Tag Archives: British Petroleum Co. (BP)

The world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras that owns stakes in two major Nigerian offshore oil blocks.

The surge in U.S. output has been offset by deep supply cuts for over a year by OPEC and other producers including Russia.

A U.S. withdrawal from the Iran nuclear accord could lead to 1 million barrels off the market.

Oil firms will evaluate technical solutions by researchers from around 27 countries at the two-day event.

Total has spent $90 million to help develop the offshore field and won’t be compensated before production begins.

The final investment decision for the realization of this giant investment. which will exceed $3 billion. will be made in 2019.

Iraq exported 100 million barrels of oil in April. a daily rate of 3.3 million barrels.

Brazil will receive bids for blocks at its coveted presalt region in June and Mexico plans to announce results in September from two onshore rounds.

Bob Dudley. the American boss of the oil giant. was forced to flee Russia in 2008 .

BP signed a major exploration deal in Libya in 2007 but put its onshore plans on hold in 2014 because of security concerns.