Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
BP Plc is planning to spin off its operations in Iraq into a standalone company, the Wall Street Journal reported on June 11, as the oil major looks to shift focus to low-carbon investments.
The new company would hold BP’s interest in Iraq’s giant Rumaila oil field and be jointly owned by China National Petroleum Corp., one of BP’s partners at the site, the report said, citing people familiar with the matter.
The new entity will hold its own debt, separate from BP and pay dividends.
BP declined to comment on the WSJ report.
Spinning off oil and gas assets is seen as a way for BP to shift towards renewable energy. BP and Eni SpA in May entered into talks to merge their oil and gas operations in Angola to form one of Africa’s largest energy companies.
Recommended Reading
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.
Heard from the Field: US Needs More Gas Storage
2024-03-21 - The current gas working capacity fits a 60 Bcf/d market — but today, the market exceeds 100 Bcf/d, gas executives said at CERAWeek by S&P Global.
Arctic Vortex Pumps Up Natural Gas Demand, But It Won’t Last
2024-01-16 - Cold temperatures caused higher gas usage and dropped production, but the spike in demand is unlikely to have lasting effects.
Trans Mountain Pipeline Announces Delay for Technical Issues
2024-01-29 - The Canadian company says it is still working for a last listed in-service date by the end of 2Q 2024.
Imperial Expects TMX to Tighten Differentials, Raise Heavy Crude Prices
2024-02-06 - Imperial Oil expects the completion of the Trans Mountain Pipeline expansion to tighten WCS and WTI light and heavy oil differentials and boost its access to more lucrative markets in 2024.