BP dissapointed private investors as the share price slid even though a
Massive 136 percent jump in profits were recorded for the last quarter.
This was already expected and comments from Lord Browne saying falls in oil expected have brought also helped the stock down.
He says can stand oil price even below $16 pb
The hostage situation in Nigeria getting bad maybe BP putting on some weight today?
Locals want enviroment cleaned up and profits shared.
Any chance?

BP Executive: Transocean Was Responsible For Safety
By Siobhan Hughes
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)

BP Plc (BP, BP.LN) on Tuesday stepped up its criticism of the company from which it leased an oil rig that exploded, saying Transocean Ltd. (RIG) was responsible for safety.

Lamar McKay, the head of BP's U.S. unit, said Transocean "had the responsibility for the safety." He also said there were "anomalous pressure readings" before the April 20 explosion.

He said the company was still investigating what went wrong and that it was too early to draw conclusions. Based on official estimates, the underwater well site is leaking 5,000 barrels of oil a day.

Ye but no but - 4th UPDATE: Companies, Lawmakers Level Blame At Oil Hearing

Irregular pressure readings, limitations in some testing and deference on decision-making preceded last month's deadly oil-rig explosion in the Gulf of Mexico, according to new details emerging from testimony by oil company executives before the U.S. Senate.

The testimony added to the picture of the accident on the Transocean Ltd. (RIG) rig, which BP Plc (BP) was leasing in order to drill an exploratory well with the help of Halliburton Co. (HAL) employees. But a big question about whether procedures took place in the correct sequence remained unanswered, as officials said that none of them was familiar with the federally approved plans for drilling an exploratory well that was located one mile below the ocean's surface.

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When the photo's of all the beaches ruined, thousands of dead birds and sea mammals start to make their grizzly way to a T.V screen near you which will be very soon, the share price will plummet again - The yanks wont let this be another Exxon Valdiz without someone paying the price - and BP will be paying that price - Still looks like a bankruptcy in my eyes!

UPDATE ON GULF OF MEXICO OIL SPILL RESPONSE

BP today provided an update on developments in the response to the MC252 oil well incident in the Gulf of Mexico.

Subsea Source Control and Containment

Subsea efforts continue to focus on, firstly, progressing options to stop the flow of oil from the well through interventions via the blow out preventer (BOP) and, secondly, attempts to contain the flow of oil at source to reduce the amount spreading on the surface. These efforts are being carried out in conjunction with governmental authorities and other industry experts.

Transocean To Petition To Limit Liability In US Gulf Rig Blast, Sinking

Transocean Ltd. (RIG), the owner and operator of the Deepwater Horizon drilling rig that burned and sank last month, unleashing a massive oil leak into the Gulf of Mexico, will Thursday file in federal court a petition to limit its liability to just under $27 million, according to a person familiar with the company's plans and a copy of the filing seen by Dow Jones Newswires.

The world's biggest offshore driller is filing the request in the U.S. District Court in Houston under a century-and-a-half-old law originally aimed at helping U.S. ship owners compete with foreign-flagged vessels. While the company may not succeed in limiting its financial liability, the filing could give Transocean an edge in what could be a lengthy, multipronged legal battle against claims for damages from the accident that killed 11 workers.

White House Wants $10 Million To Fight Litigation Related To Oil Spill

The White House is asking Congress to set-aside $10 million so the government can fight any claims related to the Gulf oil disaster that is spewing thousands of gallons of crude off the coast of Louisiana.

The set-aside is the first indication that the government might be on the hook to pay for some costs related to the spill despite the Obama administration's near-daily proclamations that BP Plc (BP, BP.LN) will bear the full costs.

The $10 million is part of a legislative package President Barack Obama sent to House Speaker Nancy Pelosi late Wednesday to help respond to the Gulf oil disaster and future spills. The proposed legislation asks Congress for $10 million "for litigation expenses related to affirmative and defensive litigation associated with the Deepwater Horizon oil spill that may not qualify as recoverable from the Responsible Parties or the Oil Spill Liability Trust Fund," according to a copy of the proposal. Deepwater Horizon is the name of the rig that exploded in the Gulf.

Oil Spill Not Imminent Threat To Shorelines - Coast Guard

Oil leaking from a deepwater well in the Gulf of Mexico is not yet an imminent threat to the coastline in Alabama, Mississippi and Florida, the U.S. Coast Guard said Thursday.

