BP selling stake in proposed $35 billion gas megaproject

BP, Valero, and Chevron secured fuel contracts with the U.S. Defense Logistics Agency. BP's contract is valued at $601.9 million, Valero's at $432.2 million, and Chevron's at $418 million. The one-year contracts are fixed-price with economic-price adjustments.

A federal judge struck down New York's 'Climate Superfund' law, ruling it was pre-empted by federal law. The law aimed to make large energy companies, including ExxonMobil and Chevron, pay $75 billion over 25 years for climate-related infrastructure. The decision follows similar rejections in other states. The U.S. Supreme Court will hear a related case in October.

Osaka Gas has agreed to acquire a 5% stake in Woodside's Browse LNG project, valued at over $30 billion. This follows BP's recent sale of a similar stake to South Korea's GS Energy, indicating strong Japanese interest in Australian LNG supplies.

SOCAR, BP, and Uzbekneftegaz are preparing for exploration drilling in Uzbekistan's Ustyurt region, with a 3D seismic survey completed. The project aims to confirm potential reserves of 100 million metric tons of oil and 35 billion cubic meters of gas. BP holds a 40% stake, with SOCAR and Uzbekneftegaz each holding 30%. The partners expect to invest $2 billion, with further decisions dependent on drilling results. Uzbekistan seeks new reserves to offset declining production.

European oil majors BP, Shell, and TotalEnergies reported strong Q1 profits, driven by exceptional oil trading gains due to the Iran war disrupting supply chains. BP's net profit rose to $3.2B, with trading contributing around $1.5B. TotalEnergies saw a 29% YoY gain to $5.4B. Shell also reported strong trading performance. U.S. peers Exxon and Chevron focus on production, lacking significant trading operations. The war has caused volatility and arbitrage opportunities, but also risks. Trading op

London's FTSE 100 rose 0.4% on Monday, led by defensive sectors like healthcare and consumer staples. GSK gained 4.7% after positive drug trial results. Oil majors Shell and BP rose 1% each. Government bond yields hit multi-year highs. Investors await central bank decisions from the BoE and Fed this week.