- BP says it has cut its investment budget for the Tangguh Train 3 liquefied natural gas project in Indonesia to $8B-$10B from $12B previously, amid depressed oil prices.
- BP is holding a tender for engineering, procurement and construction for the third LNG train at its Tangguh project in West Papua and expects a final investment decision on the project by mid-year.
- Separately, BP signs a memorandum of understanding with Azerbaijan's state-run oil company Socar to explore a block in the Caspian Sea.
- BP +1.8% premarket as crude oil prices approach $50/bbl.