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2010/8/3
BP Agrees to Sell
Colombian Business to Ecopetrol and Talisman
BP today announced that it has agreed to sell its oil and gas
exploration, production and transportation business in Colombia
to a consortium of Ecopetrol, Colombia's national oil
company (51 per cent), and Talisman of Canada (49 per cent).
The two companies will pay BP a total of $1.9 billion in
cash,
subject to customary post-completion price adjustments, for 100
per cent of the shares in BP Exploration Company (Colombia)
Limited (BPXC),
the wholly-owned BP subsidiary company that holds BP's oil and
gas exploration, production and transportation interests in
Colombia. Subject to regulatory and other approvals, the sale is
expected to be completed by the end of the year.
The sale of the Colombian business is part of BP's plan,
announced on July 27, to divest up to $30 billion of assets over
the next 18 months. On July 20 BP announced that it had agreed to sell assets in the USA, Canada,
and Egypt to Apache Corporation for a total of $7 billion, and
the company has also recently informed
governments in Pakistan and Vietnam that it intends to divest its
upstream interests in those countries.
Tony Hayward, BP group chief executive, said: "I am
delighted with the price we have achieved for these assets. BP
has been involved in Colombia for more than 20 years and played a
major role in finding and developing the country's major
oilfields. These have contributed significantly to BP's global
production over the years. But it now makes sense for the assets
to go to owners more willing than BP to invest in their future
development."
Under the terms of the agreement, Ecopetrol and Talisman are due
to pay BP a cash deposit of $1.25 billion with the balance of payment due
on completion of the sale.
BPXC has assets including interests in five producing fields in
four association contracts, four separate pipeline interests and
two offshore exploration blocks. Net proved
reserves total some 60 million barrels of oil equivalent (boe)
and BPXC's net production is approximately 25,000 boe a day.
Upstream, BPXC has interests in, and operates, the Tauramena (BP
interest 31 per cent), Rio Chitamena (31 per cent), Recetor (50
per cent) and Piedemonte (50 per cent) association contracts,
which are due to expire between 2016 and 2020. Producing fields
on the licences include the Cusiana oil and gas field, and the
Pauto and Florena fields. BPXC also has a 40.56% interest and
operatorship of the RC4 and RC5 exploration blocks offshore
Cartagena, awarded in 2007.
In the midstream, BPXC has interests in the Cusiana gas
processing facility and interests in four pipelines totalling
some 1,600 kilometres of crude and 400 kilometres of gas
pipelines, including a 24.8 per cent interest in the OCENSA crude
oil pipeline.
BPXC employs a total of approximately 470 staff. It is expected
that the majority of staff will transfer with BPXC to its new
owners.
This agreement does not affect BP's Castrol lubricants business
and other downstream oil activities in Colombia.
Barclays Capital acted as sole advisor to BP on this transaction.
Talisman
is one of the largest Canadian-based independent oil and gas
producers.
Talisman's
main business activities include exploration, development,
production, transportation and marketing of crude oil,
natural gas and natural gas liquids.
Established
as an independent company in 1992, Talisman has grown
production from 50,000 boe/d in 1992 to 452,000 boe/d in
2007. The Company's three core areas are North America, the North Sea and Southeast Asia.
The
Southeast Asia segment includes exploration and operations in
Indonesia, Malaysia, Vietnam and Australia and exploration
activities in Papua New Guinea.
Aug 02 2010 中国網日本語版(チャイナネット)
英BP、シノペックからの資産買収案を拒否
中国石油化工集団(シノペック)は先般、同社による英BP資産の買収案が拒絶されたことを明らかにした。
シノペックの章建華高級副総裁は、「同社はBPの一部優良資産の買収について交渉を進めていたが、BPは売却に同意しなかった」と述べた。
メキシコ湾の原油流出事故による損失に対処するため、BPは18カ月内に300億ドル規模の資産を売却することを計画している。BPはまた、債務を100億ドルに減らす方針だ。
消息筋によると、BPはコロンビア、ベネズエラ、ベトナムの油田の売却を検討しており、さらにアルゼンチンの石油大手パン・アメリカン・エナジーの株式60%を売却する方針だという。
ーーー
2010-07-30
中国日報 www.chinadaily.com
BP
has declined Sinopec's offer to buy its assets
China
Petroleum & Chemical Corp (Sinopec), Asia's biggest refiner,
said BP Plc has declined an offer by the Chinese company to buy
some of its assets.
"We've
talked to BP on some good assets, but they won't sell,"
Zhang Jianhua, senior vice president of the company known as
Sinopec, said in an interview in Shanghai today, without naming
the ventures. "We aren't in any talks with BP right
now."
Europe's largest oil
producer by volume plans to dispose of as much as $30 billion in
assets in the next 18 months to raise cash to meet the costs of
the Gulf of Mexico oil spill. BP said it has $16 billion of
unused credit lines and plans to cut its debt to as little as $10
billion over the same period.
"BP's
robust cash flow amidst resilient oil prices means they don't
have to sell assets at dirt-cheap levels, especially for
higher-quality assets," said Gordon Kwan, head of regional
energy research at Mirae Asset Securities Ltd. "Expect
Sinopec and others to come back to BP with higher bids."
The
London-based company is considering selling fields in Colombia,
Venezuela and Vietnam, a person with knowledge of the matter said
this month. BP may also dispose of its 60 percent holding in Pan
American Energy LLC, Argentina's second-largest oil producer, the
person said then.
BP
reported a record loss in the second quarter after the oil spill
triggered by an April 20 explosion on the Deepwater Horizon rig.
