Archive: Sun Feb 2019

  1. BP to step up reporting around Paris agreement goals

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    BP has vowed improve its reporting of how its operations fit in with the goals of the Paris Agreement.

    Investor participants of the Climate Action 100+ group proposed the resolution, which will be put to shareholders at the company’s annual general meeting in May.

    Following talks between BP and the investors, the firm’s board has decided to support the proposed resolution.

    BP will give shareholders a more detailed explanation of its support for the resolution in the notice of meeting ahead of the AGM.

    The company will publish its annual results tomorrow.

    Helge Lund, BP’s chairman, said: “BP is committed to helping solve the dual challenge of providing more energy with fewer emissions.

    “We are determined to advance the energy transition while also growing shareholder value. We believe our strategy is consistent with the Paris goals.

    “The additional reporting specified in the resolution will build on BP’s history of progressive action in this area.

    “We welcome the constructive engagement with Climate Action 100+ and, after careful consideration, have decided to support this resolution.”


  2. ‘Considerable interest’ in Crown farm out

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    Considerable interest is being shown in United Oil and Gas’s Crown discovery in the central North Sea, the company said.

    A first competent person’s report (CPR) compiled for Crown, by ERC Equipoise, estimates the could hold 6.35 million stock tank barrels of oil.

    London-listed United said “a farm out process to seek other industry partners to move the Crown discovery forward is already underway, and has seen considerable interest within the industry”.

    It said the CPR estimates were conservative, but would be invaluable as they “provide necessary data to give greater certainty to potential investors”.

    Crown, in the central North Sea, was discovered in the 1990s by ConocoPhillips and it is believed it was considered too small to develop.

    However United believes that has changed with significant strides in technology development in the years since.

    The company was awarded crown in the 3oth licensing round.