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BP News

BP News

All BP News Posts

Europe

Oil major BP urged to manage climate risk

More than 150 investors including local authorities and the Church of England have filed a resolution calling on oil giant BP to assess and manage climate change risks. The shareholders, which include multibillion-pound pension funds, investors and insurers, have already filed an identical resolution to Shell. They are calling on the oil companies to transparently “stress-test” their business model against the commitment made by governments not to let global temperatures rise more than 2C above pre-industrial levels - the threshold above which “dangerous” climate change is expected.

Markets

BP shares rally on oil spill ruling

BP shares were sharply higher today after a judge in the United States ruled that the Gulf of Mexico oil spill was smaller than government estimates. District judge Carl Barbier said that 3.19 million barrels were discharged into the Gulf after the rig explosion at BP’s Macondo well, more than the 2.4 million-barrel figure BP had argued for but less than the US government’s estimate of about 4.2 million. The latter figure could have meant $18 billion (£12 billion) in maximum penalties under the Clean Water Act.

Oil & Gas

Action group will help BP workers facing redundancy

The energy jobs taskforce will implement a “co-ordinated” response to help workers about to lose their jobs at BP and other companies, according to the first minister. Nicola Sturgeon said the taskforce, which she announced on Wednesday’s visit to Aberdeen, will decide how to address specific circumstances and will liaise with companies and individual employees to see what practical advice and help is needed.

Other News

BP faces top fine of $13.7 billion after ruling on spill

BP Plc (BP/) faces a maximum fine of $13.7 billion after a US judge ruled that the company dumped 3.19 million barrels of oil into the Gulf of Mexico in 2010. US District Judge Carl Barbier today rejected the US government’s 4.2 million barrel estimate of the spill size, decreasing the potential maximum fine from $18 billion. Barbier, who conducted a trial without a jury over who was at fault for the disaster, previously found BP’s exploration unit acted with gross negligence in causing the largest offshore oil spill in US history.

Oil & Gas

BP announces 300 jobs to go from its North Sea operations

Oil major BP will cut 300 jobs, the company has announced. The move comes after the oil major launched a blitz on costs in November influenced by rising costs and "toughening market conditions". BP said the cuts would consist of 200 full-time employees and 100 contractors.

Oil & Gas

BP workers to find out jobs future

BP workers will tomorrow find out if cuts are to affect their jobs. The energy giant is soon expected to share findings of an exercise aimed at saving money.

Other News

BP not warned of terrorist threat before Al-Qaeda attack

Intelligence services had information of terrorist threats to workers in Algeria just weeks before seven Britons were killed at a gas plant. An inquest heard details that the government failed to pass information onto BP about reports of terrorists seeking to kidnap foreigners. The Britons were among 40 staff killed when Islamist terrorists stormed the Amenas facility, which is jointly owned by BP, Statoil and Algerian state company, Sonatrach in January 2013.

Markets

Russian economy dip could cost BP

Oil major BP could face a sizable fourth quarter loss on its Rosneft share caused by the 47% slide in the ruble over the past three months. According to reports, city analysts have had forecast losses to be as much as $750million. BP currently has a 19.75% shareholding in the Russian energy company which it acquired in 2013.

Oil & Gas

BP starts production from Kinnoull field

Oil major BP said production has started from the Kinnoull field in the North Sea. The Kinnoull reservoir, which was developed as part of a wider rejuvenation of the Andrew field area, is tied back to BP’s Andrew platform 230km east of Aberdeen. The development of the field is expected to allow production from the field to be extended by a further 10 years.

Oil & Gas

BP shares rise on back of Rosneft talks

Shares in oil giant BP have increased by 0.5% on the back of reports its set to close a deal with Rosneft to develop fields in eastern Siberia. The potential agreement has been reported by Moscow-based newspaper Kommersant, which says that Rosneft has signed a "strategic partnership" with BP to explore oil fields.

Oil & Gas

BP claims Gulf spill payment should reflect oil price drop

BP has claimed any gulf spill compensation payments by it should be less to reflect the oil price plunge. The oil giant is currently in a legal wrangle over what civil penalties it should make following the Deepwater Horizon rig disaster in 2010. The company said in legal filings before the final round of the case next month that penalties – which could beup to $18billion – would have a “very significant economic impact” on BP and its exploration and production business. BP claims any future ruling should take into account the fall in the oil price, the company’s clean-up efforts and the environmental improvement in the Gulf of Mexico.