The shares closed at 413.45 pence in London trading yesterday,
down 37 percent since the blast.
'Strategic
resources'
China
has spent at least $21 billion on overseas resources in the past
year to meet domestic demand, including the acquisition in April
of a stake in a Canadian oil-sands project by Sinopec's parent.
"The
chances of Sinopec winning bids for BP assets are small, as the
European company is in the hands of the UK and US government and
would never give strategic resources to Chinese majors
easily," said He Wei, oil analyst with BOCOM International
Holdings Co.
Sinopec
has fallen 10 percent in Hong Kong trading this year, compared
with the 4 percent decline in the benchmark Hang Seng Index.
Chinese
oil demand
The
slowing Chinese economy hasn't affected domestic oil-product
demand so far, Zhang said. "We cannot see much impact right
now," he said.
Sinopec's daily fuel
sales haven't declined and the company's refineries are operating
at more than 90 percent of their designed capacities, Zhang said.
The Beijing-based refiner supplies 60 percent of the country's
oil products including gasoline and diesel.
Fuel
demand is poised to slow as Premier Wen Jiabao damps growth to
curb inflation. The economy may grow 10.1 percent this year,
according to the median of 27 economists' forecasts compiled by
Bloomberg, down from last year's 10.7 percent.
China
may face a surplus of fuel including diesel next year as refiners
add oil-processing capacity, Fu Bin, deputy general manager of
PetroChina Co's sales unit, said on May 27. The oversupply may
rise to 80 million metric tons by 2015, Fu said.
Sinopec's
August oil-processing volume will increase slightly from July,
Zhang said, without elaborating. China's fuel demand usually
peaks in summer from July to September.
28 November 2010
BP Agrees to Sell its
Interests in Pan American Energy to Bridas Corporation
BP announced today that it has entered into an agreement to sell
its
interests in Pan American Energy (PAE) to Bridas Corporation. PAE is an Argentina-based oil and
gas company owned by BP (60 per cent) and Bridas Corporation (40
per cent).
Bridas Corporation will pay BP a total of $7.06 billion in
cash for BP’s 60 per cent interest in PAE. The
transaction is expected to be completed in 2011.
The sale of its interests in PAE is part of BP’s plan, announced in July 2010, to
divest up to $30 billion of assets by the end of 2011. Before the
agreement to sell its interests in PAE, BP already had sales
agreements in place totalling some $14 billion. The proceeds of the sale
announced today will be used by BP to increase the cash available
to the group.
BP group chief executive Bob Dudley said: “Today’s agreement further demonstrates
both the high quality and attractiveness of the assets throughout
BP’s global portfolio and also the
company’s ability to meet our significant
financial commitments arising from the Gulf of Mexico tragedy.
“We
now have agreements in place that should secure the majority of
our divestment target. We will continue to identify further
assets that may be strategically more valuable to others than to
BP as we complete the programme.”
Under the terms of
the agreement, Bridas Corporation is required to pay BP a cash
deposit of $3.53 billion with the balance of the proceeds due on
completion of the sale. $1.41 billion of this deposit is due to
be paid on December 3, 2010, with the balance of $2.12 billion to
be paid by Bridas Corporation on December 28, 2010.
The transaction excludes the shares of PAE E&P Bolivia Ltd,
and the figures below exclude amounts attributable to PAE E&P
Bolivia Ltd.
Completion of the transaction is subject to closing conditions
including the receipt of all necessary governmental and
regulatory approvals, as well as the requirement that there has
been no material adverse effect on PAE and no material adverse
effect on BP’s ability to complete the
transaction. In the event that any of these closing conditions is
not met, BP will be required to repay the deposit to Bridas
Corporation. BP p.l.c. has guaranteed the payment obligations of
BP under the agreement.
The aggregate profit before taxation attributable to BP’s 60 per cent interest in PAE for
the purposes of calculating group profits for the year ended 31
December 2009 was $581.5 million. The aggregate value of the
gross assets attributable to BP’s 60 per cent interest in PAE for
the purposes of calculating the BP Group’s gross assets as at 30 September,
2010 was $2,602 million.
PAE is involved in the exploration, development and production of
oil and gas and has interests in the Southern Cone region of
South America. The company’s main interests are in Argentina, where it is the second largest
producer of oil and gas. It holds blocks in four hydrocarbon
basins in Argentina including Golfo San Jorge - including the
large Cerro Dragon block - Austral, Neuquen and Northwest. The
company also has interests in various portions of the oil and gas
value chain, including oil and gas transportation, oil storage
and loading, gas distribution and power generation.
As of 31 December, 2009, proved reserves attributable to BP’s 60 per cent interest in PAE
were, for BP Group reporting purposes, 917 million barrels of oil
equivalent. Net production associated with BP’s 60 per cent interest in PAE is
approximately 143 thousand barrels of oil equivalent per day.
China National Offshore Oil
Company Limited (CNOOC) said Sunday Bridas Corporation, a
joint-venture equally-owned by CNOOC International Limited
and Argentina-based Bridas Energy Holdings (BEH), will acquire a 60 percent
equity interest in Pan American Energy (PAE) from BP for
approximately $7.06 billion.
The acquisition excludes PAE's assets
in Bolivia,
according to a statement on the website of CNOOC, China's
largest offshore oil and gas producer.
CNOOC International, a wholly
owned subsidiary of the company, and BEH have agreed to
contribute about $4.94 billion to Bridas to finance 70
percent of the proposed acquisition.
The contribution will
be made in equal amounts of approximately $2.47 billion by
CNOOC International and BEH.
