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 gets approval to complete Brazil purchase


BP has received final approval to complete the purchase of 10 exploration and production blocks in Brazil from Devon Energy.

The regulatory approvals from the Brazilian National Petroleum, Natural Gas and Biofuels Agency were the last required to conclude the agreement announced in March last year.

It is expected formal completion of the acquisition will take place shortly.

The blocks acquired will give BP a diverse and broad deepwater exploration acreage position offshore Brazil with interests in eight licence blocks in the Campos and Camamu-Almada basins in water depths ranging from 330 to 9,100 feet, as well as two onshore licences in the Parnaiba basin.

The Campos basin blocks include four discoveries - Xerelete, pre-salt Wahoo, Itaipu and Fragata - and the Polvo field, which is currently producing around 25,000 barrels of oil per day.

I topped up yesterday I see an easy 20% being made this year on my investment.

indeed - gl

BP/Rosneft buyout of oligarchs still on

The next 12 or so hours will determine BP's future in Russia. It is engaged in complex negotiations, with a deadline of midnight tonight (UK time), to buy out the 50% stake in its TNK-BP joint venture from a group of Russian billionaires who go by the collective moniker of AAR.

This would be a big deal. AAR, whose members include Victor Vekselberg, Mikhail Fridman and Leonard Blavatnik, have indicated they want a price put on the whole of TNK-BP of more than $70bn - which would therefore see them walking away with at least $35bn.

BP however believes TNK-BP is worth less than that, perhaps a bit in excess of $60bn. Apart from anything else, BP does not want to risk alienating its own shareholders by being seen to be paying too much for TNK-BP.

If the deal happens at all, BP would buy the billionaire oligarchs' TNK-BP stake in partnership with Rosneft, Russia leading energy company. It could leave BP owning perhaps 75% of TNK-BP's valuable Russian assets, and Rosneft would have 25%.

The whole point of this deal, for BP, is for the AAR to be replaced as BP's main partner in Russia by Rosneft.

Will it happen? Well it's all still in the balance, according to sources close to the talks. What is absolutely clear is that a compromise approved by a tribunal a few days ago has been rejected by Rosneft. That compromise would have seen TNK-BP rather than BP alone working with Rosneft in exploring the Russian Arctic, and would also have involved BP and Rosneft taking stakes in each other but without the ability to vote those stakes.

A source close to the negotiations said: "Rosneft can probably work with any oil company in the world. It chose to do a deal with BP, not with TNK-BP. And it still wants to work with BP, not TNK-BP".

Back in January, the Russian prime minister, Vladimir Putin, gave a very public blessing to a proposal for BP and Rosneft to form a partnership to explore the Russian Arctic together. As part of that deal, Rosneft planned to take a 5% shareholding in BP and BP would have emerged with more than 10% of Rosneft. However, BP's Russian billionaire co-investors in TNK-BP have frustrated the consummation of the alliance between BP and Rosneft, because they were able to demonstrate in the British courts and to an independent tribunal that the alliance breached their own agreement with BP.

If in the end BP is unable to buy itself out of its arrangement with the Russian billionaires, that will be widely seen as a massive blow to the credibility of BP senior management, led by the chief executive Robert Dudley. He will be seen to have seriously and pointlessly damaged relations with important partners in TNK-BP, which has delivered billions of dollars of dividends to BP over the past few years.

Rosneft To Start Talks With Other Majors On Arctic Project -Source
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BP (LSE:BP.)
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Today : Tuesday 17 May 2011


Russian state oil company OAO Rosneft (ROSN.RS) will begin talks with other international oil majors to develop hydrocarbons in the Arctic, after efforts to salvage a deal with Bp PLC (BP) broke down late Monday night due to "unacceptable demands" from the U.K. oil major's partners in TNK-BP Ltd., a person close to Rosneft said Tuesday.

BP's partners in the TNK-BP--a consortium known as Alfa-Access-Renova, or AAR--turned down a joint $32 billion buyout offer from BP and Rosneft for their 50% stake in the joint venture, the person said. The partners also turned down a last minute offer exceeding the $32 billion, the person added without giving details.

"AAR made unacceptable demands. They simply don't want to sell," the person said.

RNS Number : 7359G

Bp PLC

17 May 2011


press release

17 May, 2011

BP AGREES SALE OF WYTCH FARM

TO PERENCO UK LIMITED

BP announced today that it has agreed to sell its interests in the Wytch Farm, Wareham, Beacon and Kimmeridge fields to Perenco UK Ltd ('Perenco') for up to $610m in cash. The price includes $55m contingent on Perenco's future development of the Beacon field and on oil prices in 2011-13.