Coast Guard officials said oil sheen has appeared in Louisiana at Chandeleur Island and South Pass. Also, "tar balls" have washed up on beaches in Louisiana, Mississippi and Alabama this week.

But favorable weather patterns and offshore containment efforts through controlled burns, skimming and the use of dispersement chemicals continue to keep the oil away from coastlines in the northern Gulf, said Capt. Steven Poulin, Coast Guard incident commander in Mobile, during a press briefing Thursday.

UPDATE: Republicans Block Bid To Raise Oil-Spill-Damages Limit

Republicans blocked an attempt by a handful of Senate Democrats to raise the cap on damage claims that BP Plc (BP) must pay for a Gulf of Mexico oil spill, saying that the plan wouldn't work.

Sen. Lisa Murkowski (R, Alaska) led the charge against the measure, aimed at raising to $10 billion the limit on damage claims. The current limit is $75 million. Republicans objected to a request to proceed with a vote, saying independent offshore oil developers would not be able to stay in business because small companies wouldn't be able to self-insure against claims.

UPDATE ON GULF OF MEXICO OIL SPILL RESPONSE

Subsea Source Control and Containment

Subsea efforts continue to focus on progressing options to stop the flow of oil from the well through interventions via the blow out preventer (BOP), and to collect the flow of oil from the leak points. These efforts are being carried out in conjunction with governmental authorities and other industry experts.

The riser insertion tube tool (RITT) containment system was put into place in the end of the leaking riser on May 16. Operations began during the day to allow oil and gas to flow through the tool up to the drillship Discoverer Enterprise on the surface 5,000 feet above. Produced oil is being stored on the drillship while produced gas is being flared. It is expected that it will take some time to increase the flow through the system and maximise the proportion of oil and gas flowing through the broken riser that will be captured and transported to the drillship.

BP: US Oil Spill Liabilities Not Limited By $75 Million Cap
LONDON (Dow Jones)

BP PLC's (BP) compensation payouts to people affected by the ongoing oil spill in the Gulf of Mexico won't be limited by the $75 million legal cap on such liabilities, the company said Monday.

"BP has responded to a letter from Sec. Napolitano RE: the $75 million liability cap, saying the $75 million is not applicable," said BP America on its Twitter page.

Homeland Security Secretary Janet Napolitano and Interior Security Ken Salazar wrote to BP Chief Executive Tony Hayward last week asking him to clarify his "true intentions" regarding liabilities for the oil spill.

"[The] public has a right to a clear understanding of BP's commitment to redress all of the damage that has occurred or that will occur," the letter said.

Oil companies are currently subject to a statuatory cap on their liabilities to oil spills of $75 million. Analysts estimate the ultimate cost to BP of the oil spill at anywhere between $3 billion and $8 billion.

The U.S. House of Representatives is pushing to raise the liability cap for oil spills to $10 billion.

UPDATE ON GULF OF MEXICO OIL SPILL RESPONSE.


Subsea Source Control and Containment

Subsea efforts continue to focus on progressing options to stop the flow of oil from the well through interventions via the blow out preventer (BOP), and to collect the flow of oil from the leak points. These efforts are being carried out in conjunction with governmental authorities and other industry experts.

The riser insertion tube tool (RITT) containment system that was put into place in the end of the leaking riser is operational. It is estimated to be collecting and carrying about 2,000 barrels a day (b/d) of oil to flow up to the drillship Discoverer Enterprise on the surface 5,000 feet above. Produced oil is being stored on the drillship while produced gas is being flared.

It is expected that it will take some time to increase the flow through the system and maximise the proportion of oil and gas flowing through the broken riser that will be captured and transported to the drillship.

BP: Collecting 2,000 Bbl Of Oil/Day; Costs Reaches $625 Million
LONDON (Dow Jones)

BP PLC (BP) Tuesday said it was collecting an estimated 2,000 barrels of oil a day from the oil spill in the Gulf of Mexico and put its total response costs so far at $625 million.

"It is expected that it will take some time to increase the flow through the system and maximise the proportion of oil and gas flowing through the broken riser that will be captured and transported to the drillship" on the surface, BP said in a statement.

