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Devon Energy and BP Enter Into $7.0B Property Sales Agreement and Oil Sands Joint Venture

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Devon Energy Corporation has entered into agreements to sell all of its assets in the deepwater Gulf of Mexico, Brazil and Azerbaijan to BP for $7.0 Devon and BP will also form a heavy oil joint venture to develop BP’s Kirby oil sands leases in Alberta, Canada. billion in cash. BP group chief executive Tony Hayward.

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GECF: more than a quarter of 2050 natural gas supply untapped

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Senturin made his remarks during the 25 th Oil & Gas of Turkmenistan Conference. According to Sentyurin, around 80% of the natural gas production by mid-century will stem from new projects, highlighting the importance of continued investment in upstream. —Secretary General Sentyurin.

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Using new seismic imaging technique, BP finds significant additional resources in the Gulf of Mexico

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As a result of this early success, BP now is deploying this technique to fields elsewhere in the Gulf of Mexico as well as in Azerbaijan, Angola, and Trinidad and Tobago. The subsurface property models that are created by FWI are used to create high quality and high resolution images of oil and gas reservoirs.

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ADB approves $240M to help Kazakhstan modernize transport, improve connectivity

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It will also establish fast transportation links connecting Astana and Aktobe with the major oil and mineral–rich city of Atyrau, and the country’s only international commercial seaport in Aktau.

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BP starts up Na Kika Phase 3 in ultra-deepwater Gulf Of Mexico

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The first Na Kika Phase 3 well began oil production on 19 February, with a second well expected to start up in the second quarter. Na Kika Phase 3 is BP’s third new major upstream project to begin production so far in 2014, following the earlier start-ups of the Chirag Oil project in Azerbaijan and the Mars B project in the Gulf of Mexico.

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BP closes out 2013 with deepwater finds in Gulf of Mexico and offshore Angola; new activity offshore Brazil

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BP also confirmed the recently-announced Pitu oil discovery in the frontier deepwater of the Potiguar basin off Brazil’s equatorial margin, announced by Petrobras. billion barrels of oil equivalent, according to Cobalt. The discovery well encountered both a high liquids content gas interval and an oil interval. Click to enlarge.

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BP and Maersk collaborating to develop next-generation offshore drilling rigs for Project 20K

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BP and Maersk Drilling will collaborate to develop conceptual engineering designs for a new breed of advanced technology offshore drilling rigs that will unlock the next frontier of deepwater oil and gas resources. BP also sees potential applications for the technology in Egypt, Azerbaijan and other deepwater basins around the world.