BP and Bridas to form integrated energy company

BP and Bridas to form integrated energy company

BP announced that it has agreed with Bridas Corporation (Bridas) to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy (PAE) and the refiner and marketer Axion Energy (Axion) in a cash-free transaction. The new company, Pan American Energy Group (PAEG), will be the largest privately-owned integrated energy company operating in Argentina.

PAEG will be owned equally by BP and Bridas Corporation, itself a 50:50 joint venture of Bridas Energy Holdings of Argentina and CNOOC Limited of China. PAE is currently owned 60 percent by BP and 40 percent by Bridas, while Axion is wholly-owned by Bridas. Completion of the agreement is anticipated in early 2018.

“Supported by the combined skills and expertise of BP and Bridas, this new integrated business will be able to pursue growth and development opportunities in Argentina, Uruguay, Paraguay and Mexico,” said Bob Dudley, BP Group Chief Executive.

PAE is Argentina’s second largest producer of oil and gas. It had daily production in 2016 of around 262,000 barrels of oil equivalent (boe), equivalent to approximately 18 percent of Argentina’s total oil and gas production.

11.10.2017
4111

Worldwide - Last Added

Ingevity opens a dedicated lubricants laboratory in the Asia-Pacific region

Ingevity opens a dedicated lubricants laboratory in the Asia-Pacific region

Ingevity has established a dedicated lubricants laboratory in Shanghai, China, to better serve customers in the Asia-Pacific region with new technologies and innovations. The ...

15.5.2019 10:53:00
26
AMINOL to produce 4 LL oil for diesel locomotives

AMINOL to produce 4 LL oil for diesel locomotives

Azerbaijani lubricant brand AMINOL announced that it received “Fundamental Approval” from the world giant General Electric (GE) for the AMINOL M-14D2 lubricating ...

25.4.2019 16:32:00
105
New Orleans to host ACI’s 2019 US Base Oils & Lubricants Summit in August

New Orleans to host ACI’s 2019 US Base Oils & Lubricants Summit in August

ACI’s 2019 US Base Oils & Lubricants Summit will take place in New Orleans, LA on the 28th & 29th of August.  The two day event will bring together professionals ...

10.4.2019 16:35:00
159
6th ICIS & ELGI Industrial Lubricants Conference to take place in Amsterdam

6th ICIS & ELGI Industrial Lubricants Conference to take place in Amsterdam

The 6th ICIS & ELGI Industrial Lubricants Conference will take place in Amsterdam on 18-19 June with the theme "strengthening lubricant performance by focusing on innovative ...

9.4.2019 17:30:00
183
Gazpromneft oil brand to be approved for food processing equipment

Gazpromneft oil brand to be approved for food processing equipment

Gazpromneft-Lubricants, the operator of Gazprom Neft’s oil business, has recently got an international non-profit organization NSF International * H1 category (accidental ...

9.4.2019 16:47:00
135
Moscow will host the 4th International MWFIL Conference

Moscow will host the 4th International MWFIL Conference

The 4th International Conference “Metalworking Fluids and Industrial Lubricants in Metallurgy, Mechanical Processing and Machine Building 2019 will take place on May 28 in ...

22.3.2019 15:16:00
139
”Michael 50” exhibition opens at Ferrari Museum

”Michael 50” exhibition opens at Ferrari Museum

Fans and representatives of Scuderia Ferrari Clubs from all over Europe are flocking to the Ferrari Museum today for the opening of the ‘Michael 50’ exhibition on the ...

18.1.2019 14:03:00
545
23rd ICIS World Base Oils & Lubricants Conference to take place on 18-22 February in London

23rd ICIS World Base Oils & Lubricants Conference to take place on 18-22 February in London

Innovative technologies and industry disruptors: What do they mean for the lubricants business? For over two decades, the ICIS World Base Oils & Lubricants Conference has been ...

23.11.2018 10:20:00
392
NYCO attended MRO Europe, premier aviation event of the region

NYCO attended MRO Europe, premier aviation event of the region

NYCO teams participated in MRO Europe, the premier event in this region for the commercial air transport maintenance, repair and overhaul industry.   MRO Europe, which took ...

18.10.2018 12:05:00
1271
Total opens new state-of-the-art lubricant plant

Total opens new state-of-the-art lubricant plant

Total has inaugurated its new state-of-the-art lubricants oil blending plant, strategically located in the Kaluga region of the Russian Federation. The grand opening ceremony took ...

16.10.2018 17:13:00
1063