On Monday the oil major estimated it was collecting 1,000 barrels of approximately 5,000 leakinginto coastal waters following an explosion on an off-shore drilling platform.

The company is also progressing with other options to stem the flow of oil, including plugging the leak with in a so-called "junk shot."

Costs meanwhile continue to escalate. The oil major on Thursday said it had racked up $450 million in expenses.

The $650 million in costs it announced Tuesday include grants to Florida, Alabama, Louisiana and Mississippi to help mitigate the economic impact of the oil spill, as well as containment, relief well drilling, settlements and federal costs, BP said.

2nd UPDATE: US Is Sued Over BP's Gulf Coast Drilling Permit
(Updates with comment from MMS spokeswoman in fourth paragraph.)


By Cassandra Sweet
Of DOW JONES NEWSWIRES

Environmental groups sued the U.S. government Tuesday, alleging regulators excused BP PLC (BP) from complying with safety regulations that may have helped prevent the rig explosion and sinking that unleashed a massive oil leak in the Gulf of Mexico.

In the lawsuit, filed in U.S. District Court in New Orleans, the Sierra Club and the Gulf Restoration Network allege the Minerals Management Service issued deepwater oil-drilling permits to BP and other companies without requiring "oil-spill response plans" and "blowout scenarios" typically required to show companies can handle drilling accidents. The complaint adds to a growing chorus of criticism that the MMS, a unit of the Department of the Interior, took an increasingly hands-off approach in its regulation of the oil industry. In separate suits, environmental groups alleged MMS illegally excluded exploratory drilling operations from certain environmental laws.

The suit notes a letter sent April 1, 2008, to BP and other companies from MMS Regional Director Lars Herbst called a "Notice to Lessees." According to a copy provided by a plaintiffs' attorney, the notice informs drilling-permit applicants that they don't need to provide blowout scenarios or oil-spill response plans to the MMS unless they plan to operate off the coasts of Florida or Texas, off a specially protected part of the Louisiana coast, or plan to install an underwater "surface facility."

MMS spokeswoman Eileen Angelico wrote in an email that the agency doesn't comment on pending lawsuits, but that Interior officials are working to "review and strengthen Outer Continental Shelf safety and improve overall management, regulation, and oversight of OCS operations."

The Obama administration said earlier this month it plans to restructure the MMS and beef up the agency's oversight of oil-drilling operations.

Attorneys for the plaintiffs said they discovered the notice after the accident and leak, in an effort to find out more about BP's contingency plans in the event of an oil spill. The notice "effectively repealed" most oil-spill safety requirements for BP's drilling plan and other exploratory drilling operations that are "most at risk for blowouts," the lawsuit says.

"I looked at these exploratory plans approved by the Minerals Management Service and it was just heart-stopping because there's just nothing there," David Guest, an attorney with Earthjustice, said in an interview. "I think this represents a philosophy that the industry will regulate itself."

BP reported progress in reducing the flow of oil from the leak earlier Tuesday, saying a tube inserted into the leaking oil pipe is now siphoning about 2,000 barrels a day of oil to a ship on the surface. While damage on shore from the growing oil slick emanating from the mile-deep leak has so far been limited, the National Oceanic and Atmospheric Administration said Tuesday that ocean currents could move the oil into the Atlantic via the Gulf Stream.

UPDATE ON GULF OF MEXICO OIL SPILL RESPONSE

BP today provided an update on developments in the response to the MC252 oil
well incident in the Gulf of Mexico.

Subsea Source Control and Containment

Subsea efforts continue to focus on progressing options to stop the flow of oil
from the well through interventions via the blow out preventer (BOP), and to
collect the flow of oil from the leak points. These efforts are being carried
out in conjunction with governmental authorities and other industry experts.

The volume of oil and gas being collected by the riser insertion tube tool
(RITT) containment system at the end of the leaking riser is estimated to be
about 3,000 barrels a day (b/d) of oil and some 14 million standard cubic feet a
day of gas. The oil is being stored and gas is being flared on the drillship
Discoverer Enterprise, on the surface 5,000 feet above.

This remains a new technology and both its continued operation and its
effectiveness in capturing the oil and gas remain uncertain.

BP also continues to develop options to shut off the flow of oil from the well
through interventions via the failed BOP.

