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NYA:BP, Jan 18, 12:23 UTC

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After billion-barrel bonanza, BP goes global with seismic tech

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The software used in the Gulf, based on an algorithm created by Xukai Shen, a geophysicist straight out of Stanford University, led to BP discovering the crude in an area where it had long thought there was none to be found. The new deposit was found with software known as Full Waveform Inversion (FWI), which is run on a super-computer and analyses reverberations of seismic soundwaves to produce high-resolution 3D images of ancient layers of rock thousands of metres under the sea bed, helping geologists locate oil and gas. It is more accurate than previous surveying methods, BP said, and processes data in a matter of days, compared with months or years previously. While the discovery marked the biggest industry success for digital seismic imaging, the British oil major's rivals are hot on its heel with similar techniques. Italy's Eni (ENI.MI) has launched the world's most powerful industrial computer to process seismic data, for example, while France's Total is using drones to carry out seismic mapping in dense forests such as in Papua New Guinea. However Barclays analysts said in a report last year that BP and Norway's Equinor (EQNR.OL) had the most advanced deployment of technology among oil majors.

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Oil firm Aker BP plans output, dividend hike

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OSLO (Reuters) - Norway's Aker BP will boost dividend payments between now and 2023 and step up investment in developing offshore oil and gas fields next year, the independent oil company said on Thursday. The result of a 2016 merger between the Norwegian operations of BP and the Det norske oil firm owned by Norwegian billionaire Kjell Inge Roekke, Aker BP has become the second largest license holder on the Norwegian continental shelf. While Aker BP expects its output to be broadly flat year-on- year in 2019 at between 155,000 and 160,000 barrels of oil equivalent per day (boepd), it aims to about triple the production to around 440,000 boepd by 2025. He told Reuters the company could stick to its new dividend plan even if the price of North Sea oil falls back to $50 a barrel, where it stood at the end of 2018. The company also said it would raise capital expenditure by a third to $1.6 billion between 2018 and 2019, and its exploration spending by 40 percent to $500 million over the same period as it planned to drill 15 exploration wells, an annual record.

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Oil firm Aker BP to hike dividend and spending in 2019

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Oil firm Aker BP to hike dividend and spending in 2019. OSLO, Jan 17 (Reuters) - Norway's Aker BP (LSE: 0M5J.L - news) will increase its dividend payments between now and 2023 and step up its investment spending in developing offshore oil and gas fields next year, the independent oil company said on Thursday. "The board proposes dividends for 2019 of $750 million, up from $450 million in 2018, with an ambition to increase dividend payments by $100 million per year to 2023," Aker BP said in a statement. Aker BP, which is holding an investors' day in Oslo on Thursday, said it would also raise its capital expenditure by a third to $1.6 billion between 2018 and 2019 and its exploration spending by 40 percent to $500 million over the same period.

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Oil's Dealmaking 'Sun King' Returns

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(Bloomberg) -- John Browne’s return to the top of an oil company started with a phone call from a Russian oligarch who had $10 billion burning a hole in his pocket. In the early 2000s, they put together Russian oil producer TNK with BP’s assets in the country to form a hugely lucrative joint venture. When it was bought out by state oil company Rosneft Oil Co. PJSC in 2013, Fridman came away with a pile of cash. Four years and several deals later, Browne has turned Fridman’s money into what’s set to become the largest independent oil and gas company in Europe. In 2002, a Financial Times profile dubbed him the ’Sun King,’ a reference to the French monarch Louis XIV who exercized absolute power from the palace of Versailles. But in 2007, Browne left BP under a cloud following an admission he’d lied in court about how he met a former boyfriend. While the circumstances of his departure were painful, he acknowledges he’d “probably stayed too long” atop the company in any case.

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Wednesday, January 16


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Xpansiv Completes Strategic $10M Series A Funding Round with Investments from BP Ventures, Avista, S&P Global, and Energy Innovation Capital

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Xpansiv transforms primary production data into Digital Feedstock™, a new data format that combines data science, cryptography, and distributed-ledger technologies to securely and cost-effectively deliver science-based, data-driven information to global markets. For the first time, markets can efficiently assess and transact commodities in a digital format that includes information vital to their value in today's complex marketplace. "The Xpansiv platform represents a paradigm shift in global commodity markets, and we've joined forces with leaders in the commodity sector—spanning production, trade, consumption, market-data distribution, and price reporting—in order to accelerate the digital transformation already under way." Xpansiv's investors include: BP Ventures, the venture arm of one of the world's leading energy producers and traders; Avista Development, a wholly owned subsidiary of Avista Corp. with a long history of energy market and technology innovation; S&P Global, a leading provider of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide; and EIC, a premier capital provider to innovators developing leading energy technologies. "We believe commodity markets will be increasingly digitized and data driven," said Andy Bose, Head of Market Structure and Innovation at S&P Global Platts, a division of S&P Global.

