors:
BP is of one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.
Since 2006, BP has announced investments of more than US$2 billion in biofuels research, development and operations, and has announced investments in production facilities in Europe, Brazil and the US. The company has a global biofuels technology centre, located in San Diego in the US and is investing $500 million over 10 years in the Energy Biosciences Institute (EBI), at which biotechnologists are investigating applications of biotechnology to energy.
Launched in November 2005, BP Alternative Energy combines all of BP’s interests in low-carbon energy. BP Alternative Energy is investing $8 billion in the growth markets of biofuels, wind and solar while building long term options in carbon capture and storage and clean technology. $6 billion of that has already been invested.
BP Announces Settlement with Anadarko
Petroleum Company of Claims Related to Deepwater Horizon Accident
BP today announced that it has reached agreement with Anadarko Petroleum Company ("Anadarko") to settle all claims between the companies related to the Deepwater Horizon accident. Anadarko – which had a 25 per cent interest in the MC252 (Macondo) prospect – and BP have concluded that entering into a settlement is in the best interest of the parties to resolve pending disputes. The agreement is not an admission of liability by any party regarding the accident.
Under the settlement agreement, Anadarko will pay BP $4 billion in a single cash payment. BP will apply the payment to the $20 billion trust it established that is available to meet individual, business and government claims, as well as the cost of the natural resource damages. Anadarko will also transfer all of its 25 per cent interest in the MC252 lease to BP.
In addition, Anadarko will no longer pursue its allegations of gross negligence with respect to BP. Anadarko and BP have agreed to work cooperatively with respect to indemnified claims, and Anadarko has the opportunity for a 12.5 per cent participation in future recoveries from third parties or insurance proceeds cumulatively exceeding $1.5 billion, up to a total cap of $1 billion.
Finally, the parties have also agreed to mutual releases of claims against each other. BP has agreed to indemnify Anadarko for certain claims arising from the accident. However, BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims.
"This settlement represents a positive resolution of a significant uncertainty and it resolves the issues among all the leaseholders of the Macondo well," said Bob Dudley, BP group chief executive. "There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf. It's time for the contractors, including Transocean and Halliburton, to do the same."
BP previously announced settlements with MOEX, which had a 10 per cent interest in the Macondo well, and Weatherford, which provided drilling equipment. Consistent with official investigations that found the accident was the result of multiple causes, involving multiple parties, BP is working to ensure that other parties, including Halliburton and Transocean, contribute appropriately. Multiple official investigations, including those conducted by the Presidential Commission and the Marine Board of Investigation, found that conduct by those parties contributed to the accident. The issuance of regulatory violations last week to BP, Transocean and Halliburton by the US Department of Interior demonstrates that the contractors responsible for well control and cementing, not just the operator, should be held accountable for their conduct.
From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf Coast communities under the Oil Pollution Act. BP has to date paid out more than $7 billion.
Notes to editors:
This settlement agreement will result in the discontinuance of any legal proceedings for co-owner recovery under the Joint Operating Agreement between BP and Anadarko.
This settlement will also result in the discontinuance of claims made by BP and Anadarko against each other in the Multi-District Litigation Trial in New Orleans set to commence in February 2012 ("MDL").
20 June 2011 BP
BP Agrees to Settlement with Weatherford of
Potential Claims Between the Companies Related to The Deepwater Horizon Accident
BP today announced that it has reached agreement with Weatherford U.S., L.P. to settle potential claims between the companies related to the Deepwater Horizon accident. BP and Weatherford have agreed to mutual releases of potential claims against each other, and BP has agreed to indemnify Weatherford for compensatory claims resulting from the accident, including claims brought relating to pollution damage stemming from the accident. BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims. The agreement is not an admission of liability by any party regarding the accident.
Weatherford has become the second party in the last month to join BP in acknowledging findings by the Presidential Commission that the Deepwater Horizon incident was the product of complex causes involving multiple parties. Weatherford is the first of BP's contractors to formally agree with BP that the entire industry can and should learn from the Deepwater Horizon incident. Accordingly, Weatherford has committed to working with BP to take actions to improve processes and procedures, managerial systems, and safety and best practices in offshore drilling operations. BP and Weatherford will encourage other companies in the drilling industry to join them in this improvement and reform effort.