Plans continue to develop a so called "top kill" operation where heavy drilling
fluids are injected into the well to stem the flow of oil and gas, followed by
cement to seal the well. Most of the equipment is on site and preparations
continue for this operation, with a view to deployment in the next few days.
Options have also been developed to potentially combine this with the injection
under pressure of a variety of materials into the BOP to seal off upward flow.

Work on the first relief well, which began on May 2, continues. The DDII
drilling rig began drilling the second relief well on May 16. Each of these
wells is estimated to take some three months to complete from the commencement
of drilling.




Surface Spill Response and Containment

Work continues to collect and disperse oil that has reached the surface of the
sea. Over 930 vessels are involved in the response effort, including skimmers,
tugs, barges and recovery vessels.

Intensive operations to skim oil from the surface of the water have now
recovered, in total, some 187,000 barrels (7.8 million gallons) of oily liquid.
The total length of boom deployed as part of efforts to prevent oil reaching the
coast is now more than 1.9 million feet, including over 500,000 feet of sorbent
boom.

In total over 19,000 personnel from BP, other companies and government agencies
are currently involved in the response to this incident. So far about 19,000
claims have been filed, and some 8,000 payments have been made.
----

Dropping steadily, be below 5.00 back end next week.

IMHO BP will bounce back soon. Many stocks pounded in the last few days Great entry point now.

Falling Knife, still a lot more to give - especially when the enviro-mentalists start. All the lies about how much Oil is being spilled everyday and the cost of clean up 3 times what they claimed already,, plus the quarter of a million claims (to start with !) - It dont look rosy for the old BP shares

Tony Craze paid over 550p for these.

Think It should have read below 4.00 - post 34 -37 Biggest Bankruptcy since Rolls Royce this one will be.

Obama To Extend Moratorium On Deepwater Offshore Drilling By 6 Months
WASHINGTON (AFP)--President Barack Obama will Thursday extend a moratorium on new deepwater drilling for six months, and unveil a major curtailment of the offshore oil industry, after a review of the Gulf disaster.

The president will also announce that planned exploration off the Alaska coast in the Chukchi and Beaufort seas will be delayed pending a presidential commission into deepwater offshore drilling, a White House aide said.

In addition, a planned August lease sale of drilling rights in the Western Gulf will be cancelled and a lease sale off the coast of Virginia will also be scotched, due to environmental concerns and Defense Department input.

The aide, speaking on condition of anonymity, said that Obama would also announce standards to "strengthen oversight of the industry and enhance safety," pending the recommendations of the presidential commission.

Obama, who will formally announce the steps in a White House news conference later Thursday, was briefed on the initial report into the disaster by Interior Secretary Ken Salazar in the Oval Office on Wednesday night.

The president will announce the new restrictions on the industry as BP presses ahead with a "top kill" operation designed to finally plug the ruptured well that is gushing oil into the Gulf of Mexico in an environmental disaster.

"While the Commission performs its work to determine how to prevent this from ever happening again, the moratorium on permits to drill new deepwater wells will continue for a period of six months," the aide said.

The measures represent a partial reversal of a controversial Obama plan to expand offshore oil drilling announced at the end of March, which angered green groups and spurred charges by Republicans that it did not go far enough.

The president's plan, part of a comprehensive energy strategy, was to have seen new tracts of the Atlantic off the Virginia coast opened to exploration, and expanded prospecting leases in the Gulf off the coast of Florida.

Scientific research in the Chukchi and Beaufort seas was also to be authorized.

"In the short term, as we transition to cleaner energy sources, we'll have to make tough decisions about opening new offshore areas for oil and gas development in ways that protect communities and coastlines," Obama said in March.

He portrayed the decision as part of a comprehensive energy plan, designed to wean the United States off foreign energy sources from volatile areas, and develop a new green economy.

The measures were seen by some observers at the time as a political move, designed to win some Republican support for a comprehensive climate change and energy bill in the Senate.

Republicans, who have marched in lock step to oppose almost all of Obama's domestic agenda, backed wider exploration of untapped US reserves, and adopted a "Drill, baby, drill," mantra during the 2008 presidential campaign.

The measures unveiled in March reversed a campaign pledge Obama made in 2008, when he said that the amount of time it would take to produce large amounts of offshore oil did not justify the risks of extracting it.