The remaining 30 percent, or
approximately $2.12 billion, will be satisfied by third party
loans to be arranged by Bridas and additional contributions
from CNOOC International and BEH.
Completion of the acquisition
is conditional on, among others factors, all necessary
government and regulatory approvals, and is expected to take
place in the first half of 2011.
In the first half of 2010,
CNOOC International and BEH completed the formation of a
half-half joint venture in Bridas.
2011/11/7 BP
Statement Regarding Sale of BP’s Interest
in Pan-American Energy to Bridas Corporation
On 5 November 2011, BP received from Bridas Corporation a
notice of termination of the agreement for their purchase of
BP's 60 per cent interest in Pan American Energy LLC (PAE). As a result
of Bridas Corporation’s decision and action, the share purchase agreement
governing this transaction, originally agreed on 28 November 2010, has been
terminated.
2010/12/1 BP、アルゼンチンのPan
American Energy の持株をBridas
Corporationに売却
The closing of this transaction had been
delayed because the Argentine anti-trust and
Chinese regulatory approvals required to satisfy
the conditions precedent to closing of the transaction had not been obtained by
Bridas Corporation. Under the terms of the agreement, Bridas Corporation had
exclusive responsibility for obtaining these approvals.
As a result of Bridas Corporation’s termination of the agreement, BP will now
repay the deposit for the transaction of $3.53 billion received at the end of
2010. This deposit had been held by BP as short-term debt and will be repaid by
14 November 2011. This repayment will not affect BP's level of gearing, which
stood at 19 per cent at the end of September.
PAE is a strong business. As a result of Bridas Corporation's decision to
terminate, BP is no longer in discussions with them regarding this transaction.
BP is happy to return to long term ownership of these
valuable assets, given the considerable improvement in its own financial
strength and circumstances, as well as the improved external trading
environment.
In November 2010 and under different circumstances from those at present, BP
agreed the sale of its interest in PAE as an early element of its divestment
programme to strengthen its balance sheet. Since June 2010, excluding the PAE
assets, BP has agreed asset sales totalling over $19 billion. As reported in its
third quarter 2011 results, at the end of September 2011, BP held $18 billion in
cash.
In October 2011, BP announced that it intended to extend its divestment
programme to $45 billion by the end of 2013. BP’s current divestment programme
is focussed on the sale of non-strategic assets and not driven by a requirement
to raise cash. As such, BP does not currently plan to
divest additional assets to offset proceeds which would have been
received from the PAE transaction.
Notes to editors:
On 28 November 2010, BP announced that it had reached agreement to sell its
interests in Pan American Energy LLC to Bridas Corporation for $7.06 billion in
cash. PAE is an Argentina-based oil and gas company owned by BP (60%) and Bridas
(40%). The transaction excluded the shares of PAE E&P Bolivia Ltd.
BP's investment in PAE has been classified as assets held for sale in the BP
group balance sheet at 30 September 2011.
After 1 November 2011, pursuant to the terms of the sale and purchase agreement,
if all of the conditions precedent were not yet satisfied,
each party had the right to terminate the agreement at any time without notice.
As at 6 November 2011, Argentine antitrust and Chinese regulatory approvals
required to satisfy key conditions precedent to complete the sale had not been
obtained by Bridas Corporation, nor had Bridas Corporation waived these
conditions precedent, as it was entitled to do under the sale and purchase
agreement.
BP will separately make a payment of $700 million to Bridas Corporation in full
settlement of any and all past claims between the two companies and also as
consideration for amendments to the PAE Limited Liability Company agreement
which terminate certain legacy restrictive covenants among BP, PAE and Bridas
Corporation.
2011年 11月 7日 WSJ
BPのアルゼンチン権益売却契約が破棄―財務状況好転で
英石油大手BPが、南米で石油事業を展開しているパン・アメリカン・エナジーの権益60%について、中国国有石油大手の中国海洋石油(CNOOC)とアルゼンチンのブリダス・エナジーの合弁会社ブリダスに70億6000万ドル(約5510億円)で売却する契約が破棄された。同契約は昨年締結されたもので、細目を詰めて1年後に最終調印される予定だった。
ブリダス社が5日、法的な理由とBPの対応を理由に同契約を停止することを明らかにした。これに対しBPは、米メキシコ湾油田の大量の原油流出事故に伴う資金難を克服し財務力は高まっているため、資産売却の必要性はなくなっていると指摘し、今回の契約破棄については懸念していないと表明した。BPはまた、アルゼンチンと中国の当局から独禁法上の認可などを得るのはブリダス側の責任だったが、6日現在認可は得られていないと指摘、ブリダスを非難した。
BPのスポークスマンは、原油価格の大幅上昇を受けて同社の資産は原油流出事故を起こした昨年に比べはるかに増強されていると強調。「財務力の強化や取引環境の好転を考えれば、貴重な資産を取り戻せたことはむしろ良かった」と述べた。
BPは、原油の大量流出事故を受け、流出原油の回収や補償のため400億ドル超の引当金を計上し、そのための資金手当のため最高300億ドルの資産を売却する計画だった。しかしパン・アメリカンの権益売却が打ち切られたため、資産売却は合計で190億ドルにとどまっている。
BPは、売却資金を手に出来なくなったことから、他の資産を追加売却するつもりはないとしている。同社によると、9月末現在の手元資金は180億ドルで、負債資本比率は11年前に比べ大幅低下しているという。
2012/4/25 朝日新聞
メキシコ湾原油流出で初の逮捕者 英BP社の元技術者
米南部沖のメキシコ湾で2010年4月に石油掘削基地が爆発し、大量の原油が海に流出した事故で、米司法省は24日、英BP社の元技術者を司法妨害(証拠隠滅)容疑で逮捕したと発表した。同事故で逮捕者が出たのは初めて。
同省によると、元技術者のカート・ミックス容疑者は、海底の壊れた安全弁に泥状のものを流し込む「トップキル作戦」に携わった際に携帯端末で受けたメッセージ200通以上を、その後に消去した疑いが持たれている。当時の公表より実際の原油流出速度が速く、現場では作戦失敗を予想していたとの機密情報も含まれていたという。
これを皮切りに、捜査当局は「米国史上最悪の環境災害」を引き起こした関係者の刑事責任を追及する方針だ。同事故では作業員11人が犠牲になったほか、海底の油井から原油約78万キロリットルが流出したと推定されている。
April 25, 2012
Associated Press
Engineer arrested, feds probe BP's spill response
By arresting a
former BP engineer Tuesday, federal prosecutors
for the first time showed their hand in the Gulf
oil spill case, saying they were probing whether
BP PLC and its employees broke the law by
intentionally lowballing how much oil was
spewing from its out-of-control well.
