BP

Westwego Officials Signed Settlement with BP Over 2010 Deepwater Horizon Oil Spill

Westwego Officials Signed Settlement with BP Over 2010 Deepwater Horizon

It has been said that Westwego officials have made an $823,023 settlement with BP over the 2010 Deepwater Horizon oil spill. The City Council gave approval to the proposal during a meeting on Monday night, said Mayor John Shaddinger.

BP has agreed to pay $18.7 billion to five states and the federal governments as compensation for economic losses sustained in the disaster. Out of the total amount, an estimated $1 billion will be kept aside for local governments.

US District Judge Carl Barbier gave Wednesday’s time to municipalities and local government agencies to consider the proposed settlements. On Monday, the Southeast Louisiana Flood Protection Authority-West approved a $2 million agreement with BP.

BP’s annual Energy Outlook report is storm-proof for Shareholders

BP’s annual Energy Outlook report is storm-proof for Shareholders

In February, BP released its annual Energy Outlook report where it detailed results of most likely energy scenario out to 2035. In that scenario, global fossil use increased by more than 30%. The scenario is consistent with a scenario that International Energy Agency (IEA) uses to illustrate the trajectory towards global warming of 6C.

In the annual report, BP stated that climate change is a big problem that should be solved. As per the report, current carbon emission projections seem unsustainable. The report suggests that BP wants to assure its shareholders that the company is storm-proof. Modeling by BP is based on assumptions about population growth and prices of fossil fuel.

BP's 'gross negligence' caused 2010 Gulf Mexico oil spill: US court

bp-deepwater-horizon-oil-spillLondon, Sep 05 : A United States court has reportedly ruled against BP in the 2010 Deepwater Horizon oil spill case, a report said.

The court's verdict said that BP subcontractors Transocean and Halliburton were "grossly negligent" and held them responsible for the oil spill in the Gulf of Mexico, reported the BBC.

The ruling may cost BP billions of dollars more in compensation payments. It has already spent 43 billion dollars to cover fines, legal settlements, and clean-up costs.

BP chief meets Oil Minister Pradhan on India projs, gas price

Bob-DudleyMoscow: With delays in regulatory nod and gas price revision frustrating its attempts to reverse falling gas output from KG-D6 field, BP chief executive Bob Dudley met Petroleum Minister Dharmendra Pradhan to press for early decisions.

Dudley, along with BP India head Sashi Mukundan, met Pradhan on the sidelines of the World Petroleum Congress on Tuesday to make a case for early decisions, officials said.

BP closes refinery in Brisbane

BP closes refinery in BrisbaneBP has announced its decision to close its key oil refinery in Brisbane in Australia. The move will be a major set back for the country's oil supply security. Following the closure, the country will be able to meet only a third of its domestic petrol and diesel demand in Australia.

The company announced on Wednesday that it will close down its Bulwer Island refinery in Brisbane in 2015. The close will result in a loss of a total of more than 350 jobs. BP has decided to take the product from Caltex's Lytton refinery and will also keep its storage units at Bulwer Island on 'care and maintenance'.

BP, Niko seek arbitration over penalty for gas output decline

BP, Niko seek arbitration over penalty for gas output declineFormally joining hands with Reliance Industries Ltd (RIL) in the ongoing battle over declining output at KG-D6 gas block, BP Plc and Niko Resources have issued arbitration notices to the government of India.

British oil giant BP and Canada-based Niko have reportedly issued separate arbitration notices to the government; in which the two companies, like RIL, argued that the production sharing agreement doesn't provide for a penalty in case output lags behind figures projected in field investment plans.

BP forecasts world energy demand to jump 41 pc due to consumption in China, India

BP forecasts world energy demand to jump 41 pc due to consumption in China, IndiaSydney, Jan 16 : O il giant BP has said world demand for energy will grow by 41 percent by 2035.

BP forecasts that the demand would increase due to growing consumption in the booming economies of China and India.

According to news. com. au, BP said the growing use of renewable energy would help energy suppliers meet the world's needs.

BP Chief Executive Bob Dudley said that competition was 'unlocking technology and innovation to meet the world's energy needs'.

UK government backs BP in legal dispute

BPThe UK government has offered its backing to the oil giant, BP in a legal dispute involving the company in the US following the disastrous oil spill.

The government of the UK said that the company should not be banned from winning federal contracts in the US. The government wrote in a filing with to a court that the decision by the Environmental Protection Agency (EPA) to ban the firm from US government contracts may be an excessive step. The government said that the firm is important to protect British jobs and jobs and pension funds.

Government and BP to begin debate over Gulf of Mexico oil spill

British-PetroleumRepresentatives from British Petroleum and the federal government are expected to begin discussion over how much oil was actually spilled into the ocean during the 2010 Gulf of Mexico oil spill.

Experts from the Justice Department have said that 176 million gallons of oil has spilled into the Gulf after the accident. BP has been asking the courts to accept an estimate of nearly 103 million gallons while calculating any Clean Water Act fines. According to government figures, the maximum amount of fines would reach $18 billion while BP figures showed that the maximum could be around be around $10.5 billion.

