BP sticks by Rosneft as Russia crisis hits profit April 29, 2014 OIL GIANT BP yesterday reiterated its commitment to Rosneft, despite the US putting sanctions on its head earlier this week. The FTSE 100 firm owns an almost 20 per cent stake in the Russian oil producer, whose chief executive Igor Sechin is one of president Vladimir Putin’s oldest allies. Russia has been at loggerheads with [...]
BP ups dividend despite profit drop April 29, 2014 As it continues to press on with its turnaround programme, BP has reported that profit fell 24 per cent to $3.2bn (£1.9bn) in the first quarter – that's slightly ahead of the $3.1bn consensus forecast, though, and on the back of weaker production. It’s upping its quarterly dividend by 8.3 per cent to 9.75 cents per ordinary [...]
Former BP man to keep watch on major government projects February 3, 2014 A FORMER BP executive has been drafted in to lead the government group keeping tabs on High Speed 2 and other big building work. John Manzoni, most recently head of Talisman Energy, will take over the Major Projects Authority and its mandate to tackle poor project management in the public sector. The MPA, set up [...]
BP starts oil production at West Chirag platform off Azerbaijan January 29, 2014 FTSE 100-quoted BP yesterday said that oil production has started at the West Chirag platform of the Azeri-Chirag-Gunashli (ACG) development in the Azerbaijan sector of the Caspian Sea. Start-up of the platform completes the $6bn (£3.6bn) Chirag Oil Project, which was given the go-ahead in 2010. Over $4bn has been spent on the project, with [...]
BP forecasts shale boom will transform the energy market January 15, 2014 GLOBAL energy consumption will rise by 41 per cent by 2035, with 95 per cent of that growth in demand coming from emerging markets, research from oil major BP predicted yesterday. But energy use in developed markets is expected to grow very slowly and will begin to decline in the later years of the forecast [...]
Former BP engineer to appeal oil spill charge December 18, 2013 A FORMER BP senior engineer found guilty of destroying evidence in relation to the Gulf of Mexico oil spill is planning to appeal the conviction, it emerged yesterday. The engineer, Kurt Mix, was found guilty of one of two counts of obstruction of justice at a federal court in New Orleans, after he was accused [...]
UK government backs BP in US federal dispute December 3, 2013 THE UK government has backed oil giant BP in its dispute over the US government’s decision to suspend all of the oil major’s federal contracts after the Deepwater Horizon disaster. “This is a straightforward economic argument – BP is vital to British jobs and British pension funds; businesses need certainty to operate and invest,” a [...]
BP signs a key oil trade deal with Rosneft November 12, 2013 RUSSIAN oil behemoth Rosneft said yesterday is plans to sell about $6bn (£3.7bn) worth of refined products to BP, establishing the British firm among its biggest buyers after years without any such deal. The latest transaction comes on top of a $5.3bn deal for BP to buy crude, agreed earlier this year. Both came only [...]
BP results beat forecasts as it hikes dividend October 29, 2013 OIL MAJOR BP rose to the top of the FTSE 100 yesterday, after third-quarter results beat expectations and a dividend hike pleased investors. The firm posted underlying net profit of $3.692bn (£2.3bn), up from $2.712bn the previous quarter and higher than analysts’ consensus forecasts of $3.17bn. BP is increasing its quarterly dividend by 5.6 per [...]
London Report: FTSE rises on BP strong figures and a dividend October 29, 2013 BRITAIN’S top share index climbed to a five-month high yesterday, with investors flocking to buy energy stocks after strong results from BP raised expectations for earnings from the sector. BP was the top-performer on the blue-chip FTSE 100 index, surging 5.6 per cent after the company announced forecast-beating profits, a dividend hike and plans to [...]