June 23, 2007 |
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.
March 20, 2008 |
Russian police visited the offices of British oil company BP and its Russian joint venture in what some observers said could be part of the government-orchestrated campaign to take control of lucrative energy assets. A group of police investigators appeared at the offices of BP's joint venture, TNK-BP, and later went to the Moscow offices of BP itself.
May 30, 2007 |
BP signed a $900-million natural gas exploration deal with Libya, marking the return of the British oil and gas company to the North African OPEC-member state after a 30-year break.
March 6, 2007 |
Venezuela said it had reached a $250-million deal to compensate Total and BP for an oil field it seized from them in April, but said it would not make the compensation in cash. Speaking at the signing of the deal, Energy Minister Rafael Ramirez pegged the compensation slightly lower than the $262 million that a government official had given earlier.
January 16, 2007 |
BP, under pressure because of a refinery explosion that killed 15 workers, suffered from systemic safety failures, according to a report by a committee headed by former Secretary of State James A. Baker III. The Baker panel found fault with the handling of safety issues by upper management at London-based BP, including top executives, said a person who has seen the report and asked not to be named because it is not yet public.
July 7, 2007 |
BP's $18-million settlement with California utilities and state officials over electricity sales made during the state's energy crisis in 2000 and 2001 was approved by the Federal Energy Regulatory Commission. The commission issued an order approving the agreement among London-based BP and the state's three major utility owners, PG&E Corp., Edison International and Sempra Energy Corp.
October 30, 2002 |
Oil giant BP said third-quarter profit rose 79%, and cut its 2002 oil and gas output forecast for the third time in eight weeks. Quarterly net income rose to $2.84 billion, or 13 cents a share, mainly from gains from the sale of its stake in Germany's Ruhrgas. Excluding special items and reflecting the current cost of supply, profit slid 13% to $2.29 billion, at the low end of analysts' forecasts.
October 5, 2005 |
Oil giant BP said Tuesday that damage caused by hurricanes Katrina and Rita cut third-quarter profit by more than $700 million and led to the first quarterly drop in oil and gas production in two years. Third-quarter output was about 3.8 million barrels of oil equivalent a day, 2.8% less than the 3.91 million reported in the year-earlier period, and full-year production could decline by as much as 3.2%, London-based BP said.
December 20, 2005 |
An Alaska state agency sued Exxon Mobil Corp. and BP, claiming that the two oil giants are restricting the nation's supply of natural gas to boost prices. The lawsuit, filed in U.S. District Court in Fairbanks by the Alaska Gasline Port Authority, says the two companies acted together to eliminate competition for the exploration, development and marketing of natural gas from the state's North Slope to U.S. markets.
May 9, 2001 |
BP, the third-biggest publicly traded oil company, reported a 52% jump in first-quarter profit because of soaring U.S. natural gas prices and better margins from refining. BP also benefited from its gas-rich acquisitions of U.S. companies Amoco Corp. and Atlantic Richfield Co. Oil and gas production growth, however, remains a tough challenge for BP. Profit rose to $4.13 billion, or 18 cents a share, from $2.