BP prepares to pump millions into South Africa amid new regulations on cleaner diesel November 22, 2018 BP will pour $1bn (£776m) into South Africa over the next five years as it tries to meet new rules on cleaner diesel, the company said earlier today. The money will include around $250m to refit the country’s largest refinery, Sapref, in Durban on the country's eastern coast. The oil business will pump between 3.5bn and [...]
Trust me, we’ve been thinking about market power and competition all wrong November 13, 2018 Economists, politicians, and commentators on both sides of the Atlantic are growing more concerned with the supposed “monopolisation” of the economy. In a 2017 report, the Social Market Foundation found that eight of 10 key British markets, including in phones, gas and groceries, were highly dominated by small numbers of companies. Its director, James Kirkup, [...]
Oil giants BP and Shell expect pumped up profits after barrel price rise October 28, 2018 Oil and gas giants Shell and BP are expected to report boosted profitability this week after oil prices breached $85 (£66.2) dollars per barrel in the third quarter. On Tuesday BP is expected to reveal a jump in profits from £2.82bn to an estimated £2.9bn according to S&P Capital IQ, while on Thursday Royal Dutch [...]
How to capitalise on the electric car revolution October 23, 2018 Electric vehicles have existed since 1828, and yet their prevalence in popular society has remained the stuff of science fiction for more than two centuries. It’s only recently that electric cars have become commonplace, helped partly by government policies – such as the planned ban on the sale of new petrol and diesel vehicles by [...]
BP and Shell get green light for North Sea joint venture, drilling for 20m barrels of oil October 22, 2018 BP and Shell received approval for their 50-50 joint Shetland venture today, which they predict could produce 20m barrels of oil. The Alligin oil field in the North Sea should produce 12,000 barrels of oil per day at its peak once it comes on stream in 2020, the oil giants said. Read more: BP wins [...]
BP could face fine of up to $48m for natural gas market manipulation after Hurricane Ike in Texas August 14, 2015 UK oil giant BP could face a $48m fine for manipulating markets in Texas in 2008, after a US judge ruled that it had natural gas prices after a hurricane in the Gulf of Mexico sent prices tumbling. The US Federal Energy Regulatory Commission (FERC) accused BP of manipulating the market to squeeze profits illegally, [...]
UK energy consumption falls below 1965 levels as industrial output declines and energy efficiency rises August 3, 2015 The UK is the only country where total energy consumption is lower today than it was in 1965, according to newly released energy data from BP. Energy consumption has gone down by close to five per cent over the past 50 years – even as the economy has tripled in size and population. This makes [...]
BP profits tumble 50 per cent on lower oil prices and Deepwater Horizon charge July 28, 2015 BP shares are trading 1.19 per cent up in mid morning trading after it reported a 50 per cent drop in underlying profits during the second quarter of 2015, as lower oil prices and the Gulf of Mexico disaster continues to weigh on the company. The figure hit $1.31bn, undershooting analysts’ expectations of $1.6bn. Read more: One [...]
One chart showing how BP’s share price never recovered from the Deepwater Horizon disaster July 3, 2015 On the evening of 20 April 2010, a release of gasses at BP's Deepwater Horizon oil rig in the Gulf of Mexico caused an explosion which ripped through the rig, killing 11 workers and causing an oil leak which continued for 87 days. By the end of the disaster, 3.2m barrels of oil had leaked [...]
BP closes Deepwater Horizon oil spill chapter with £12bn record US payout: Firm may now be subject to mega takeover July 2, 2015 Oil giant BP has settled a massive lawsuit surrounding the 2010 Deepwater Horizon accident, agreeing yesterday to pay up to $18.7bn (£12bn) in respect of US federal, state and local claims connected with the disaster. The payout, believed to be the largest environmental fine ever handed out, comprises $5.5bn in civil payments, $4.9bn in [...]