British Petroleum has hit the 'reset' button on large parts of its commercial basis and will end up a changed company – even if oil prices should suddenly return to their former heights. The firm brought its transformation to life, says analyst.
For the first time since the Deepwater Horizon catastrophe, the British oil giant reduces its shareholder dividend following a major billion-dollar loss in Q2 and upstream impairments of USD 6.5 billion.
Sunday, Allseas vessel Pioneering Spirit removed the giant platform Tyra East in one single move, thereby initiating the final part of the redevelopment project's decommissioning phase. The work is attracting interest from the entire Total group, says project head Morten Hesselager Pedersen.
Technically, things are looking well, but financial circumstances could curb a major Danish oil build-out, according to a preliminary conclusion on the Ravn project by Wintershall Nordzee, MD Robert Frimpong says in an interview with EnergyWatch.
Anniken Hauglie, former Norwegian minister of labor and social affairs, who once urged stricter monitoring of the domestic oil sector, has started in her role as director general of the Norwegian Oil and Gas Association.