Weatherford and BP have concluded that entering into this settlement is in their mutual best interests. Under the settlement and indemnity agreement, Weatherford, which manufactured the float collar used in the well, will pay BP $75 million. BP will immediately apply the payment to the $20 billion trust it established to meet individual, business and government claims, as well as the cost of the Natural Resource Damages.
May 3, 2012 (Reuters)
BP wins delay of Gulf spill trial until 2013
* Trial set for Jan. 14, 2013
* US, Gulf Coast states sought summer 2012 trial
* BP still litigating with U.S., states, drilling partners
* Nov. 8 hearing on $7.8 bln pact with residents, businesses
A trial to assign blame and damages that
could total tens of billions of dollars for the 2010 Gulf of Mexico oil spill
has been put off until January, in a setback for the U.S. government, which
wanted to try its case this summer.
U.S. District Judge Carl Barbier in New Orleans on Thursday(2012/5/3) scheduled a trial for Jan. 14, 2013, more than 10 months after it had originally been scheduled.
The decision means the federal government and Gulf Coast states, which also wanted a summer trial, may have to wait longer to recover money from BP Plc and its drilling partners.
It is unclear how the new timetable will affect strategy, or whether it might spur the federal government to press harder for settlements and help local residents seeking money for cleanup or restoration.
"This may spur the government to settle," said Edward Sherman, a professor at Tulane University Law School in New Orleans. "The Obama administration may want to show its stuff before the November elections."
However, Carl Tobias, a University of Richmond law professor specializing in product liability, said the delay might make it harder for governments to reach acceptable settlements.
"A delay could give the governments more time to strengthen their bargaining positions, but they lose leverage that comes with having a trial scheduled in the near term," he said.
$7.8 BILLION SETTLEMENT WINS INITIAL OK
A comprehensive trial to resolve claims involving BP, drilling partners Transocean Ltd and Halliburton Co , federal and state governments, private plaintiffs and others had been scheduled for Feb. 27. It was put on hold while BP negotiated with the private plaintiffs.
Barbier's order came one day after he granted preliminary approval to BP's estimated $7.8 billion settlement to resolve economic, property and medical claims by 125,000 individuals and businesses harmed by the spill. He set a Nov. 8 fairness hearing to consider objections before granting final approval.
The April 20, 2010 explosion of the Deepwater Horizon drilling rig killed 11 workers and triggered the largest U.S. offshore oil spill from the ruptured Macondo well, in which BP held a 65 percent stake.
Transocean owned the rig, and Halliburton provided cementing services. About 4.1 million barrels of oil were spilled and not cleaned up, the U.S. government has estimated.
U.S. Department of Justice spokesman Wyn Hornbuckle declined to comment. The offices of Alabama Attorney General Luther Strange and Louisiana Attorney General James "Buddy" Caldwell had no immediate comment.
Ellen Moskowitz, a BP spokeswoman, declined to comment.
Transocean spokesman Lou Colasuonno said that company has "utmost confidence" in its case. Halliburton spokeswoman Beverly Stafford did not respond to a request for comment.
WILL TRIAL REALLY HAPPEN?
BP had urged that a trial on remaining Gulf spill issues be delayed until after the Nov. 8 fairness hearing, to help ensure that any "overlapping or parallel actions" would not distract from administering the settlement with private plaintiffs.
But the governments objected, saying such a delay would be unfair to residents and the broader public interest.
BP previously took a roughly $37.2 billion charge for the spill. The London-based company's potential liability for violating the federal Clean Water Act alone could reach $17.6 billion if it were found to have acted with gross negligence.
Other companies in the case are Anadarko Petroleum Corp , which owned 25 percent of the Macondo well; Cameron International Corp, which made a blowout preventer, and Schlumberger NV's M-I Swaco venture, which provided mud services. All have settled with BP.
Mitsui & Co's MOEX USA unit, which owned 10
percent of the well, has also settled with BP, and in February agreed to pay $90
million to settle with the federal government.
About 311 witnesses have been deposed and 90 million pages of documents have been produced in the case, court papers show.
"You wonder whether there will ever be a trial," said Tobias, the University of Richmond law professor. "The farther we move past the actual event, it may complicate matters for all sides. Memories fade and evidence could grow stale."
