bp plc-spons adr (BP) Key Developments
BP to Pay USD 20 Billion in Fines for 2010 Oil Spill
Oct 5 15
BP will pay more than USD 20 billion in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago. The agreement, first outlined in July, adds to the USD 43.8 billion BP had previously set aside for criminal and civil penalties and cleanup costs. Its total pre-tax charge for the spill is now around USD 53.8 billion. The total penalties Lynch announced sounded higher than the USD 18.7 billion deal reached to this summer, in part because she included USD 1 billion in restoration work BP had agreed to long beforehand. The fines - to be paid to the federal government, five Gulf Coast states and hundreds of municipalities over 18 years - will fund environmental restoration and economic development programs to address the worst offshore spill in U.S. history. The core of the agreement includes USD 7.1 billion for natural resource damages, USD 5.5 billion for Clean Water Act fines, and USD 4.9 billion in payments to states. The Macondo well blowout and the fire on the Deepwater Horizon drilling rig on April 20, 2010 killed 11 workers.
BP Scramble to Reduce Strike Impact
Sep 30 15
BP announced that it is keeping a close eye on the possible knock-on effect of strike action by tanker drivers, that may cause fuel shortages at rival chains Z Energy and Caltex. 180 tanker drivers at oil delivery firm Pacific Fuel Haul plan to strike for four days from October 10, 2015. North Island supplies to Z Energy and Caltex would be affected. A different union represents most tanker drivers in the South Island. The new contract would also penalise them for speeding even if they did not get a fine, with dismissal if that happened five times.
BP Plans to Drill in Deep Water Off Oil Exploration Well Off the Coast of Nova Scotia
Sep 29 15
BP is committed to plans to drill a deep-water oil exploration well off the coast of Nova Scotia within two years even if the price of crude remains at current levels. The high-risk venture has reached the environmental assessment stage and remains on track to have a test well drilled about 230 kilometres southeast of Halifax in 2,000 to 3,000 metres of water by July 2017. BP completed its 3-D seismic program last year and attracted partners Hess Corp. and Woodside Petroleum to work on four Nova Scotia offshore deep-water exploration blocks. Nova Scotia Energy Minister Michel Samson said he's aware that BP and its rival Royal Dutch Shell have shelved other exploration projects as oil prices have plunged amid a glut of product on the market. As for Shell Canada, it has a deep-water drill ship under contract to use 300 kilometres off the Nova Scotia coast for its proposed $1 billion exploratory program - pending regulatory approval. O'Connor said Nova Scotia's offshore energy industry has yet to see a well drilled at more than 2,000 metres.
BP p.l.c. Presents at The Malaysia Oil & Gas Assembly, Oct-07-2015 03:45 PM
Sep 23 15
BP p.l.c. Presents at The Malaysia Oil & Gas Assembly, Oct-07-2015 03:45 PM. Venue: Mandarin Oriental Hotel, Kuala Lumpur, Malaysia. Speakers: Iain Lawson, Head, Structured Products, Eastern Hemisphere.
BP p.l.c. Presents at 2015 North America Assembly and Dinner, Oct-06-2015 02:10 PM
Sep 23 15
BP p.l.c. Presents at 2015 North America Assembly and Dinner, Oct-06-2015 02:10 PM. Venue: Four Seasons Hotel, Houston, TX, United States. Speakers: Frank Verducci, Managing Director, Structured Products.