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BP Cuts Down Oil & Gas Exploration Operations off Nova Scotia

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The well reached a total depth of 7,400 meters.In November 2018, BP's partner in the Scotian Basin exploration drilling project, Hess Corporation HES, announced that its first well did not encounter commercial quantities of hydrocarbons. BP’s plan to downsize operations in Nova Scotia basin came just over a year after Royal Dutch Shell plc RDS.A stated to shut the second of two exploration wells due to unavailability of any commercial hydrocarbons.BP won the right to explore offshore Nova Scotia in late 2012 after it submitted a $1 billion bid, the highest ever accepted for deepwater exploration rights in Atlantic Canada.The Nova Scotia basin is estimated to hold a potential resource of 121 trillion cubic feet of gas and 8 billion barrels of oil.In June 2018, BP leaked 136 cubic meters of synthetic drilling mud from the West Aquarius drilling unit, raising concern about offshore exploration in Nova Scotia.The incident raised questions about the safety of the lands and waters, while others expressed anxiety about the potential impact on the province's prospective fishing industry.Per an environmentalist, a major blow out or spill along the Scotian Shelf will be devastating and that all operations should be stopped. However, the board needs to take a quick decision with respect to further operations in the area.Zacks Rank & Key PicksCurrently, BP carries a Zacks Rank #3 (Hold).Another better-ranked player in the energy space is NextEra Energy Partners L.P. NEP, sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Based in Juno Beach, Florida, NextEra Energy Partners was formed by NextEra Energy, Inc. in 2014, to acquire, manage and own contracted clean energy projects with stable long-term cash flows. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.Click here for the 6 trades >>.

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Xpansiv Completes Strategic $10M Series A Funding Round with Investments from BP Ventures, Avista, S&P Global, and Energy Innovation Capital

BP

Xpansiv transforms primary production data into Digital Feedstock™, a new data format that combines data science, cryptography, and distributed-ledger technologies to securely and cost-effectively deliver science-based, data-driven information to global markets. For the first time, markets can efficiently assess and transact commodities in a digital format that includes information vital to their value in today's complex marketplace. "The Xpansiv platform represents a paradigm shift in global commodity markets, and we've joined forces with leaders in the commodity sector—spanning production, trade, consumption, market-data distribution, and price reporting—in order to accelerate the digital transformation already under way." Xpansiv's investors include: BP Ventures, the venture arm of one of the world's leading energy producers and traders; Avista Development, a wholly owned subsidiary of Avista Corp. with a long history of energy market and technology innovation; S&P Global, a leading provider of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide; and EIC, a premier capital provider to innovators developing leading energy technologies. "We believe commodity markets will be increasingly digitized and data driven," said Andy Bose, Head of Market Structure and Innovation at S&P Global Platts, a division of S&P Global.

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Tuesday, January 15


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BP (BP) Stock Sinks As Market Gains: What You Should Know

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BP (BP) closed at $40.24 in the latest trading session, marking a -0.45% move from the prior day. Investors will be hoping for strength from BP as it approaches its next earnings release, which is expected to be February 5, 2019. On that day, BP is projected to report earnings of $0.78 per share, which would represent year-over-year growth of 21.88%. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

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BP scales back exploration plans off Nova Scotia, gives up half its offshore area

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The Canada-Nova Scotia Offshore Petroleum Board says the energy giant is surrendering 50 per cent of the area included in its licence — a consolidation of four offshore parcels roughly 300 kilometres southeast of Halifax. It says if BP decides to drill a well during the extension period, the energy firm will need to apply for authorization. However, the board says if BP does not drill a well during that period, the company would forfeit the deposit and either surrender the remaining area under its exploration licence, or be required to make a $2-million deposit for another one-year extension. Newmont has higher a dividend, safer locations than Barrick and will invest in Canada, but its stock still fell. Nationwide, sales totalled 458,442 for the year, a drop of 11 per cent which was the biggest since 2008, the Canadian Real Estate Association said.

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Alaska officials probing BP oil, gas wells at Prudhoe Bay after spill

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There was no oil released to the tundra and no one was injured, she said. There are 1,780 Prudhoe Bay wells, said Baldino, adding that the company is cooperating with the AOGCC’s investigation. The earlier failure, in April 2017, caused crude oil to spray over a roughly 1 acre (0.4 hectare) area and caused natural gas to vent for days before it was brought under control. In the aftermath of that incident, AOGCC officials concluded that the permafrost thaw was the result of the wells' design flaw, not to climate change. However, permafrost in Prudhoe Bay, which is located on the Alaska North Slope region above the Arctic Circle, from the area near the tundra's surface to the depths far below it, has warmed significantly since the 1980s in response to the rising temperatures in that region, according to scientists at the University of Alaska-Fairbanks.

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