The sale of these interests is part of BP's plan, announced in July 2010, to divest up to $30 billion of assets by the end of 2011. Before today's agreement, BP had already announced sales agreements totalling around $25 billion.

BP group chief executive Bob Dudley said: "Today's agreement brings us even closer to the target of $30 billion of divestments by year end that we set out last summer. It demonstrates that we do have assets of quality that other operators see as more strategically valuable to them than to BP, thus unlocking value for our shareholders."

An immediate payment of $500m has been made, a further $55m will be paid on completion which is expected at the end of 2011 with the remaining $55m contingent on submission of the Beacon field development plan and oil prices. Completion of the sale is subject to partner pre-emption rights and a number of third party and regulatory approvals.

The divestment of Wytch Farm is an outcome of BP's strategic aim in the UK to invest in a more focused North Sea business portfolio in the northern North Sea, central North Sea, West of Shetland and Norway.

Trevor Garlick, regional president for BP North Sea, said: "The North Sea Region is a very important area for BP and we will sustain a significant business here for the long term. We are currently investing around $4bn per annum of capital and operating expenditure, which includes four major new field development projects in the UK and two in Norway."

BPs Rosneft share-swap deal collapses
By Catherine Belton in Moscow and Sylvia Pfeifer in London
Published: May 17 2011 08:59 | Last updated: May 17 2011 09:17
"BPs bid for a strategic alliance with Rosneft, the Russian state oil champion, collapsed on Tuesday after the UK oil group failed to reach agreement to salvage its $16bn share swap before a midnight deadline expired.
Rosneft was not willing to extend the deadline further, a person close to the state company said, after talks failed over a deal to buy out BPs partners in TNK-BP, its existing Russian joint venture. A person familiar with the matter said Rosneft would now seek new partners for the Arctic exploration deal it had proposed for the alliance with BP."

Part of the RBS note which follows the above news:
"We believe that some analysts and investors have previously included the dilutive impact on EPS of the share swap in their forecasts (we did not do so). If the share swap is finished, as now seems likely, this may force these analysts and inventors to upgrade their EPS forecasts.
We assume that part of the attraction of the share swap from a BP perspective was to introduce a substantial, stable shareholder to create a degree of protection against possible takeover. If the share swap does not go ahead, this negative for the share price is eliminated.
BPs shares have underperformed peers by 11% since the Rosneft deal was announced in January. Assuming that the Rosneft deal is now unlikely to go ahead, we regard this as a considerable over-reaction and would expect todays news to generate improved relative performance in the coming days."

Rosneft on Tuesday shattered BP's hopes of exploiting Russian Arctic oil by pulling out of a planned joint venture with the British giant after losing patience with protracted negotiations. A Rosneft source told AFP that the state-controlled Russian oil giant was now looking for a new Western partner following the failure of the two sides to resolve a row concerning BP's Russian joint venture before Monday's deadline. http://news.yahoo.com/s/afp/20110517/bs_afp/russiabritainoilcompanyventurebprosneft_20110517131101

maybe they should t/o xel!! lol

BP to continue its talks with Rosneft
StockMarketWire.com
Oil giant BP will continue talks with Russia's Rosneft on a share swap even though the deadline for an agreement has now expired.

BP said it and its existing partner, AAR, saw significant advantages in continuing to deepen the dialogue and cooperation with Rosneft.

CEO Bob Dudley said: "BP remains committed to Russia, to working constructively with AAR in TNK-BP and to our existing good relationship with Rosneft.

"All parties have worked hard to reach an acceptable resolution, as we believe it could offer significant benefits to BP shareholders, to Rosneft, AAR and Russia."

At 2:29pm: (LON:BP.) BP share price was +0.23p at 438.68p


Story provided by StockMarketWire.com

So, no one really knows!!!

Ditch the deal BP, doubt they will to many back handers involved.

yep used medium sized mixed serial number notes / super fat brown envelopes, free islands next door to branson.... - any world cup negotiators involved one wonders - lol!

Glad we are not shareholders, one disaster after another...worst industrial accident in US history, worst oil polution accident ever and now seen off by a bunch of russian mafioso ..... what next perhaps bring back the sun god?

Wasn't BP Chief Executive Tony Hayward shunted out to TNK-BP after the Macondo blow out?

