BP sells Pakistan assets for $775m
14th Dec 2010 10:49
Oil giant BP is to sell nearly all of its exploration and production assets in Pakistan for $775m (£490m) as it continues its programme to divest up to $30bn of assets by the end of 2011. It is selling the assets to United Energy Group. BP has made rapid progress in its asset sale programme, whic
Read moreWorker on smoke break missed BP explosion signs
8th Dec 2010 08:57
Indications that BP's Deepwater Horizon drill rig in the Gulf of Mexico was in trouble were missed by a technician because he took a 10-minute smoking break. Investigators looking into the explosion on April 20 that killed 11 rig workers and resulting catastrophic oil spill were told that Joseph Ke
Read moreWednesday newspaper round-up: Ireland, Gold, Lloyds...
8th Dec 2010 06:35
Ireland's government unveiled an historic €6bn austerity package as it sought to unlock desperately needed loans from the European Union and International Monetary Fund. Brian Lenihan, the Finance Minister, revealed a series of draconian budget measures including an assault on social welfare, depar
Read moreLondon afternoon: Shares extend gains
7th Dec 2010 14:23
With US stocks set to open high on the back of the tax-cuts deal between president Obama and the Republican party, London's blue-chips added to the morning's gains over the lunch time session. US president Barack Obama has said that he will agree to a two-year extension on tax-cuts from the Bush er
Read moreBP touting some North Sea assets
7th Dec 2010 13:36
Resurgent oil giant BP set itself a target back in July of raising $30bn in asset sales by the end of 2011 and is already two thirds of the way to that total, with assets in the North Sea said to be next to go on the chopping block. News agency reports quoting an unnamed company insider suggest tha
Read moreTuesday tips round-up: BP, Vodafone, Begbies Traynor
7th Dec 2010 06:44
Shares in BP are not far short of having recovered half the fall brought about by the Deepwater Horizon tragedy. There is a growing optimism, both within the company and on the stock market, that the damage from the disaster may not be as bad as had been feared. Some of the $20bn fund ring-fenced
Read moreSector movers: Oil stocks rise despite Desire disappointment
6th Dec 2010 15:47
With crude trading near a 26-month high, oil stocks are in demand. Big hitters such as BP, BG and Cairn Energy are posting gains, but it is not all cheer in the sector. Desire Petroleum's shares have collapsed after it said it has plugged and abandoned the 14/15-2 Rachel North well. Alternative en
Read moreThursday newspaper round-up: Spain, Ireland, BP
2nd Dec 2010 06:07
Spain and Ireland are set to launch large-scale privatisation programmes as they fight to preserve market faith in their turnaround plans. The Spanish government is looking at auctioning stakes in its national lottery operator and airports, while Ireland will look at privatisations in its electricit
Read moreBP backs Canadian oil sands programme
30th Nov 2010 07:11
BP has agreed to invest $2.5bn in the Sunrise oil sands project in Alberta, Canada, its first major investment since the Gulf of Mexico spillage. The UK firm, which owns 50% of the project in northern Alberta, said it was "a significant milestone" for the company and represented a "40-year secure a
Read moreTuesday newspaper round-up: Euro crisis, BP, WikiLeaks...
30th Nov 2010 06:35
The euro slid to a two-month low against the dollar, trading at $1.31, and to 84p against sterling as traders turned their attention to other fiscally enfeebled EU countries after the €85bn bailout of Ireland. Yields on Spanish government bonds hit their highest level since the introduction of the
Read moreLondon pre-open: Warm start for Footsie
29th Nov 2010 07:36
UK shares are set to begin the week in better shape than the weather. The FTSE 100 is expected to add almost 30 points in early trade, with Ireland's bail-out and tensions on the Korean peninsula still likely to dominate headlines. BP has sold its stake in Argentina-based oil and gas company Pan A
Read moreBP gets $7bn for Argentina business
29th Nov 2010 07:00
BP has sold its stake in Argentina-based oil and gas company Pan American Energy (PAE) to Bridas Corporation for $7.06bn (£4.52bn) in cash. The acquisition of BP's 60% will give Bridas, which already owns 40% of the business, full control when the deal completes in 2011. It also puts BP firmly on
Read moreMonday newspaper round-up: Network Rail, Ireland, BP...
29th Nov 2010 06:38
Commuters into London from Essex and East Anglia and train passengers in Liverpool could be the guinea pigs in a radical break-up and part-privatisation of Network Rail. The Department for Transport is set to consider reforms that could promote the "vertical integration" of parts of the network, al
Read moreBP expands operations in Indonesia
26th Nov 2010 10:20
Oil giant BP is tapping further into the Indonesian market after gaining a 100% interest in the North Arafura project in onshore Papua Province. Signed in Jakarta Friday, the oil and gas production share contract gives BP the potential to expand its position in Papura, "an area with huge potential
Read more'Significant' discovery for BP
24th Nov 2010 14:57
Shares in oil giant BP got a lift after the group announced its Egyptian subsidiary has made a "significant" gas discovery in the Nile Delta area. The group has reported that further appraisal of the Hodoa discovery is underway after the WMDW-7 well was drilled to a depth of 6350m. The well is the
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