61794
BP Sells Key North Sea Pipeline
BP Sells Key North Sea Pipeline

BP Sells Key North Sea Pipeline

BP Sells Key North Sea Pipeline

BP Plc has agreed to sell the Forties pipeline, one of the most important pieces of oil infrastructure in the US North Sea, to Ineos AG for $250 million. Ineos will make a cash payment of $125 million on completion and transfer a share of future earnings up to $125 million over seven years, BP said in a statement, Bloomberg reported. The London-based oil producer will retain rights to use the pipeline system’s capacity. The two companies confirmed last month they were in discussions for the pipeline, which transports crude used to set Dated Brent, the price benchmark for more than half the world’s oil. BP is selling assets to help pay for the 2010 oil spill in the US Gulf of Mexico, for which it set aside more than $50 billion. It also needs to bring down debt and maintain dividends as oil continues to trade at half its 2014 level.

 

Short URL : https://goo.gl/UK3QXR
  1. https://goo.gl/UaECKC
  • https://goo.gl/2wsKmy
  • https://goo.gl/xi4G5l
  • https://goo.gl/pGKNSX
  • https://goo.gl/tX2IJ7

You can also read ...

The South American nation earns 96% of its revenue through oil sales.
Venezuelan oil production crashed to a new 30-year low of 1.5...
45% of Spain Electricity From Renewable Sources
Spain’s transition to a low-carbon economy is making strong...
Norway Oil Strike Set to Escalate
Norway’s ship-owners and two oil unions said on Saturday they...
S. Korea Imports 167K bpd of Iranian Oil in June
South Korea’s imports of Iranian oil fell 40.3% in June from...
TPPHC Elaborates on Operations to Improve Power Plant Efficiency
To save natural resources in power stations and fight the...
Domestic Firms Undertake Rigless Well Operations
Two Iranian oil and gas companies have jointly conducted high-...
3,600 Villages to Join National Gas Grid
The natural gas grid will cover 3,600 villages across the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus