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?

skinny ask the traders at the vampyre squid why there is such a huge price differential or Osbourne.

halifax - I was only joshing - hence the double smiley! Is the pyre spelling a freudian slip :-)

skinny no.

The cheapest petrol in the world!

Wow.

10. Algeria: Algiers 20p per litre

Algeria is one of the Africa's biggest oil producers turning out an average of 1.2 million barrels a day. This flood of oil has pushed down petrol prices in the country to 20p per litre, more than six times cheaper than the average pump price here in the UK.

The country's petrol supplies also played a vital role in the recent battle against Colonel Gaddafi in neighbouring Libya. With petrol production in the war-torn country running dry, rebel fighters relied on smuggled fuel from Algeria to power the final push against the corrupt dictator. Hurrah!

9. Oman: Muscat 20p per litre

Oman's petrol prices also stand at just 20p per litre. Like Algeria, the Arabic state is drenched in oil, stepping up production in the last six months to 878,000 barrels every day.

8. Egypt: Cairo 19p per litre

Egypt is something of a transport hub when it comes to petrol. The Suez Canal a vital supply line running across the east of the country carries an estimated one million barrels of oil from the Persian Gulf every day.

That's why at the peak of the country's revolution against former President Hosni Mubarak, oil prices began to climb, amid fears that the unrest would interfere with the Suez supply route.

But while this oil price rise pushes up petrol costs here in the UK, the rate petrol is sold at the pump over in Egypt remains relatively low, at just 19p per litre. But with the country's government still anything but stable, it's anyone guess as to how long costs will stay this cheap.

[See also: UK supermarkets cut petrol prices]

7. Qatar: Doha 15p per litre

Prior to the discovery of oil in Qatar, the small Arab emirates' economy was mainly built on fishing and pearl hunting. Now the country's national petroleum supplier accounts for 70% of the government's revenue. Recent high oil prices have made per capita income in Qatar amongst the highest across the globe while petrol prices are the seventh lowest at just 15p per litre.

6. Kuwait: Kuwait City 14p per litre

Kuwait is tenth largest oil producer in the world and its supply is thought to account for 10% of global reserves. But nevertheless, the government subsidises both public transport and petrol bringing prices down to just 14p per litre.

5. Bahrain: Manama 13p per litre

Compared with its Middle-Eastern neighbours, Bahrain has fairly limited oil supplies. However 60% of the country's economy is still rooted in petroleum refining, which has grown strongly over the last ten years. The country is at fifth in the rankings with an average petrol price of just 13p per litre.

4. Turkmenistan: Ashgabat 12p per litre

The UK government taxes petrol to the high-heaven, while in Turkmenistan they give it away literally. Every driver in the Turkic state is entitled to 120 litres of petrol for free every month. If they exceed this, the pump price is only 12p per litre.

3. Libya: Tripoli 9p per litre

As I mentioned earlier, petrol supplies in Libya have dried up recently owing to the closure of several oil plants in the midst of unrest in the country. But when pumping at its prime level, the country is the ninth largest oil producer with an average petrol price of just 9p per litre.

2. Saudi Arabia: Riyadh 8p per litre

Saudi Arabia is the largest exporter of petroleum in the world. Domestically fuel prices sit at around 8p per litre. Yet only half of the population can take advantage of these low rates; as women in Saudi Arabia are banned from driving due to a religious fatwa (Islamic law) imposed by conservative Muslim clerics.

1. Venezuela: Caracas 2/3p per litre

Yes, to get hold of the cheapest petrol in the world, you'll have to travel all the way to the South American country of Venezuela. Petrol is just 2-3p per litre in the socialist republic that's around 54 times cheaper than prices here in the UK. So if you have a 70 litre fuel tank in your car, you could fill it up in Venezuela for around 1.50. While In Britain it would cost you a whopping 95.

Iran: 10p for the first 60 liter per month per car, then 30p a liter.

Apart from Venezuela, the cheapest prices are available in muslim countries.

The way things are going the UK could be one soon

As long as the human right is misused by the media and lawyears to help criminals, the downward trent continues..... The media sometimes teaches how to do crime to our children.

The media likes to generate news, and they know that presenting controversial messages has more buyers. They are happy to follow drug addicts and give them the publicity even though it damages the community. Why don't they spend the money, public money, to show the life of our scientists. These criminals, drug addicts, etc .... are humans who are in most cases burden to the community, and we should not be proud of.

I think they should rename the human right to the criminal right!!!

South London Chavs are to blame

With Tropical Storm Nate on the horizon, energy producers started Thursday bringing employees onshore again just days after they began restaffing following Tropical Storm Lee.

Companies were in the middle of restoring operations after Lee, which forced the shut-in of 60% of the oil and about half the natural gas Gulf's production before the storm made landfall Sunday in south Louisiana.

As of Thursday morning, oil output was significantly up compared to the previous day, with about 85% of the U.S. gulf production restored, according to the Bureau of Ocean Energy Management, Regulation and Enforcement, which oversees oil and gas drilling in federal waters. Gas output also grew, with 93% of production back on line.

But as Lee fades from memory, Bp PLC (BP, BP.LN) and Apache Corp. (APA), two of the top oil and gas producers in the Gulf, said Thursday they have started evacuating non-essential workers from some of their platforms, ahead of Nate, now gaining strength in the Gulf.