Two years and
four days after the drilling-rig explosion that
set off the worst offshore oil spill in U.S.
history, Kurt Mix, 50, of Katy, Texas, was
arrested Tuesday and charged with two counts of
obstruction of justice for allegedly deleting
about 300 text messages that indicated the
blown-out well was spewing far more crude than
the company was telling the public at the
time.
The charges
are not likely to affect a proposed class-action
settlement that would resolve more than 100,000
claims by people and businesses who blame
economic losses over the spill. A federal judge
is expected Wednesday to consider granting
preliminary approval of the $7.8 billion civil
settlement between BP and a committee of
plaintiffs.
The case
against Mix brings the first criminal charges in
the Justice Department's Deepwater Horizon
probe. If convicted, Mix could get up to 20
years in prison and a $250,000 fine on each
count. Mix was released on $100,000 bail.
In an
affidavit, the U.S. Department of Justice said
it was investigating whether BP and its
employees broke the law "by intentionally
understating" how much oil was leaking.
Legal experts
said this was likely just the first move by the
Justice Department. The federal agency made it
clear the investigation still is ongoing and
suggested more people could be arrested.
"Did anyone
else know about this? Was this gentleman, shall
we say encouraged or pushed to do this? Did he
do it under orders? Did he do it under duress?"
said Anthony Michael Sabino, a professor at St.
John's University School of Law in New York and
an expert in white-collar crimes.
"When you're
a prosecutor you start with the little fish and
you hope the little fish helps you catch a
medium-sized fish; then you go after the big
fish until you get the biggest fish of all,"
Sabino added. "It's going up the food chain ...
If you jump the gun, and you don't have the
pieces in place, you ruin the case."
Seth Pierce,
a Los Angeles-based commercial defense lawyer,
said the Justice Department's move was "almost
like you would see in a mafia case, where they
go and try to apply a lot of pressure on really
low-level guys in the hopes of turning them, or
flipping them, into witnesses for the state."
Pierce called
Mix a "weak spot" prosecutors might try to
exploit because he no longer works for BP.
"He might not
have as much loyalty to the company," he said.
An attorney
for Mix, Joan McPhee, described the charges as
misguided and that she is confident Mix will be
exonerated.
"The
government says he intentionally deleted text
messages from his phone, but the content of
those messages still resides in thousands of
emails, text messages and other documents that
he saved," she said. "Indeed, the emails that
Kurt preserved include the very ones highlighted
by the government."
Federal
investigators have been looking into the causes
of the blowout and the actions of managers,
engineers and rig workers at BP and its
subcontractors Halliburton and Transocean in the
days and hours before the April 20, 2010,
explosion.
It is now
clear that prosecutors also are looking at the
aftermath of the blast, when BP scrambled for
weeks to plug the leak.
In outlining
the charges, the government suggested Mix knew
the rate of flow from the busted well was much
greater than the company publicly acknowledged.
Prosecutors
also said BP gave the public an optimistic
account of its May 2010 efforts to plug the well
via a technique called a "top kill," even though
the company's internal data and some of the text
messages showed the operation was likely to
fail.
An accurate
flow-rate estimate is necessary to determine how
much in penalties BP and its subcontractors
could face under the Clean Water Act. In court
papers, prosecutors appeared to suggest the
company was also worried about the effect of the
disaster on its stock price.
In a
statement, BP said it is cooperating with the
Justice Department.
"BP had clear
policies requiring preservation of evidence in
this case and has undertaken substantial and
ongoing efforts to preserve evidence," the
statement said.
The FBI said
in court papers that Mix repeatedly was notified
by BP that instant messages and text messages
needed to be preserved.
In public
statements, the company professed optimism that
the top kill would work, giving it a 60 to 70
percent chance of success.
On May 26,
the day the top kill began, Mix estimated in a
text to his supervisor that more than 15,000
barrels of oil per day were spilling — three
times BP's public estimate of 5,000 barrels and
an amount much greater than what BP said the top
kill could probably handle.
At the end of
the first day, Mix texted his supervisor: "Too
much flow rate — over 15,000 and too large an
orifice." Despite Mix's findings, BP continued
to make public statements that the top kill was
proceeding according to plan, prosecutors said.
On May 29, the top kill was halted and BP
announced its failure.
BP stock
closed at $41.91 Tuesday, a drop of just 4
cents. Analysts said investors evidently
recognized the charges involved just one,
low-ranking employee and saw no hint yet of any
kind of larger cover-up on BP's part.