RIL-BP officials argue against DGH’s KG-D6 order

RIL-BP officials argue against DGH’s KG-D6 orderTop officials of Reliance Industries Ltd (RIL) and its partner BP met petroleum ministry officials on Wednesday and explained why the Directorate General of Hydrocarbons (DGH) should roll back its order asking the companies to surrender most of the KG-D6 gas block to the government.

The DGH has asked RIL-BP to relinquish around 86 per cent of their KG-D6 gas block as they have failed to meet prescribed timelines in case of various discoveries.

BP increase estimate for total compensation at £27.7billion

BP increase estimate for total compensation at £27.7billionBritish oil giant, BP has said increased its estimate for the total expenditure on providing compensation for the 2010 disaster to £27.7billion.

The company also said that it will appeal $1billion of compensation payments for the disaster after criticising US law firms of trying to cash in on the disaster. About £6.3billion of the total £27.7billion includes claims from people who say that lost money as a result of the oil spill. They are mostly fishermen, hoteliers and restaurant owners in the region.

Damage measure for BP oil spill must include broader impacts, report

Damage measure for BP oil spill must include broader impacts, reportAccording to a new report, the damage assessment by the federal government into the BP oil spill in the Gulf of Mexico in 2010 must include wider economic and social impacts.

The National Research Council said that the federal government will not be able to account of the environmental destruction using its current methods. It said that the government efforts does not include the full extent of the environmental and economic losses in Gulf waters and coastal areas, fisheries, marine life, and the deep sea caused by the April 2010 disaster.

BP to invest $500 million in Shetland Islands

BP to invest $500 million in Shetland IslandsUK's leading oil firm, BP has indicated that it is going ahead with its plans to invest more than $500 million in the Shetland Islands, after government announced various efforts to support oil firms in the North Sea region.

US court give approval for to BP Settlement for oil spill

US court give approval for to BP Settlement for oil spillA federal court in the US has given a final approval to BP's settlement relating to the damages arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico in 2010.

Court agrees BP’s settlement with others

Court agrees BP’s settlement with othersA Judge in the federal court has given approval to a settlement reached between oil giant, British Petroleum and businesses and individuals who suffered losses because of the oil spill in the Gulf of Mexico in 2010.

BP has said that it will pay about $7.8 billion to meet the economic and medical claims from more than 100,000 businesses and individuals who were affected by the country's worst offshore oil spill. The settlement does not have a fixed limit indicating that the company might pay a higher or a lower amount.

BP might sell TNK-BP stake to OAO Rosneft

BP might sell TNK-BP stake to OAO RosneftAccording to several reports, BP might consider selling its 50 per cent stake in TNK-BP to state-controlled Russian energy giant, OAO Rosneft.

The heads of both the companies are expected to meet in London today to discuss the deal. It is believed that Rosneft might offer $28billion. Reports indicated that Rosneft will offer a mix of cash and shares for the stake and that it already has an understanding with BP's billionaire partners.

BP to pay $7.8 bn to victims of oil spill

BP to pay $7.8 bn to victims of oil spillLondon, March 5 - British oil supermajor BP Plc said it has reached an out-of-court settlement estimated at $7.8 billion with victims of the 2010 Gulf of Mexico oil spill.

In a statement, the company said the money will be paid from a $20 billion trust set up after the April 2010 explosion of the Deepwater Horizon rig and subsequent spill, which lasted for three months and was the largest in US history.

BP, however, stressed that the proposed settlement is not an "admission of liability" by the company.

BP has paid $5 bn to people affected by oil spill

BP has paid $5 bn to people affected by oil spillWashington, Aug 24 : BP Plc. so far has paid $5 billion to people who were affected by the oil spill in the Gulf of Mexico after the explosion of a drilling platform in those waters in April 2010.

The Gulf Coast Claims Facility, the independent entity created in August 2010 to administer BP's indemnification fund, Tuesday issued a report covering its first year of activity.

The GCCF reported that during this past year it received 947,892 claims, of which 97 percent have been processed and a total of 204,434 claimants already have been paid.

Government Approves $7.2 Billion Reliance BP Deal

Government Approves $7.2 Billion Reliance BP DealReliance Industries Ltd (RIL) has announced that the government has approved its $7.2 billion deal with global energy major BP. This deal will ensure that the latter will be taking the 30% stake in 21 oil and gas blocks of Mukesh Ambani's company.

Around 23 blocks were sent by reliance for government's approval. However, the government has approved 21 blocks and the other two have been held back due to some technical issues.

CCEA Approves India's Biggest FDI Deal

CCEA Approves India's Biggest FDI DealThe Cabinet Committee on Economic Affairs (CCEA) has finally approved India's biggest FDI deal. Many business giant believed that the USD 7.2 billion deal between Mukesh Ambani-led Reliance Industries (RIL) and British Petroleum (BP) would incise many such planned big deals.

Jagannathan Thunguntla, Equity Head of SMC Capital, in a special dialogue with CNBC-TV18 accounted that the deal had brought tons of cash to the company’s cash-rich balance sheet of the and then the real trigger would be seen, if BP gets next to its technological proficiency.




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