We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BP's Marketing Unit Commences Natural Gas Supply in Mexico
Read MoreHide Full Article
BP plc’s (BP - Free Report) natural gas marketing and trading unit in Mexico, BP Energia Mexico, has started to supply about 200,000 million British Thermal Units per day (mmbtu/d) in eight states in the country.
The customers range from industrial users, local distribution companies and independent power producers in Mexican states of Nuevo Leon, Coahuila, San Luis Potosi, Veracruz, Mexico State, Guanajuato, Tamaulipas and Queretaro. This arrangement makes the oil giant one of the first private companies to deliver natural gas locally under the country’s energy restructuring program.
Earlier this year, CENAGAS, Mexico’s national center for natural gas control, had awarded pipeline transportation rights at an auction to BP. The company began delivering immediately. Besides agreements with other transporters and local distribution companies, BP has also inked a firm transport agreement with CENAGAS, to provide package deals for delivery of natural gas.
BP’s presence in Mexico dates back over five decades, when it began with marketing and distribution of Castrol. BP participated in the country’s first tender for deepwater licenses in December 2016, where it won interests in two exploration blocks in Cuenca Salina in the Southeast Basin. Thereafter in March, BP opened its first fuels retail site in Mexico and proposes to open about 1,500 sites across the country over the next five years. Other oil and gas companies operational in Mexico include Tesoro Corporation and Royal Dutch Shell plc .
Recently, BP along with its co-venturers inked a modified and restated Azeri-Chirag-Deepwater Gunashli (ACG) field production sharing agreement (PSA), which extended the production sharing deal for the country’s massive ACG oilfields until 2049. The current deal was slated to end in 2024. The co-ventures included Chevron Corp (CVX), Statoil ASA (STO) ExxonMobil Corp (XOM - Free Report) , among others.
These agreements are a result of BP’s appraisal of its exploration portfolio where it reiterated that it is refocusing growth in natural gas and advantaged oil in regions where the company presently functions. It is also seeking for prospects to develop new production regions while abandoning less competitive exploration prospects. These initiatives will likely support the company with growing and sustainable free cashflows, which it can distribute among its shareholders.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
BP's Marketing Unit Commences Natural Gas Supply in Mexico
BP plc’s (BP - Free Report) natural gas marketing and trading unit in Mexico, BP Energia Mexico, has started to supply about 200,000 million British Thermal Units per day (mmbtu/d) in eight states in the country.
The customers range from industrial users, local distribution companies and independent power producers in Mexican states of Nuevo Leon, Coahuila, San Luis Potosi, Veracruz, Mexico State, Guanajuato, Tamaulipas and Queretaro. This arrangement makes the oil giant one of the first private companies to deliver natural gas locally under the country’s energy restructuring program.
Earlier this year, CENAGAS, Mexico’s national center for natural gas control, had awarded pipeline transportation rights at an auction to BP. The company began delivering immediately. Besides agreements with other transporters and local distribution companies, BP has also inked a firm transport agreement with CENAGAS, to provide package deals for delivery of natural gas.
BP’s presence in Mexico dates back over five decades, when it began with marketing and distribution of Castrol. BP participated in the country’s first tender for deepwater licenses in December 2016, where it won interests in two exploration blocks in Cuenca Salina in the Southeast Basin. Thereafter in March, BP opened its first fuels retail site in Mexico and proposes to open about 1,500 sites across the country over the next five years. Other oil and gas companies operational in Mexico include Tesoro Corporation and Royal Dutch Shell plc .
Recently, BP along with its co-venturers inked a modified and restated Azeri-Chirag-Deepwater Gunashli (ACG) field production sharing agreement (PSA), which extended the production sharing deal for the country’s massive ACG oilfields until 2049. The current deal was slated to end in 2024. The co-ventures included Chevron Corp (CVX), Statoil ASA (STO) ExxonMobil Corp (XOM - Free Report) , among others.
These agreements are a result of BP’s appraisal of its exploration portfolio where it reiterated that it is refocusing growth in natural gas and advantaged oil in regions where the company presently functions. It is also seeking for prospects to develop new production regions while abandoning less competitive exploration prospects. These initiatives will likely support the company with growing and sustainable free cashflows, which it can distribute among its shareholders.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>