“The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other”

Bob Dudley, BP group chief executive said: " BP today is a stronger, more focused and more disciplined company. We continue to actively develop a strong, balanced portfolio and we are managing the business for value over volume. Our relentless group-wide focus on capital and cost discipline is helping BP to become much more efficient while maintaining the investment needed for future growth".

The Tangguh Expansion Project will also bring a positive contribution to Indonesia and the Papua Barat Province starting in 2016, supporting economic growth and providing 10,000 valuable jobs spread over the project period.

Russia’s oil industry is “very resilient,” BP Plc CEO Bob Dudley said in St. Petersburg on Thursday. The nation’s resources are competitively priced and floating the currency has been helpful for costs, he said while announcing a new exploration joint-venture with Rosneft.

Igor Sechin, Rosneft CEO, said after signing: “These agreements serve as an example of full scale cooperation with BP, Rosneft’s strategic partner and largest minority shareholder. After creation of the Taas-Yuryakh Neftegazodobycha LLC joint venture we are now broadening the geography of our cooperation and creating a precedent which allows us to pursue cooperation in partnership with leading international companies to implement upstream projects at the largest Rosneft greenfield sites in West and East Siberia.”

The new discovery is 12 km off shore, and 10 km north of last year’s find, Nooros. The well was drilled in water depth of 25 m and reached a total depth of 3,750 m and found about 62 m of net gas pay in high quality Messinian sandstones and with "excellent reservoir properties," according to Eni.

Oil companies BP (BP.L) and Det norske (DETNOR.OL) have agreed to merge their Norwegian businesses in a $1.3 billion all-share deal to cut costs, challenge Statoil's (STL.OL) dominance of the local industry and look for more acquisitions.

In 2015 global demand for primary energy grew by only 1%, significantly slower than the 10-year average. This reflected continued weakness in the global economy and lower growth in Chinese energy consumption as the country shifts from an industrial to a service-driven economy.

BP has the lowest amount of pre-FID (final investment decision) resource, which leads to the weakest future growth rates.

BP PLC, on behalf of the Shah Deniz consortium, has let a $1.5-billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 offshore Azerbaijan to the BOS Shelf LLC, Saipem Contracting Netherlands BV, and Star Gulf FZCO consortium.