BP Notifies Partners of its Intention to Pursue a Potential Sale of its Interest in TNK-BP
BP announced today that it has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP. In light of these unsolicited approaches and consistent with its commitment to maximising shareholder value, and its obligations under the Shareholder Agreement, BP has notified Alfa Access Renova of its …
Problems and Solutions for Shelf Projects in the Caspian Sea, Black Sea and Sea of Azov
The Russian government views the southern shelf region as a crucial area of hydrocarbon reserves which should be developed in the near future. The offshore production will offset the production decline in the traditional oil and gas producing regions in Western Siberia and the Volga-Urals. However, the development of the …
Alexey Miller and BP CEO Robert Dudley discuss cooperation between two companies in global energy market
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Robert Dudley, Group Chief Executive of British Petroleum (BP). The meeting was focused on a development outlook for the global energy market and cooperation between the two companies. Source
BP Reaches Deal with Macondo PSC
BP today announced that it has reached definitive and fully documented agreements with the Plaintiffs’ Steering Committee (PSC) to resolve the substantial majority of eligible private economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. The parties have filed for preliminary court approval of the …
Shah Deniz Stage 2 Project Enters the Next Phase of Development
The Shah Deniz consortium has reached an important milestone and approved the decision to commence Front End Engineering and Design (FEED) on the estimated $25 billion Shah Deniz Stage 2 project. This was officially announced in Baku today during the meeting between the President of the Republic of Azerbaijan H.E. …
BP Settles with Plaintiffs Committee for $7.8bn
Estimated $7.8B settlement expected to be paid from $20 billion Trust BP has reached a settlement with the Plaintiffs’ Steering Committee (PSC), subject to final written agreement, to resolve the substantial majority of legitimate economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. The PSC …
BP Boosts Azeri Investments
BP Plc plans to step up investments in its oil and gas projects in Azerbaijan in 2012, drilling more wells and developing production at existing fields, the company’s regional office said on Thursday. The BP-Azerbaijan AIOC group said in a statement it plans to invest $3.2 billion in the Chirag, …
Joint Statement by BP and the Plaintiffs’ Steering Committee
BP and the Plaintiffs’ Steering Committee (PSC) confirmed that the U.S. District Court has today adjourned the start of the Deepwater Horizon Multi-District Litigation 2179 civil trial by one week, until Monday, March 5th. This adjournment is intended to allow BP and the PSC more time to continue settlement discussions …
BP Raises Dividend as Operational Momentum Returns
BP group chief executive Bob Dudley today said that returning operational momentum and strong cash flow generation in 2011 gave the company increasing confidence in its plans to grow value for shareholders. As BP reported its results for the fourth quarter and full year 2011, Dudley said: “BP is on …
BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Halliburton Indemnity in Deepwater Horizon Accident
Today’s ruling, together with last week’s decision on Transocean’s financial obligations stemming from its conduct at the Macondo well, is a strong signal that contractors involved in critical well operations will be held accountable for their actions under the law. All official investigations have concluded that Halliburton played a causal …