Other News

Tate ‘will have to reveal BP cash’

Freedom of information campaigners are claiming victory in their bid to force the Tate to say how much money it has received in sponsorship from oil giant BP. The funding has attracted controversy since the Deepwater Horizon oil spill in 2010, when 11 workers were killed and four million barrels of oil were spilled into the Gulf of Mexico. Protesters have picketed events at a central London gallery and 8,000 people signed a petition demanding an end to the deal.

Oil & Gas

Former BP North Sea boss claims North Sea operations facing ‘early death’

The former head of BP’s Aberdeen-based North Sea operation warned yesterday the UK oil and gas industry is facing an early death unless there is swift political action to prevent it. Dave Blackwood, who retired from BP in 2009 and is currently a non-executive director with Granite-based energy service firm Expro Group, was speaking as reports in Saudi Arabia said the kingdom was prepared to increase its oil output and claim a bigger global market share, potentially putting further pressure on the UK industry after the oil price slump of recent months. Adding his voice to widespread calls for swift tax cuts for North Sea operators, Mr Blackwood said: “Nothing less than radical change will prevent the premature demise of the basin, let alone maximise economic recovery.”

Oil & Gas

BP and SOCAR sign production sharing agreement in Azerbaijan

BP and SOCAR (The State Oil Company of the Republic of Azerbaijan) have signed a new production sharing agreement to explore shallow water prospects in the Absheron Peninsula. The agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored. A deal was signed by Rovnag Abdullayev, president of SOCAR, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BP’s regional president for Azerbaijan, Georgia and Turkey. Mr Birrell said: “BP is proud to embark on this new era of exploration in the Caspian together with SOCAR.

Oil & Gas

Aluminium company’s systems used on BP Clair Ridge project

BLOBA Glasgow aluminium company owned by the former owner of Rangers Football Club said its systems had been successfully installed an accommodation module to be used on successfully installed on the BP Clair Ridge project. Bellshill-based Alphastrut, owned by Sir David Murray’s private investment firm, said its decking has saved BP around 54 tonnes in weight following the completion the seven figure installation deal.

Americas

BP appeals spill ruling that may spell $18 billion fine

BP has challenged a federal judge’s ruling that the company’s exploration unit acted with gross negligence in causing the 2010 Gulf of Mexico oil spill, a decision that exposed the UK-based energy company to as much as $18 billion in fines under US law. This is BP’s first appeal of US District Judge Carl Barbier’s September decision that the company was 67% responsible for causing the worst offshore spill in US history. The judge determined rig-owner Transocean Ltd. (RIG) was 30 percent liable and cement-services provider Halliburton 3% responsible for the disaster, which killed 11 workers.

Markets

Wood Group PSN lands BP contract

Wood Group PSN has been awarded a five year contract from BP worth an estimated $750million. The contract will deliver engineering, procurement and construction services to six UKCS offshore upstream assets and the FPS (Forties Pipeline System) onshore midstream facilities in Grangemouth. The contract win will create 150 new jobs and secure more than 700 existing positions.

Oil & Gas

BP could make deeper cuts to its 2015 budget

Oil major BP said deeper cuts could be made to its 2015 budget on the back of OPEC’s recent position and falling oil prices. The company has already announced up to $1billion in restructuring costs as it cuts thousands of jobs across its global oil and gas business. BP head of upstream, Lamar McKay, announced the company’s future plans at a meeting of investors in London.

Markets

BP to incur $1billion in restructuring charges

Oil major BP said it expects to incur restructuring charges of $1billion over the next five quarters. The company will present its future strategy to investors in London following an announcement earlier this week that job cuts would be made. Chief executive of BP Upstream, Lamar McKay, and a senior members of the management team are set to outline its changing position on the back of falling oil prices.

Markets

BP weighs future of aging Norwegian fields amidst oil crash

As oil prices keep falling, BP is among Norwegian oil producers having to take a hard look at whether to kill off aging offshore fields earlier than planned because squeezing out the last barrels might not be worth it. BP is currently deciding on plans for the five fields it operates in Norway in a study to be completed in the first half, said Jan Erik Geirmo, a Stavanger-based spokesman. “Falling oil prices, lower production and more demanding operations, in addition to significant costs for shutting down and removing old installations and platforms, are continuous challenges that may have an impact on the lifetime of some of our fields,” Geirmo said in an e-mailed reply to questions. What goes for BP also goes for an industry hit by squeezed margins even as the government demands it meet commitments to keep investing to ensure resources are exploited in full.

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