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 …
BP, Skolkovo Foundation, Boreskov Institute and Imperial College London to Work Together on Energy Efficiency Research Programme
BP Russia and the Skolkovo Foundation are pleased to announce an agreement today to set up a major research collaboration with Russia’s Boreskov Institute of Catalysis, one of the world’s largest research centres, specialising in catalysis, and Imperial College London, one of the world’s leading universities. The parties will now …
BP Announces Settlement with Cameron International Corporation of Claims Related to the Deepwater Horizon Accident
BP announced that it has reached agreement with Cameron International Corporation (“Cameron”), the designer and manufacturer of the Deepwater Horizon blowout preventer, to settle all claims between the companies related to the Deepwater Horizon accident and spill. BP and Cameron have concluded that the settlement is in their mutual best …
BP – Shah Deniz Final Investment Decision in 2013
A BP PLC (BP) led consortium working on Azerbaijan’s Shah Deniz natural gas field will make a final investment decision on development of the second stage of the field in 2013, the head of Azerbaijan’s state energy company Socar, Elshad Nasirov, said Wednesday. Azerbaijan plans to ship 10 billion cubic …
BP Announces Settlement with Anadarko Petroleum Company of Claims Related to Deepwater Horizon Accident
BP today announced that it has reached agreement with Anadarko Petroleum Company (“Anadarko”) to settle all claims between the companies related to the Deepwater Horizon accident. Anadarko – which had a 25 per cent interest in the MC252 (Macondo) prospect – and BP have concluded that entering into a settlement …
BP responds to Bailiff Raid on BP EOC
BP EOC will initiate cancellation of enforcement proceedings under the unjustified claim by Andrei Prokhorov. On Thursday night the bailiff of the Federal Bailiff Service (FSSP) for Moscow passed a resolution to postpone the execution of enforcement procedures against BP Exploration Operating Company Limited (BP EOC) until 10 September 2011. …