The case is In re: Oil Spill by the Oil Rig "Deepwater Horizon" in the Gulf of Mexico, on April 20, 2010, U.S. District Court, Eastern District of Louisiana, No. 10-md-02179.
March 27, 2012
BP Enters the Utica/Point Pleasant Shale in Ohio
BP announced today an agreement to lease thousands of acres in northeast Ohio for future oil and gas production in the Utica/Point Pleasant shale formation.
Utica/Point Pleasant is a relatively new and very promising shale basin that consists of a potentially significant liquids-rich gas source, and this deal adds an important American energy source to BP's onshore gas portfolio.
''BP is excited to expand our presence in Ohio in a way that will create jobs, bolster the local economy and provide additional sources of energy from an important emerging American resource,'' said Lamar McKay, chairman and president of BP America. ''Over the last five years BP has been America's largest energy investor with vast experience in developing natural gas resources. We intend to bring our expertise and the highest industry safety and environmental management practices to this project.''
BP signed an agreement to lease about 84,000 acres in Trumbull County, Ohio with the Associated Landowners of the Ohio Valley (ALOV), a group representing area mineral owners. Members of ALOV voted March 26 to approve the lease arrangement. Terms of the agreement, to be executed with each landowner, are confidential.
Through its heritage companies of Standard Oil of Ohio (SOHIO) and Amoco, BP's roots in Ohio date back to 1870. BP operates the BP-Husky refinery near Toledo which it owns in a joint venture with Husky, LLC, and is also a leading marketer of fuels in Ohio through independently-owned marketers under the BP brand. BP heritage companies have also been active in the upstream business throughout its history in the state of Ohio.
The Utica/Point Pleasant shale is at a depth of about 6,000 feet. This rock formation is of similar thickness to the Marcellus and has the potential to deliver higher liquids rates. The Ohio Department of Natural Resources estimates a recoverable Utica shale potential between 1.3 and 5.5 billion barrels of oil and between 3.8 and 15.7 trillion cubic feet of natural gas.
''We are very encouraged by what we have seen of the Utica/Point Pleasant formation. Our focus in 2012 will be to better understand the geology and devise a plan to safely develop the resource,'' said Tim Harrington, regional president for BP's North America Gas (NA Gas) business. ''BP is committed to hiring and purchasing locally whenever possible and we anticipate having a positive impact on the region while providing a new source of energy for America.''
BP is the second largest oil and gas producer in the U.S. with a workforce of about 23,000 people, making BP the country’s second largest oil and gas employer.
Operating across a vast U.S. geography that stretches from onshore U.S. Gulf Coast through the Rocky Mountains, BP's North America Gas business has one of the best portfolios in the industry with a presence in seven of the leading U.S. onshore basins. In the lower 48 U.S. states alone, BP and its co-owners operate fields holding some 50 trillion cubic feet of natural gas, enough to satisfy U.S. needs for more than two years.
Currently BP has active shale positions in the Woodford, Haynesville, Fayetteville and Eagle Ford. With a huge resource base and a deep expertise in unconventional gas, including shale, the NA Gas business provides production value and an ability to transfer technical knowledge to all parts of the globe.
Notes to editors:
BP's capital investments in the U.S. from 2007-2011 total more than $52 billion. We invest more in the U.S. than in any other country and reinvest 100 percent of profits derived here back into U.S.
BP is the sixth largest producer of natural gas in the U.S, but the company has one of the most diverse energy portfolios in the nation, with a mix that also includes oil, wind power, biofuels and an emerging ventures business.
Headquartered in Houston, NA Gas has about 2,200 employees across seven states with more than 10,000 producing wells and 70,000 royalty owners. Our vision is to be the most respected and admired oil and gas company in the lower 48.
NA Gas has a diverse portfolio which includes some of the largest and most well-known basins in the U.S. including promising shale gas plays in the Woodford, Fayetteville, Haynesville and Eagle Ford. In Wyoming our operations are anchored on the giant Wamsutter gas field. In the San Juan basin of Colorado and New Mexico we operate in the country's largest coal-bed methane field while our operations in Oklahoma and Texas include the famed Arkoma, East Texas and Anadarko basins. We also operate a gas processing plant in Pascagoula, Mississippi.