SOCAR Works Out Schedule to Rectify Accident at Bulla-Deniz Field
Under the instruction of SOCAR President, the Commission was set up to eliminate the accident followed by gas show at the exploration well #90 at Bulla-Deniz field. The Commission members are comprised of specialists of SOCAR and the Ministry of Emergency Situations. The 1st session of the Commission was held …
BP Cuts Proven Gas Reserves in the Caspian States
BP PLC revised down its estimates for proved reserves of natural gas in countries in the former Soviet Union by almost a third as it brought the numbers in line with Western accounting standards on reserves, BP Chief Economist Christof Ruehl said Wednesday. Russia’s gas reserves were revised down to …
BP to Buy Back $8 billion of Shares, Returning its 2003 Investment in TNK-BP to Shareholders
BP announced today that it intends to carry out a share repurchase, or buy-back, programme with a total value of up to $8 billion. Today’s decision to buy back shares follows the completion yesterday of the sale of BP’s 50% interest in TNK-BP to Rosneft. The programme is expected to …
Rosneft and BP Complete TNK-BP Sale and Purchase Transaction
Key points: Rosneft and BP today completed a number of transactions, in line with the terms announced in October 2012. As a result of the transactions: o BP receives net $12.48 billion in cash, including a TNK-BP dividend of $0.71 billion, and 18.5 per cent Rosneft shares; o Rosneft becomes …
Michael Townshend To Become Senior Vice President of Russia BP Group
Townshend, currently regional president for the company in Iraq since 2009, is replacing David Peattie who will step aside at the end of February. Townshend, who will report directly to BP chief executive Bob Dudley, has worked for the oil stalwart in Azerbaijan, Nigeria, the Netherlands, Indonesia, US, Australia and …
BP Targets 2018 for the First Gas From Shah Deniz II
British major BP said it is targeting 2018 for the first gas from the second phase of Azerbaijan’s Shah Deniz gas project, a major development aimed at reducing European dependence on Russia for its energy supplies. Output from Shah Deniz II is expected to reach 16 billion cubic metres (bcm) …
Igor Sechin and Bob Dudley Discuss Rosneft and TNK-BP Integration
Rosneft President and Chairman of the Management Board held a working meeting with BP CEO Bob Dudley to discuss the integration of Rosneft and TNK-BP. Bob Dudley will become a member of the steering committee co-ordinating the integration that will be chaired by Igor Sechin. The parties confirmed their commitment …
Rosneft Board Approves BP Deals
A November 20 meeting of the Rosneft Board of Directors reviewed issues relating to the deals with BP. The Board of Directors: Approved Rosneft’s participation in TNK-BP Limited and TNK Industrial Holdings Limited; Approved Rosneft’s large deal to acquire a 50% stake in TNK-BP Limited and TNK Industrial Holdings Limited …
Rosneft signs definitive agreements to acquire a 50% stake in TNK-BP from BP
Rosneft today announces that it has entered into definitive agreements with BP for the purchase of BP’s 50% interest in TNK-BP in exchange for $17.1 billion in cash and 12.84% Rosneft shares currently held in treasury. The completion is subject to regulatory approvals, and is expected to occur in the …
BP Announces Resolution of All Criminal and Securities Claims by U.S. Government Against Company Relating to Deepwater Horizon Accident
– Resolution of all criminal claims with Department of Justice includes $4 billion paid in installments over a period of five years – Resolution of all securities claims with Securities and Exchange Commission includes $525 million paid in installments over a period of three years – Existing $38.1 billion charge …