The explosion
aboard the Deepwater Horizon drilling rig killed
11 workers. More than 200 million gallons of
crude oil leaked from the well off the Louisiana
coast before it was capped.
Under the
Clean Water Act, polluters can be fined $1,100
to $4,300 per barrel of spilled oil, with the
higher amount imposed if the government can show
the disaster was caused by gross negligence.
Tom Becker, a
fisherman in Biloxi, Miss., and head of the
Mississippi Charter Boat Captains Association,
said he wasn't surprised by the allegations.
"I don't
trust BP one bit. That's what I've thought all
along. It's like, 'What are they trying to hide
today?'" Becker said.
He said his
mistrust of BP had led him to hold out and not
settle legally with the company over damages. He
said his business has not recovered and he has
no fishing trips booked for July, August or
September, his busiest months. He blames that on
the lingering perception that the Gulf is ruined
and on high gas prices.
"I just wish
we could get over it quick, but I don't see it
happening, even though BP wants to pay everybody
off and get them to shut up," Becker said.
Alabama
Attorney General Luther Strange said he was
pleased "the Justice Department is focused on
holding those with criminal culpability
accountable."
10 September 2012 BP
BP to Sell Non-Strategic US Gulf Of Mexico
Assets to Plains Exploration and Production Company
Deal marks further progress in divestment
program; BP looks to long-term growth in Gulf of Mexico
BP today announced it has agreed to sell its
interests in a number of oil and gas fields in the deepwater US Gulf of Mexico
to Plains Exploration and Production Company
(‘Plains’ an independent oil and gas company) for a total of $5.55
billion, as part of a previously-announced plan to divest the assets and
position its Gulf portfolio for long-term growth.
BP is selling its interests in three BP-operated assets: the Marlin hub,
comprised of the Marlin, Dorado and King fields (BP working interest 100 per
cent); Horn Mountain (BP, 100 per cent) and Holstein (BP, 50 per cent). The deal
also includes BP’s stake in two non-operated assets: Ram Powell (BP, 31 per
cent) and Diana Hoover (BP, 33.33 per cent). BP announced its intention to sell
these non-strategic assets in May 2012.
The divestment is in line with BP’s global
strategy of playing to its strengths, including the development of giant fields
and deepwater exploration. It also reflects a greater focus in the Gulf of
Mexico on producing more high-margin barrels from fewer, larger assets.
BP will concentrate future activity and investment in the Gulf on growth
opportunities around its four major operated production hubs and three
non-operated production hubs in the deepwater, as well as on significant
exploration and appraisal opportunities in the Paleogene and elsewhere.
"While these assets no longer fit our business strategy, the Gulf of Mexico
remains a key part of BP’s global exploration and production portfolio and we
intend to continue investing at least $4 billion there annually over the next
decade," said Bob Dudley, BP group chief executive.
"This sale, as with previous divestments, is consistent with our strategy of
playing to our strengths as a company and positioning us for long-term growth.
In the Gulf of Mexico that means focusing future investments on our strong set
of producing assets and promising exploration prospects."
Under the terms of the agreement, Plains will pay BP a total of $5.55 billion in
cash for the assets, subject to regulatory approvals, certain pre-emption rights
and customary post-closing adjustments. The parties anticipate the deal closing
by the end of 2012.
BP expects to divest assets with a total value of $38
billion between 2010 and 2013 as it focuses its business around the world
on its strengths and opportunities for growth. With today’s agreement, BP has
now entered into agreements to sell assets with a value of
over $32 billion since the beginning of 2010.
“This deal further demonstrates the value we have been able to unlock through
the targeted divestment of high-quality assets that sit outside the heart of our
strategy,” added Dudley.
On completion of the transaction, BP will continue to
operate four large production platforms in the region –
Thunder Horse, Atlantis, Mad Dog and Na Kika –
which produce from some of the largest deepwater oil and gas fields ever
discovered and each of which has a long production profile and future
development programme. BP will also continue to hold interests in three
non-operated hubs – Mars, Ursa and Great White.
BP currently anticipates investing on average at least $4 billion in the Gulf of
Mexico each year for the next decade. In June this year, production started from
the BP-operated Galapagos project – tied back to the Na Kika platform -- and a
further development of Na Kika is expected to come on stream in 2013. BP is also
progressing plans for a second phase of the Mad Dog field. BP now has six
drilling rigs operating in the Gulf of Mexico and expects to have eight rigs in
place by the end of the year, the most it has ever had in the region.
BP has been exploring in the deepwater Gulf for more than a quarter of a century
and is the leading acreage holder, holding more than 700 leases, with a strong
position in the emerging Paleogene play, including appraisal projects such as
Kaskida and Tiber. BP acquired 43 new leases in the deepwater Gulf in the June
2012 lease sale, which will be awarded subject to regulatory review.
Notes to editors:
The Marlin field came on stream in 1999, followed by Horn Mountain in 2002 and
Holstein in 2004.
BP directly employs more than 2,500 people in its Gulf of Mexico business and
supports tens of thousands of additional jobs in the region.
The company has been reshaping its business in the Gulf for a number of years,
selling its last shallow water continental shelf assets in 2006 and, most
recently, divesting the Pompano field in 2011.
September 28, 2012 BP
BP to sell Malaysian PTA interests to India’s Reliance
BP today announced that it has agreed to sell all its interests in purified
terephthalic acid (PTA) production in Malaysia to Reliance
Global Holdings Pte. Ltd. (Reliance). The agreement concerns BP’s 100 per
cent equity in BP Chemicals (Malaysia) Sdn Bhd (BPCM),
located at Kuantan on the east coast of Malaysia.
