Baker Hughes Awarded Offshore Production Enhancement and Stimulation Services Contract by bp

Chevron plans to invest $7 billion in Venezuela over five years, aiming to double oil production to 600,000 bpd. NABEP secured control of oilfields with 65 billion barrels of reserves, planning $100 billion in investments. Chevron and Shell also signed a preliminary agreement for Ghana's South Deepwater Tano block. SOCAR acquired stakes in Comstock Resources' Haynesville shale assets for $1.65 billion. Shell bought into BP-operated prospects in the Gulf of Mexico and Brazil.

Shell acquired a 30% stake in BP's Conifer exploration prospect in the US Gulf of America. BP retains 70% and will operate the asset, with drilling expected in 2027. Shell aims to strengthen its position in the region, highlighting its low emissions intensity. Financial details were not disclosed.

Shell plc (SHEL) will acquire a 30% interest in BP plc's (BP) Conifer prospect in the Gulf of America and a 50% stake in the Tupinambá block in Brazil's Santos Basin. BP retains operatorship and majority stakes. Shell gains exposure to potential discoveries, while BP shares exploration risks. Drilling for Tupinambá is imminent, with Conifer scheduled for 2027.

Morgan Stanley upgraded Shell (SHEL) to Overweight, raising its price target to 3,780 pence. The firm cited improved production visibility and faster dividend growth potential, forecasting a 10% annual DPS growth rate into the early 2030s. Shell was named a top pick with a 15% total shareholder return. Morgan Stanley also maintained an Overweight rating on BP (BP), citing attractive valuation and improved upstream outlook.

Shell SHEL.L will acquire a 30% stake in BP's BP Conifer prospect in the Gulf of Mexico and a 50% stake in the Tupinamba block in Brazil. BP will retain majority stakes and remain the operator. Both companies are focusing on long-term oil and gas growth.

BP appointed Ian Tyler, former CEO of Balfour Beatty, as its permanent chair. Amanda Blanc, senior independent director, will step down after a successor is found. BP's share price fell 0.6% on the news. Tyler, who also chairs Grafton Group, aims to engage with shareholders and support BP's strategic priorities. BP shares have gained 25% year-to-date, in line with Shell. Tyler will review his board commitments to focus on BP. Activist hedge fund Elliott Investment Management holds a stake in BP.