Nate, with sustained wind speeds of up to 60 miles an hour, is moving a scant 1 mile per hour as of Thursday afternoon. The storm could become a hurricane by Saturday morning as it heads northwest toward the southern tip of Texas, according to the National Hurricane Center.

BP was evacuating personnel from its Mad Dog, Holstein and Atlantis platforms in the Southern Green Canyon field.

Apache's spokesman Bill Mintz said the company was evacuating non-essential personnel from facilities in the far western Gulf but that production was not curtailed.

Nate has not prompted new production shut ins, but if the weather worsens that could change as companies would begin evacuating essential personnel.

Anadarko Petroleum Corp. (APC) said Thursday its Gulf platforms were "on line," but that it was monitoring the storm and that it was prepared to remove workers if the weather begins to track toward its platforms. ExxonMobil Corp. (XOM), Marathon Oil Corp. (MRO) and Royal Dutch Shell (RDSA) said they were monitoring the storm.

As of Thursday morning, production of about 206,681 barrels per day of oil and 362.8 million cubic feet of gas were curtailed, according to the Bureau of Ocean Energy Management, Regulation and Enforcement. Personnel from a total of five operating platforms, equivalent to 0.8% of all the manned platforms in the Gulf, were evacuated. A total of two drilling rigs out of 62 rigs operating in the Gulf have been evacuated so far, the government agency said.

A fire broke out late Thursday at a petrochemical plant in Shanghai, but it was contained by early morning, China's official Xinhua news agency reported Friday.

The ethylene production plant, owned by Shanghai Secco Petrochemical Co., is a joint venture between China Petroleum and Chemical Corp., also known as Sinopec, its subsidiary Sinopec Shanghai Petrochemical Co. (SHI) and Bp East China Investment Co., a unit of BP PLC (BP).

No casualties were reported. Xinhua didn't mention the fire's impact on production.

Secco's ethylene plant, located near Hangzhou Bay, has an annual capacity of 1.09 million metric tons a year, the company said on its website.

Siberian court rescinds order for BP raid

Good volume for this time of day, but it can't quite manage 4 quid.

Today or not today!

Govt. report: BP disaster caused by poor management decisions

Former Bp PLC (BP, BP.LN) chief executive Tony Hayward has resigned from the board of Russia's TNK-BP (TNBP.RS), Reuters reported on its website Sunday, citing a source.

According to the report, the source said Hayward retired "due to other commitments." The report also said TNK-BP's board approved a $1.25 billion special dividend for investors.

Mind the gap.

Looking for a break above 420.




RNS Number : 2756Q

Bp PLC

17 October 2011

press release

17 October 2011

BP ANNOUNCES SETTLEMENT WITH ANADARKO

PETROLEUM COMPANY OF CLAIMS RELATED TO

DEEPWATER HORIZON ACCIDENT

BP today announced that it has reached agreement with Anadarko Petroleum Company ("Anadarko") to settle all claims between the companies related to the Deepwater Horizon accident. Anadarko - which had a 25 per cent interest in the MC252 (Macondo) prospect - and BP have concluded that entering into a settlement is in the best interest of the parties to resolve pending disputes. The agreement is not an admission of liability by any party regarding the accident.

Under the settlement agreement, Anadarko will pay BP $4 billion in a single cash payment. BP will apply the payment to the $20 billion trust it established that is available to meet individual, business and government claims, as well as the cost of the natural resource damages. Anadarko will also transfer all of its 25 per cent interest in the MC252 lease to BP.

In addition, Anadarko will no longer pursue its allegations of gross negligence with respect to BP. Anadarko and BP have agreed to work cooperatively with respect to indemnified claims, and Anadarko has the opportunity for a 12.5 per cent participation in future recoveries from third parties or insurance proceeds cumulatively exceeding $1.5 billion, up to a total cap of $1 billion.

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

"This settlement represents a positive resolution of a significant uncertainty and it resolves the issues among all the leaseholders of the Macondo well," said Bob Dudley, BP group chief executive. "There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf. It's time for the contractors, including Transocean and Halliburton, to do the same."

BP previously announced settlements with MOEX, which had a 10 per cent interest in the Macondo well, and Weatherford, which provided drilling equipment. Consistent with official investigations that found the accident was the result of multiple causes, involving multiple parties, BP is working to ensure that other parties, including Halliburton and Transocean, contribute appropriately. Multiple official investigations, including those conducted by the Presidential Commission and the Marine Board of Investigation, found that conduct by those parties contributed to the accident. The issuance of regulatory violations last week to BP, Transocean and Halliburton by the US Department of Interior demonstrates that the contractors responsible for well control and cementing, not just the operator, should be held accountable for their conduct.

From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf Coast communities under the Oil Pollution Act. BP has to date paid out more than $7 billion.

Notes to editors:

-- This settlement agreement will result in the discontinuance of any legal proceedings for co-owner recovery under the Joint Operating Agreement between BP and Anadarko.

-- This settlement will also result in the discontinuance of claims made by BP and Anadarko against each other in the Multi-District Litigation Trial in New Orleans set to commence in February 2012 ("MDL").

And there it is :-))

.

BP still feeling pain from Gulf fallout as production suffers

More details will also be sought by the City about the recent announcement that the group secured government approval for a 4.5bn oil project, in the Clair field, west of Shetland. BP is expected set to pay a dividend of eight cents, up from seven cents last year.