BP’s four key predictions for how the world’s energy sector will change over the next 20 years February 17, 2015 While the falling price of oil continues to cause problems for the world's energy companies, worldwide energy demand will have picked up by 2035. Energy consumption is expected to rise by 37 per cent between 2013 and 2035, with an average annual increase of 1.4 per cent. This is one of the predictions [...]
Rocky market could prompt oil mega-mergers as price fall forces drastic decisions February 3, 2015 After six months of falling oil prices, analysts have pointed to a possible mega-merger between the majors. Chances of a shock deal have been heightened by firms slashing their spending in the face of oil prices that are expected to remain low for at least the next six months and possibly the next three years. [...]
BP share price rises, despite profit slumping as oil price slide takes its toll February 3, 2015 BP's share price opened up this morning after the oil and gas giant reported better than expected results for the year. The numbers The oil price fall has been taking its toll. Underlying profits in the final three months of 2014 were down 20 per cent on a year earlier at $2.2bn (£1.5bn). Including [...]
BP announces pay freeze for 84,000 workers thanks to oil price slump January 26, 2015 Oil giant BP has frozen the pay of its 84,000 staff as the collapsing price of oil takes its toll on the FTSE 100. Brent crude has collapsed by more than 57 per cent since the summer, from in $110 to under $50. The company's chief executive Bob Dudley sent a memo to employees notifying [...]
BP saves £2.6m after it turns out Gulf of Mexico spill was smaller than thought January 16, 2015 It's not often the UK's oil producers get good news these days, so BP must be doubly pleased with the reprieve it's been issued by a US court, which ruled yesterday that the 2010 Gulf of Mexico oil spill was quite a lot smaller than originally thought. A judge ruled that 3.2 million barrels of [...]
Davey urges review of North Sea oil sector after BP cuts 300 jobs January 15, 2015 ENERGY secretary Ed Davey yesterday demanded an urgent review into the state of the North Sea oil industry, after a collapse in prices that has prompted BP and other companies to cut hundreds of jobs. Speaking after meeting oil company representatives in Aberdeen, Davey said he had asked Andy Samuel, the chief executive designate of [...]
Government commissions “urgent review” into North Sea oil after BP job cuts January 15, 2015 The fall in oil prices may be good for consumers at the pumps, but the oil industry is suffering. Malcolm Webb, the head of lobby group oil and Gas UK, called for a 50 per cent cut in North Sea taxes after BP announced it would be cutting 300 jobs in Aberdeen, and the energy [...]
BP axes 300 North Sea oil jobs January 15, 2015 Oil giant BP has told staff today that it is shedding 300 positions at its North Sea operation. BP will cut 200 jobs and 100 contractor roles. The briefing, which was be held in Aberdeen, comes after the FTSE 100 company announced in December that it would look to restructure in the wake of the [...]
BP loses court appeal over 2010 Gulf of Mexico oil spill compensation claims December 8, 2014 Oil giant BP had its legal challenge of a settlement deal over the 2010 Gulf of Mexico oil spill turned down by the US Supreme Court yesterday. The company’s share price dropped by 1.7 per cent to 417.3p after the ruling. BP agreed to the deal in 2012 which looks to pay compensation to firms [...]
BP could cut jobs to cope with falling oil prices December 7, 2014 Oil giant BP is being cut down to size by tumbling oil prices, according to reports. The Sunday Times has reported that the company is to axe middle managers and freeze projects, just days ahead of a day-long presentation to the City next Wednesday in which BP is expected to lay out its exploration [...]