Extracts from an article by Sarah Young & Dmitry Zhdannikov published on 4 March 2014 by Reuters
LONDON, March 4 (Reuters) – British oil company BP plans to separate its onshore U.S. oil and gas assets into a new wholly-owned business to improve the competitiveness of its shale gas portfolio there. A number of big oil companies, including rival European operators Shell and BG, have struggled after making big investments in U.S. shale which have left them exposed to depressed gas prices, dragging on their profits.
RELATED BP PRESS RELEASE: BP to Form Separate Business to Manage US Lower 48 Onshore Oil and Gas Assets
COMMENT BY “OUTSIDER”
The question is whether they will move to take on Shell’s liabilities relating to unconventionals in the US – are we about to see a merger of Shell and BP, perhaps starting with the onshore US assets?
LONDON, March 4 (Reuters) – British oil company BP plans to separate its onshore U.S. oil and gas assets into a new wholly-owned business to improve the competitiveness of its shale gas portfolio there. A number of big oil companies, including rival European operators Shell and BG, have struggled after making big investments in U.S. shale which have left them exposed to depressed gas prices, dragging on their profits. – See more at: http://www.rigzone.com/news/oil_gas/a/131916/BP_To_Establish_US_Shale_Assets_As_Separate_Unit#sthash.aX4M8Quk.dpuf
Sarah Young & Dmitry Zhdannikov
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Sarah Young & Dmitry Zhdannikov
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