Yes with his big fat swiss numbered account filled up.

Halifax -

Gulf War Oil Spill, Iraq
When Saddam Hussein's forces retreated from Kuwait in 1991, they left behind a devastated oil industry by dumping millions of gallons into the Persian Gulf and setting fire to hundreds of oil wells. By the time experts arrived in the Gulf to clean up the oil spill, the National Oceanic and Atmospheric Administration reported as much as 250 million gallons, at a minimum, were in Persian Gulf alone. Upper estimates placed the amount at 336 million gallons and a slick the size of Hawaii. To date, it is still the worst oil spill in history.

UP today.

Credit Suisse comment:
"Event: The deadline for BP to close a deal with Rosneft (including the Arctic exploration project and the share swap) passed last night without an agreement. BP published a statement confirming that a solution has not been found at this time, however talks will continue with AAR and Rosneft.

View: We believe the BP-Rosneft deal in its current proposed form is now essentially dead. Even though the May 16th deadline was self-imposed and talks will continue, we do not believe that BP, AAR and Rosneft will manage to resolve their differences."

Rosneft to consider further BP proposals
StockMarketWire.com
Rosneft has announced that it has received proposals from BP that go beyond the scope of their earlier agreements signed in January.

The agreement centred on a proposed joint venture to explore and develop wells in the Russian Arctic shelf.

Due to a corporate dispute between British and Cypriot shareholders of TNK-BP, which arose for reasons unrelated to Rosneft, and a Stockholm court blocking the transaction, Rosneft agreed to extend the term of the agreement with BP until May 16 to allow the parties to complete negotiations on closing the deal.

Rosneft now say that the fresh proposals from BP make it possible to continue discussions on further co-operation.

At 11:21am:
(LON:BP.) BP share price was +5.45p at 440.25p


Story provided by StockMarketWire.com

20 May 2011

BP ANNOUNCES SETTLEMENT WITH MOEX/MITSUI

OF CLAIMS BETWEEN THE COMPANIES RELATED

TO THE DEEPWATER HORIZON ACCIDENT

BP today announced that it has reached agreement with MOEX Offshore 2007 LLC ("MOEX") and its affiliates, Mitsui Oil Exploration Co., Ltd. and MOEX USA Corporation to settle all claims between the companies related to the Deepwater Horizon accident. MOEX - which had a ten per cent interest in the Macondo well - has joined BP in recognising and acknowledging the findings by the Presidential Commission that the accident was the result of a number of separate risk factors, oversights and outright mistakes by multiple parties and a number of causes. Like BP, MOEX Offshore has also recognised and acknowledged the conclusions of the United States Coast Guard that, among other things, the safety management systems of both Transocean and its Deepwater Horizon rig had significant deficiencies that rendered them ineffective in preventing the accident. MOEX has concluded that entering into a settlement with BP is in its best interest. The agreement is not an admission of liability by any party regarding the accident.

Under the settlement agreement, MOEX USA Corporation, the parent company of MOEX Offshore 2007, will pay BP $ 1.065 billion. BP will immediately apply the payment to the $20 billion trust it established to meet individual, business and government claims, as well as the cost of the Natural Resource Damages.

The parties have also agreed to mutual releases of claims against each other. BP has agreed to indemnify MOEX for compensatory claims arising from the accident. BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims.

"This settlement is an important step forward for BP and the Gulf communities," said BP group chief executive Bob Dudley. "MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf, and Mitsui, through MOEX USA Corporation, is showing great corporate citizenship in standing behind its affiliate and making a contribution to meet the costs of this tragic accident. We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties."

BP and the Mitsui group are committed to enhancing their business relationship globally now that the issues surrounding the Macondo well have been resolved between the two companies.

Today's settlement is the most recent step BP has taken to raise funds to help BP meet its commitments in the Gulf of Mexico. BP has so far concluded agreements for asset divestments totalling approximately $25 billion, and has recently announced that it will also divest a number of operated oil and gas fields in the UK and two of its US refineries - Texas City and Carson - along with their associated marketing interests.

BP is also working to ensure that the other parties involved in the Macondo well - notably, Transocean, which owned and operated the Deepwater Horizon rig; Halliburton, which designed and pumped the unstable cement that the Presidential Commission found was a key cause of the accident; and Anadarko, which owned 25 per cent of the project - contribute appropriately. From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf communities under the Oil Pollution Act. To date, BP has paid nearly $6 billion in claims.