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BP Plc

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BP Plc will pay up to $18.7 billion as penalty amount to the US government and five states to reimburse almost all claims from …

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World’s No.1 oilfield services provider, Schlumberger Ltd said it will cut 9,000 jobs because the collapse in oil prices have forced petroleum companies to …

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New tax breaks have brought a wave of investment as BP Plc decided to add two new drill rigs to the North Slope. The project, which is to be wrapped up by 2016, is an essential element of a $1 billion investment plan the British oil giant wants to introduce over the next five years.

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Shareholders of BP PLC had a message from their advisory body Pirac to vote against the compensation sought by the chief executive officer of BP PLC, Bob Dudley, as he demanded a BONUS of £2.6 million in shares and cash for standard performance of the company and poor profit margins.

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If one thinks that renewable energy is the future, then s/he can be surprised with a new decision made by BP Plc. Surprising or not, BP Plc has informed that it wants to get rid of its US wind arm. The sale of the US wind farm assets will close a chapter in the BP’s history of involvement in renewable energy which is also named the fuel of the future. The company intends to fully focus on its oil and gas projects as they are most profitable.

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On the 28th of March, it was made public that an oil consortium led by BP Plc would plow as much as $500 million in an appraisal drilling project in the Clair field near Shetlands Islands. The investment is expected to bring many benefits to North Sea oil sector.

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Everything indicates that BP Plc will have to dive into its pocket to cover all demands related to the Deepwater Horizon oil spill. On the 25th of February, the Gulf oil spill trial began. It is strongly believed that BP Plc, Transocean Ltd and Halliburton Corp. will have to play hard if they do not want to pay so much.

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Transocean Ltd. agreed to pay as much as $1.4 billion to settle civil and criminal claims over Gulf oil spill in 2010, the U.S. Department of Justice informed on the 3rd of January. The offshore driller also conceded that its team was partly liable for the 2010 Deepwater Horizon accident in the Gulf of Mexico.

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On the 17th of October bidding will open for BP’s half of TNK-BP, the Russian oil company. The most likely buyer is Rosneft, state-owned oil major company, yet AAR does not bury its hopes.

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BP did not focus on the main hazard issues; instead it concentrated on details of personal worker safety. According to U.S. investigators, companies’ (BP Plc and Transocean Ltd) oversight led to the 2010 Deepwater Horizon disaster. BP Plc and Transocean Ltd had lacked clear rules for essential tests, inter alia, test ensuring that Macondo was safely and properly sealed, which triggered the 2010 Gulf of Mexico oil spill.

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BP Plc. informed that it had agreed to sell its Carson refinery based in southern California to Tesoro Corp. for $2.5 billion. The sale of Carson is a part of a BP’s $38 billion asset-disposal plan to repay costs of Deepwater Horizon disaster. Tesoro confirmed that it would pay $2.5 billion for refinery in Carson and other assets such as the Arco brand.

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