BP has a new CEO, Murray Auchincloss, but very much the continuity candidate, given his long service with the company. While Auchincloss is a safe pair of hands, he will face scrutiny over perceptions that BP is underperforming its peers. Can the new man bring some razzle-dazzle in early February when the company sets out its next set of results?
Shell went through its own leadership transition in 2023 but the sale of its onshore assets in Nigeria was very much an old development. Selling down these mature assets will be a welcome development for the company, but how long the sales process takes will be a key test for Nigeria’s challenging regulatory environment.
And finally, Shell also announced approval for a small development in the West of Shetlands this week. The move has gone mostly unremarked, failing to exercise environmental NGOs in the way that Rosebank and Cambo have. But, in a year where FIDs are under pressure, any Victory is a victory.