The Kuantan purified
terephthalic acid (PTA) plant is located in the State of Pahang on the east
coast of the Malaysia peninsula, 25 km from Kuantan.
It has an annual capacity of approximately 610,000 tonnes and employs over
170 full-time employees.
Reliance has agreed to purchase BP’s interest
in BPCM for $230 million in cash and both parties
anticipate completing the transaction in 2012.
James Yim, head of BP's aromatics business in Asia, said: “This is an efficient
plant with a good market position in the region. RECRON Malaysia, part of the
Reliance Group, is already our largest customer in Malaysia and Reliance
Industries is a significant feedstock supplier at Kuantan, so Reliance is a
natural owner of this plant.”
Nick Elmslie, chief executive of BP Petrochemicals said: “BP has a major, global
PTA business, with around one fifth of global PTA production capacity and a
track record of leading technology. We will continue to concentrate our PTA
strategy on deploying new technologies into high growth markets like China where
we are in the middle of a considerable expansion programme, and in OECD markets
where our technology gives us an advantage and high utilization rates.
“We are also building new revenue streams by licensing our PTA and paraxylene
technologies.”
All current staff of BPCM are expected to transfer to the new owners under
equivalent terms and conditions. BP’s acetic acid manufacturing and marketing
business in Malaysia is unaffected by this sale.
Notes to editors:
The $230 million in cash includes the net value of working capital and cash,
estimated at a Malaysian Ringgit to US Dollars exchange rate of 3.1. The final
value will be determined by prevailing Ringgit exchange rate before completion
of the sale.
Including this agreement, BP has agreed divestments of assets with a total value
of around $33 billion since the start of 2010. BP currently expects to increase
this total to $38 billion by the end of 2013.
BPCM’s PTA plant, commissioned in 1996, has nameplate production capacity of
610,000 tonnes per year (tpa).*
BP’s current net global PTA capacity is 7.5 million tonnes per year (mtpa) from
eight sites in the US (2), Belgium, China, Indonesia, Malaysia and Taiwan (2).
The largest is at Zhuhai, China where expansion of its current capacity of
1.5mtpa is expected to add a further 1.25mtpa by 2014, making it one of the
world’s largest PTA manufacturing sites.*
BP has been present in Malaysia since the 1960s and has over 850 staff in the
country, including BPCM.
BP has a 70 per cent interest in a 560,000tpa acetic acid plant in Kertih*; a
lubricants plant at Port Klang; and markets lubricants in Malaysia under both
the Castrol and BP brands.
The BP Petronas
Acetyls Sdn Bhd (BPPA) acetic acid plant in Kerteh is a joint venture
between BP (70%) and Petronas (30%), the national petroleum company of
Malaysia.
The plant has an annual production capacity of approximately 560,000 tonnes
of acetic acid.
2010/9/2 BP、マレーシアのエチレン、ポリエチレンJV持分をペトロナスに売却
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.
October 08 2012
BP Agrees to Sell Texas City Refinery to Marathon Petroleum Corporation for $2.5
Billion, Marking Second Major Milestone in Strategic Refocus of U.S. Downstream
Business
Refinery and portion of Southeast U.S.
retail and logistics network to be sold;
BP has now announced over $35 billion toward its goal of $38 billion
divestments
2012/9/14
BP、メキシコ湾の非戦略的石油資産を売却
BP announced today it has reached an
agreement to sell its Texas City, Texas refinery and a
portion of its retail and logistics network in the Southeast U.S. to Marathon
Petroleum Corporation for $2.5 billion (which includes $0.6bn of cash at
closing, an estimated value of $1.2bn for hydrocarbon inventories and a $0.7bn
six year earn-out arrangement based on future margins and refinery throughput).
“Today’s announcement is the second major milestone in the strategic refocusing
of our U.S. fuels business,” said Iain Conn, chief executive of BP’s global
refining and marketing business. “Together with the sale of our
Carson,
California refinery, announced in August, the divestment of Texas
City will allow us to focus BP’s U.S. fuels investments on our three northern
refineries, which are crude feedstock advantaged, and their associated marketing
businesses. Marathon Petroleum is a highly respected refiner and marketer. Their
ability to take on the responsibilities of this large and complex refinery will
be good for the long-term future of the business and its employees. Although
largely a merchant refinery, we have decided to also sell certain terminals and
marketing assets in the Southeast U.S.”
With today’s agreement the total value of the divestments that BP has agreed
since the beginning of 2010 is now over $35 billion. BP expects this total to
reach $38 billion by the end of 2013.
Subject to regulatory and other approvals, Marathon Petroleum will purchase the
475,000 barrel per day refinery, associated
natural gas liquids pipelines, and
four marketing terminals in the Southeast U.S. BP will also assign certain
branded jobber contracts supplying approximately 1,200 retail sites in
Tennessee, Mississippi, Alabama and Florida which could be supplied by the
refinery. BP will remain a significant retailer of fuels in the U.S., with
approximately 8,000 BP and ARCO-branded sites in the Midwest, Pacific Northwest
and along the East Coast. BP anticipates the transaction will close by early
2013.
“This sale will reduce BP’s presence in the Southeast U.S., however BP remains
firmly committed to growing and strengthening our BP-branded retail network and
the value of the BP brand east of the Rockies in partnership with BP-branded
jobbers and dealers,” said Doug Sparkman, president of BP’s East of Rockies
fuels business. “A number of valued jobbers are affected by this transaction and
we are committed to working very closely with Marathon Petroleum to make this
transition as smooth as possible.”
