South Stream Offshore Construction to Start Soon

The Supervisory Board of Directors of South Stream Transport B.V. has met in Amsterdam to discuss progress of the South Stream Offshore Pipeline. The Supervisory Board was updated on preparations for construction of the first two underwater pipelines.Activities to construct the first two lines through the Black Sea are ongoing. The first pipes for the South Stream Offshore Pipeline were delivered to the Port of Burgas in Bulgaria in May 2014.In June 2014, South Stream Transport received the Russian onshore construction permit and preparations for the construction of micro-tunnels and landfall facilities in Russia are underway.Offshore construction of the first line is to start in autumn 2014, when the pipe-laying vessel Castoro Sei will start welding pipes together at the Port of Burgas.Press Release, July 09, 2014 read more

BP’s profit triples on higher oil prices, output

first_imgBy Ron Bousso and Karolin SchapsLONDON (Reuters) – BP’s profit nearly tripled in the first quarter of 2017 from a year earlier thanks to higher oil prices and production, and as its sharp cost cutting drive bears fruit.BP joined oil major rivals including Exxon Mobil, Chevron and Total in posting stronger-than-expected quarterly earnings, mostly thanks to higher oil and gas prices.The results could assuage concerns among investors, who were jolted when BP in February raised the oil price at which it can balance its books this year to $60 a barrel after a string of investments.Investors are now turning their attention to cash generation that will allow companies to cover spending and dividend payouts and reduce ballooning debt.London-based BP is set to start up eight projects this year, including in Oman and Azerbaijan, the largest number in the company’s history in a single year. It hopes to add 800,000 barrels per day of new production by the end of the decade.“Rising production from new upstream projects is expected to drive a material improvement in operating cash flow from the second half of 2017,” the company said in its results statement.BP reported first-quarter underlying replacement cost profit, the company’s definition of net income, of $1.51 billion, exceeding analysts’ average forecast of $1.26 billion.Its operating cash flow in the quarter rose to $4.4 billion from $3 a year earlierOil prices, a major driver for BP’s earnings, averaged around 35 percent above prior-year levels, helping to boost revenue from its core oil and gas production division.(Reporting by Karolin Schaps and Ron Bousso; Editing by Mark Potter)last_img read more