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BP.L on London Stock Exchange

21 Oct 2016
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2.70p (+0.55%)
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Latest Key Developments (Source: Significant Developments)

BP estimates remaining material Deepwater Horizon liabilities
Thursday, 14 Jul 2016 12:58pm EDT 

BP Plc : BP estimates all remaining material Deepwater Horizon liabilities . Co says it can now reliably estimate all of its remaining material liabilities in connection with Deepwater Horizon incident . Expects to take an after-tax non-operating charge of around $2.5 billion in its Q2 2016 results. . Charge is expected to include a pre-tax non-operating charge associated with oil spill of around $5.2 billion . Cumulative pre-tax charge relating to deepwater horizon incident estimated at $61.6 billion or $44.0 billion after tax .Co believes any further outstanding deepwater horizon-related claims not covered by this additional charge will not have a material impact.  Full Article

Oil firm Det norske aims for drilling in new Arctic area by 2017/18
Thursday, 14 Jul 2016 04:15am EDT 

: Det norske CEO Karl Johnny Hersvik tells a presentation of the firm's second-quarter results that drilling in Barents Sea licences awarded in the 23rd oil licensing round off Norway may occur as early as next year or maybe in 2018 . CEO Hersvik says: "We have capacity to take on another acquisition after the BP merger" . CFO Alexander Krane says: "After the merger with BP, we expect our borrowing base under the RBL (reserve based lending) to increase going forward. We will update the market as to the discussions with our banks going forward" . CFO Krane says lower capex guidance due to more efficient operations at the Norwegian Alvheim oilfield and lower cost estimate on the Johan Sverdrup oilfield (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Oil firm Det norske cuts 2016 capex outlook, Q2 beats forecasts
Thursday, 14 Jul 2016 12:59am EDT 

Det Norske says: Q2 revenues $256 million (Reuters poll $241 million) vs $322 mln in Q2 2015 . Q2 ebitda $174 million (Reuters poll $154 million) vs $224 mln in Q2 2015 . Q2 net result $6 million (Reuters poll $10 million) vs $7 mln in Q2 2015 . Q2 production was 62.440 barrels of oil equivalent per day, realising an average oil price of $49 per barrel . Says debottlenecking study for Johan Sverdrup phase 1 concluded with an increase in phase one production capacity to 440 thousand barrels of oil equivalent per day . Says the Johan Sverdrup project is moving forward according to plan and the company sees potential for further cost reductions . The latest estimate for capex for sverdrup phase 1 is nok 108.5 billion (nominal value) and nok 160 to 190 billion (real) for full field, based on the same fx-assumptions as in the PDO . Says Ivar Aasen project is progressing according to plan and budget with planned start-up in q4 2016 . Says Det norske (ex. Bp norge) expects 2016 capex to be $900 -920 mln, a reduction from previous range of $925-975 mln due to project cost savings . Says exploration expenditures are expected to be $200-220 mln, an increase from previous range of $160-170 mln due to added number of wells . Repeats 2016 production of 55–60 mboepd . Says 2016 production cost is still expected to average in range 8 to 9 USD per barrel of oil equivalent.  Full Article

BP says FID on Tangguh LNG facility approved
Friday, 1 Jul 2016 04:44am EDT 

BP Plc : BP press release - BP announces final investment decision to expand Indonesia’s Tangguh lng facility . Announced that the final investment decision (FID) has been approved for the development of the Tangguh expansion project in the Papua Barat province of Indonesia . Tangguh expansion project will add a third LNG process train (train 3) and 3.8 million tons per annum (MTPA) of production capacity to the existing facility . The project also includes two offshore platforms, 13 new production wells, an expanded LNG loading facility, and supporting infrastructure . Awards for the project’s key EPC contracts are expected in the third quarter of 2016 with construction to begin thereafter. Operation is expected in 2020 .Project will create 10,000 new jobs and support economic growth in Papua Barat province.  Full Article

Elementis names BP Lubricants exec as CFO designate
Monday, 27 Jun 2016 03:17am EDT 

Elementis Plc : Announces appointment of Ralph Hewins as group CFO-designate to succeed Brian Taylorson when he steps down from role .Ralph Hewins has been CFO of BP Lubricants since 2010.  Full Article

BP says sanctions "fast-track" development of Atoll discovery in egypt
Monday, 20 Jun 2016 04:51am EDT 

BP Plc : Bp sanctions "fast-track" development of atoll discovery in egypt . Atoll phase one project will bring up to 300 million cubic feet a day (mmscfd) gross of gas Further company coverage: [BP.L] (((Bengaluru Newsroom +91 806 749 1136);)).  Full Article

BP announces new gas discovery in Egypt field
Thursday, 9 Jun 2016 06:19am EDT 

Bp Plc : BP press release - BP announces latest gas discovery in Egypt's east mediterranean . Further appraisal activities will be required to underpin full resource potential of discovery . BP holds a 50 pct stake in Baltim South Development Lease, and ENI, through its subsidiary IEOC, holds 50 pct . Well was drilled by Petrobel, a joint venture between IEOC and state partner Egyptian General Petroleum Corporation (EGPC) Further company coverage: [BP.L] (((Bengaluru Newsroom +91 806 749 1136);)).  Full Article

BP, representatives of post-explosion class settle claims in MDL 2185 securities litigation
Thursday, 2 Jun 2016 07:28pm EDT 

Bp Plc : In may 2014, federal district court certified a class of post-explosion ADS purchasers in MDL 2185 securities litigation . Settlement does not resolve other securities-related litigation in connection with gulf of mexico oil spill . BP and representatives of post-explosion class have agreed to settle these class claims for amount of $175 million payable during 2016-2017 Further company coverage: [BP.L] (Bengaluru Newsroom: +1-646-223-8780).  Full Article

BP sells 11.5 pct stake in Castrol India
Thursday, 19 May 2016 04:40am EDT 

BP Plc : BP press release: BP sells partial stake in Castrol India . BP sells partial stake in Castrol India, continues as majority shareholder and reaffirms commitment to Indian Businesses . Intends to continue as majority shareholder of Castrol India . There will be no impact from this financial transaction on staff or customers of Castrol India or on its existing contracts. . Sold approximately 11.5 pct from 71 pct stake it held in Castrol India to a range of domestic and international investors Further company coverage: [BP.L] (Bengaluru Newsroom: +91 80 6749 1136).  Full Article

BP says intends to raise 400 mln STG of new debt financing
Thursday, 19 May 2016 02:03am EDT 

Bp Plc : Intends to raise £400 million of new debt financing .Intends to use net proceeds of offering of bonds for general corporate purposes and for purchase of cash-settled call options.  Full Article

UPDATE 1-Britain's Vodafone enters Iranian market

LONDON, Oct 18 Vodafone has agreed a partnership with Iranian internet firm HiWeb to help modernise its network, the companies said on Tuesday, making the British company the latest Western firm to enter Iran after sanctions were lifted.