“During the past several years the Texas City Refinery has been transformed
through a resolute focus on safe, compliant, and reliable operations and in
recent months has returned to profitability. It does not, however, fit with the
long-term strategic direction of BP’s global refining portfolio,” said Texas
City Refinery manager Keith Casey. “I believe today’s announcement is good for
our workers, good for our community, and positions the refinery to achieve its
full potential over the long term as part of one of the leading
refiner-marketers in the U.S.”
BP continues to invest heavily in its three northern U.S. refineries. The
company is in the midst of a multi-billion dollar modernization effort at its
Whiting Refinery in Northwest Indiana. The BP Cherry Point Refinery in the state
of Washington is being upgraded to produce cleaner-burning diesel fuel and the
BP Husky joint venture near Toledo, Ohio is investing to improve its gasoline
making capabilities.
“BP remains committed to supplying U.S. customers with the fuels, lubricants and
petrochemicals they depend on while at the same time delivering long-term growth
and profits to our shareholders and we are pleased to be delivering on the
strategy we announced last year,” Conn added. “When we complete these sales and
our Whiting Refinery upgrade project next year, we will have a smaller,
well-positioned and highly competitive portfolio of refining and marketing
businesses in the U.S.”
About BP in the US:
BP has invested more in the United States over the last five years than any
other oil and gas company. With more than $52 billion in capital spending
between 2007 and 2011, BP invests more in the U.S. than in any other country.
The company is the second largest producer of oil and gas in the U.S., a major
oil refiner and a leader in alternative energy sources including wind power and
biofuels. BP provides enough energy each year to light the entire country. With
23,000 U.S. employees, BP supports nearly a quarter of a million domestic jobs
through its business activities. For more information, view our BP in America
animation video at: http://www.youtube.com/watch?v=I6n9cZ1xxQw or visit
www.bp.com.
Notes to editors:
BP announced plans to divest its Carson and Texas City refineries in February
2011 as part of a major strategic refocusing of the company’s global refining
portfolio.
The Texas City refinery became part of BP with the 1998 merger with Amoco. It is
a large, highly complex refinery with a nameplate 475,000 barrels per day of
refining capacity. The refinery employs some 2,150 BP staff and contractor
numbers can vary between 1,000 and 3,000 each day.
Three natural gas liquids pipelines connecting the Texas City Refinery with
local suppliers and customers and some out-of-service lines in the Gulf Coast
area are included in the transaction.
The adjacent South Houston Green Power cogeneration facility is an integral part
of the power infrastructure at the refinery and is included in the sale.
BP will continue to market in the Southeast US through more than 100 retained
jobbers and approximately 2,400 branded retail outlets. BP will continue to
supply retained BP-branded customers through its logistics network, including
the four divested product terminals in Nashville, Tennessee; Jacksonville,
Florida; and Selma and Charlotte, North Carolina.
BP’s Texas City Chemicals complex adjacent to the refinery is an independent
facility and has been a key part of BP’s global petrochemicals portfolio and is
not included in the sale. BP’s petrochemicals plant will continue to have
long-term commercial arrangements with the Texas City refinery.
Subject to applicable consents, BP will transfer 50,000 barrels per day of its
shipper history developed on the Colonial Pipeline.
BP is currently in the process of carrying out a number of major investments in
its other U.S. refineries, including a large investment program to transform its
413,000 barrels per day capacity Whiting, Indiana refinery; a clean-diesel
upgrading project at its 234,000 barrels per day Cherry Point, Washington
refinery; and the addition of a continuous catalytic reformer to the 160,000
barrels per day capacity Toledo, Ohio, refinery (a 50:50 joint venture with
partner Husky Energy Inc.).
BP currently operates large,
modern refineries in
Texas City, Texas;
Carson, Calif.;
Cherry Point, Wash.;
Whiting, Ind. and
Toledo, Ohio.
These five installations,
with total capacity for processing 1.5 million barrels of crude
oil every day, are part of a worldwide network of 17 BP
refineries.
They produce a wide range of fuels, petrochemicals and
lubricants for America’s highway and rail transportation;
industry; home, commercial and institutional heating; power
generation, and airlines.
Almost all of the BP refined products are marketed under the
brands of BP®, ARCO®, Amoco Ultimate® and Castrol®. Air BP is a
major supplier to airlines, with about 10 percent of the global
market.
A period of transition
Changing trends in global demand for gasoline caused BP to
reexamine its refining portfolio and led to the difficult
decision in early 2010 to divest the Texas City and Carson
refineries, together with Carson's associated integrated
marketing business in southern California, Arizona, and Nevada.
Subject to regulatory and other approvals, BP plans to complete
the sales by the end of 2012, thereby halving BP's US refining
capacity.
BP plans to focus its future downstream investment in the US on
further improving and upgrading its other, more advantaged
refining and marketing networks in the country - based around
the Whiting, Indiana and Cherry Point, Washington refineries and
its 50 percent interest in the Toledo, Ohio refinery.
These refineries have greater flexibility to refine a range of
crude oils including heavy grades, and on average are more
diesel-capable than BP's current portfolio. They are also
well-integrated with BP's marketing operations and benefit from
advantaged and focused logistics infrastructure.
"The US remains a very important market for BP's fuels,
lubricants and petrochemicals businesses,” says Iain Conn, BP
chief executive for refining and marketing. “The moves we are
making will give BP a smaller, but well-positioned and very
competitive portfolio of refining and marketing businesses."
BP's remaining US refineries
BP is currently in the process of carrying out a number of major
investments in its remaining US refineries. These include a
large investment program to transform the 405,000 bpd capacity
Whiting refinery, significantly increasing its capability to
process heavy Canadian crude.
