LNG

Global and natural gas stalwart companies BP of the UK and Equinor of Norway will face combined earnings hits of around $27 billion by exiting their Russian business ventures because of the Ukraine invasion, with BP taking the largest profits impairments by breaking up with Rosneft.

Abu Dhabi National Oil Co. (Adnoc) has signed two-year LNG supply agreements with BP of the UK and French major Total for the majority of its production through the first quarter of 2022 after scaling back its supplies to Japan.

UK major BP, one of the leading LNG producers with two current world-class LNG production projects in Alaska and Mauritania-Senegal and volumes booked from the US Gulf Coast and nations such as Mozambique confirmed that Chief Executive Bob Dudley was stepping down after a 40-year career with the UK major and nine years as CEO.

Global natural gas trade expanded last year by 63 billion cubic metres, or 6.2 percent, with growth in LNG outpacing growth in pipeline trading, according to the 67th edition of the BP Statistical Review of World Energy.

Alaska LNG, the project to export the state’s North Slope natural gas resources to Asia, has reached an agreement with BP of the UK and Alaska Gasline Development Corp. on feed-gas supplies, including price and volume.

BP of the UK and one of India’s largest conglomerates, Reliance Industries, have taken a final investment decision to develop the second phase of a $6-billion deepwater natural gas project to open new Indian production when the nation is also increasing its LNG imports and expanding its regasification and pipeline infrastructure.

Asia and Europe together account for the vast majority of future liquefied natural gas demand by 2040 and how these markets develop will have an important bearing on global LNG trade, according to the 2018 BP Energy Outlook.

UK major BP doubled its third-quarter net income and also started up three major upstream natural gas projects that will help boost LNG output in three countries, Australia, Trinidad and Oman.

BP of the UK has started production at the giant Khazzan tight gas field in the Sultanate of Oman, a long-term LNG producer in the Arabian Peninsula and supplier of cargoes to Japan, South Korea and recently the spot market.

BP of the UK and one of India’s largest conglomerates, Reliance Industries, plan to develop two deepwater natural gas fields to bring new production to India at a time when the nation is also increasing its LNG imports and expanding its regasification and pipeline infrastructure.