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BUSINESS
August 24, 2006 | From the Associated Press
Production at BP's Prudhoe Bay oil field was reduced by an additional 90,000 barrels a day when a problem was discovered in a compressor, the company said. That cut production at Prudhoe Bay from an already reduced 200,000 barrels to 110,000 barrels, BP Alaska spokesman Daren Beaudo said. It probably will take several days to complete the repairs, he said.
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NATIONAL
July 19, 2006 | From Times Wire Reports
British oil company BP will close 12 oil wells on the North Slope as a precaution after whistleblowers alleged more than 50 were leaking. The wells were being shut down Tuesday, BP spokesman Darren Beaudo said in Anchorage. The action came after workers allegedly told the Financial Times of London of the leaks. The newspaper first reported the shutdowns on its website. Most of the shuttered wells were in Prudhoe Bay, Beaudo told the Associated Press.
BUSINESS
September 21, 2006 | From the Associated Press
Venezuela's tax agency has billed the local subsidiaries of Chevron Corp. and BP a combined $56.6 million, saying the amount represented unpaid income tax for fiscal 2005. Chevron was billed $19.4 million and has 15 days to refile its 2005 taxes as well as pay a fine of 10% of the sum it owes, the agency said. The tax agency said BP owed $37.2 million for the same year.
BUSINESS
January 13, 2007 | From the Associated Press
BP's chief executive is stepping down by the end of July -- more than a year ahead of schedule -- after a series of high-profile problems including a deadly refinery blast in Texas and a giant oil spill in Alaska tarnished the image of one of the world's largest oil companies. BP said Friday that Chief Executive John Browne, 58, would be succeeded by Tony Hayward, the head of exploration and production. Hayward, 49, who will take over Aug.
BUSINESS
August 18, 2006 | From Reuters
U.S. pipeline regulators will propose in coming weeks rules aimed at preventing runaway pipeline corrosion that plagued Prudhoe Bay oil field in Alaska. Thomas Barrett, head of the Transportation Department's Pipeline Safety Administration, said he would soon propose rules to regulate some low-stress lines in rural areas, including London-based BP's Prudhoe Bay lines. Current pipeline regulations exempt those lines from oversight.
BUSINESS
July 26, 2006 | From the Associated Press
Soaring oil and gasoline prices propelled BP to a $7.3-billion net income in the second quarter, a 30% increase from last year despite reduced output and rising costs. BP's performance exceeded the expectations of Wall Street analysts, who forecast that second-quarter profits from the world's six largest publicly traded oil companies will surpass $36 billion. The next major integrated oil company to release quarterly earnings is ConocoPhillips. Its results are expected today.
BUSINESS
October 25, 2006 | From the Associated Press
Oil giant BP said Tuesday that its third-quarter profit declined 3.6%, slumping on lost Alaskan production, higher taxes in Britain and a sharp drop in gasoline prices. BP, which has experienced a run of difficulties in the United States, also lowered its average daily oil production forecast for 2006 because of asset sales and snags at several oil fields. The first of the major oil companies to report quarterly earnings this week, BP said net income for the three months ended Sept.
BUSINESS
September 1, 2006 | From Reuters
BP is aiming to restart oil production in the eastern half of Alaska's Prudhoe Bay oil field by the end of September, sources familiar with the company's plans said Thursday. Plans call for a partial restart of a pipeline that connects with the Trans-Alaska Pipeline's Flow Station 1, allowing up to half of the 200,000 barrels a day of lost production to begin flowing again. Prudhoe Bay normally supplies about 400,000 barrels daily, or 8% of U.S.
BUSINESS
October 14, 2004 | From Bloomberg News
BP, Europe's biggest oil company, and partners in Indonesia's Tangguh liquefied natural gas project will start to deliver as much as 3.7 million metric tons of the fuel to Sempra Energy in Mexico in 2008, Indonesia's oil and gas regulator said. BP and San Diego-based Sempra have signed a 20-year sales contract. The LNG, which is natural gas chilled to liquid form so that it can be transported on a ship, will be delivered to Sempra's planned terminal near Ensenada in Baja California.
BUSINESS
June 23, 2007 | From Times Wire Services
British oil giant BP has agreed to sell its interest in the Siberian Kovykta gas field to state-controlled Gazprom as the Kremlin tightened its grip on Russia's oil and gas industry. The sale is the culmination of years of pressure on BP's Russian joint venture TNK-BP, which wanted to develop the huge field to supply lucrative export markets in Asia. Gazprom will pay $600 million to $900 million for TNK-BP's 62.9% stake in the Kovykta operating company and a 50% stake in a smaller company.
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