In 2011, the 240,000 bpd Cherry Point refinery is undertaking a
$400 million investment to produce a full slate of ultra
low-sulfur diesel fuel and ultra low -benzene gasoline.
Finally, BP is constructing a new continuous catalytic reformer
to the 160,000 bpd capacity Toledo refinery, which is a joint
venture with Husky Energy, Inc. |
--------
August 13 2012
BP Agrees to Sell Carson Refinery and ARCO
Retail Network in US Southwest to Tesoro for $2.5 Billion
BP announced today it has reached agreement to sell its Carson, California
refinery and related logistics and marketing assets in the region
to Tesoro Corporation for $2.5 billion in cash (including the estimated value of
hydrocarbon inventories and subject to post-closing adjustments) as part of a
previously announced plan to reshape BP’s US fuels business.
"Today's announcement is a significant step in the strategic refocusing of our
US fuels business," said Iain Conn, chief executive of BP's global refining and
marketing business. "Together with the intended sale of Texas City, this will
allow us to focus BP's operations and investments exclusively on our three
northern US refineries, which are crude feedstock advantaged, and their large
and important marketing businesses."
Subject to regulatory and other approvals, Tesoro will acquire the
266,000
barrel per day refinery near Los Angeles as well as the associated logistics
network of pipelines and storage terminals and the ARCO-branded retail marketing
network in Southern California, Arizona and Nevada. The sale also includes BP's
interests in associated cogeneration and coke calcining V焼 operations. The closing
is expected to happen before mid-2013.
"As an established refiner and marketer, Tesoro provides a strong future for the
business and for its employees," said Conn.
BP will sell the ARCO retail brand rights and exclusively license those rights
from Tesoro for Northern California, Oregon and Washington and continue to
produce transportation fuels at its Cherry Point, Washington refinery. BP will
also retain ownership of the ampm convenience store brand and franchise it to
Tesoro for use in the Southwest.
In February 2011 BP announced plans to refocus its refining and marketing
business on its northern US refineries and find buyers for Carson and the Texas
City Refinery in Texas.
"We are pleased to be delivering on the plan we announced last year and when
complete we will have a smaller, but well-positioned and very competitive
portfolio of refining and marketing businesses in the US," Conn added. "BP
remains committed to supplying US customers with the fuels, lubricants and
petrochemicals they depend on while at the same time delivering long-term growth
and profits to our shareholders. We are investing heavily in the capabilities of
our businesses in line with that commitment."
BP is nearing completion of a multi-billion dollar upgrade at its Whiting
Refinery in Northwest Indiana. The largest private sector investment in Indiana
history, the project will transform Whiting's crude processing capabilities and
is expected to be completed in the second half of 2013. The company is also
upgrading the Cherry Point Refinery to produce cleaner burning diesel fuel and
investing in a cleaner gasoline project at its joint-venture refinery near
Toledo, Ohio.
Today's announcement brings the total value of the divestments that BP has
agreed since the beginning of 2010 to $26.5 billion. This is part of the
previously announced programme to divest $38 billion of assets by the end of
2013.
About BP in the US:
BP has invested more in the United States over the last five years than any
other oil and gas company. With more than $52 billion in capital spending
between 2007 and 2011, BP invests more in the US than in any other country. The
company is the second largest producer of oil and gas in the US, a major oil
refiner and a leader in alternative energy sources including wind power and
biofuels. BP provides enough energy each year to light the entire country. With
23,000 US employees, BP supports nearly a quarter of a million domestic jobs
through its business activities.
Notes to editors:
The price of the assets is $1,175 million, plus the value of inventory at the
time of closing. At current prices, the inventory is valued at approximately
$1,300 million.
The 266,000 barrel per day (bpd) Carson Refinery is one of the largest on the US
West Coast. It became part of BP through the 2000 acquisition of ARCO. It
employs over 1,100 staff and in total the divested business employs
approximately 1,700 staff.
The transaction includes the refinery and integrated terminals and pipelines, as
well as marketing agreements with about 800 retail sites in Southern California,
Arizona and Nevada.
The refinery is located on 650 acres in Los Angeles County, near the Long Beach
and Los Angeles Harbours. The refinery began operations in 1938. It processes
crude oil from Alaska’s North Slope, the Middle East, West Africa and other
sources. Processing equipment includes the largest fluid catalytic cracker in
California, two cokers and distillate hydrocracking.
BP's 51 per cent interest in a nominal 400 megawatt cogeneration facility
located at the refinery is included in the sale.
BP's Wilmington Coke Calciner located about five miles from the refinery is also
part of the sale. The plant occupies about 17 acres. The plant employs
approximately 40 people and produces 350,000 tonnes of calcined coke per year.
Logistics assets included in the sale include ownership of Berth 121 facility
improvements and equipment, Marine Terminals 2 and 3 and the LA basin pipelines
system that moves crude, products and intermediates to and from the refinery.
Terminals included in the sale are Carson Crude, East Hynes, West Hynes,
Hathaway, Carson Products, Colton, Vinvale and San Diego.
BP is currently in the process of carrying out a number of major investments in
its other US refineries, including a large investment programme to upgrade its
413,000 bpd capacity Whiting, Ind., refinery; a clean-diesel upgrading project
at its 234,000 bpd Cherry Point, Wash., refinery; and the addition of a
continuous catalytic reformer to the 160,000 bpd capacity Toledo, Ohio, refinery
(a 50:50 joint venture with partner Husky Energy Inc.).