Key Developments: BP PLC (BP.L)
477.65GBp
20 May 2013
5.10p (+1.08%)
472.55p
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477.65p
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19,522,816
25,671,996
482.33p
388.56p
Latest Key Developments (Source: Significant Developments)
BP Plc Announces Scrip Dividend Programme
BP Plc announced the allotment and issue of 72,744,552 ordinary shares of USD0.25 each to shareholders who elected to receive ordinary shares under the Scrip Dividend Programme as an alternative for the third quarter interim dividend for 2012, payable on December 21, 2012. This allotment and issue includes the election made by the Depositary, JPMorgan Chase Bank in order to issue ADSs to ADS holders who elected to receive ADSs under the Scrip Dividend Programme, as outlined below. The shares rank pari passu with the existing issued ordinary shares of the Company. Full Article
BP Plc To Sell Yacheng Gas Field In China To Kuwait Foreign Petroleum Exploration Co KSCC
BP Plc announced that it has agreed the sale of its 34.3% interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company KSCC(KUFPEC) for $308 million cash. Subject to regulatory, CNOOC and third party approvals, BP expects the deal to close in the second half of 2013. The field currently supplies natural gas for power generation to Castle Peak Company Limited in Hong Kong via a 780-kilometre pipeline. Additional natural gas, condensate and LPG are sold to customers on Hainan Island. Following completion, the Yacheng partnership will consist of CNOOC (51%), and Kuwait Foreign Petroleum Exploration Company (49%). BP was awarded interests in the 42/05 and 43/11 deepwater blocks in the South China Sea in 2010 and 2012. These blocks are currently in the exploration phase. Full Article
BP Plc Announces Sale Of Non-Operated Interest In Sean Gas Field To SSE PLC
BP Plc announced that, as part of its decision to market its stakes in non-operated North Sea assets, it has agreed to sell its interest in the Sean gas field in the UK North Sea to SSE PLC for $288 million in cash. The sale comprises BP's non-operated 50%stake in Sean. Completion of the deal is anticipated during the first half of 2013, subject to regulatory approval. Full Article
Getty Realty Corp Announces Long-Term Triple-Net Lease Agreements with Subsidiary of BP Plc
Getty Realty Corp announced it had agreed to long-term triple-net leases on 28 properties in New York and New Jersey with a subsidiary of BP Plc, BP Products North America Inc. Under the terms of the agreements, the aggregate annual triple-net GAAP revenue will be up to approximately $3.0 million. The leases with BP have initial 15 year terms with provisions for rent escalations and options for multiple renewal terms. Full Article
TNK-BP Holding OAO's Minority Shareholders Notify Court of Rejection of RUB 100 Billion Lawsuit Against BP Plc-Interfax
Interfax reported that minority shareholders notify court of rejection of RUB 100 bi lion lawsuit against BP reported that the minority shareholders in TNK-BP Holding OAO have sent the court a notice that they are rejecting their lawsuit against BP Plc for RUB 100 billion. The court should consider this notice on December 14, 2102 the source said. The Chief of Staff and Administrator of the Eighth Arbitration Appeals Court, Olga Kurekova confirmed that the notice to drop the lawsuit was submitted on December 3, 2012 for the court's consideration. The notice will be considered at a court hearing on December 14, 2102. BP Plc's lawyer Konstantin Lukoyanov told Interfax that, there is no longer any point for the initiators of this lawsuit to pursue the court case. Full Article
BP Plc To Sell Package Of Central North Sea Assets To Abu Dhabi National Energy Company PJSC For $1.1 Billion
BP Plc announced that it has agreed to sell its interests in a number of central North Sea oil and gas fields to Abu Dhabi National Energy Company PJSC (TAQA) for $1.058 billion plus future payments which, dependent on oil price and production, BP currently expects will exceed $250 million. The assets included in the sale are BP's interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field. The sale is subject to third party and regulatory approvals and the companies currently expect the sale to complete in second quarter of 2013. Jefferies acted as financial adviser to BP in relation to this transaction. Full Article
NK Rosneft' OAO, BP Plc Ink Deal on Sale of 50% of TNK-BP Holding OAO-Interfax
Interfax reported that NK Rosneft' OAO and BP Plc have signed an agreement on the latter's sale to the former of 50% in TNK-BP Holding OAO, a BP Plc statement says. The agreement was signed after the Government approved the sale to BP Plc of 5.66% of the stock in NK Rosneft' OAO held by state stake holder Rosneftegaz. Full Article
BP Plc Agrees To Pay $4.5 Bln In Penalties For US Oil Spill-Reuters
Reuters reported that BP Plc will pay $4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon disaster, which caused the worst U.S. offshore oil spill ever. The settlement includes a $1.256 billion criminal fine. U.S. Attorney General Eric Holder said that it did not end the government's criminal investigation of the spill. Full Article
BP Plc's Appeal Against USD 3 Billion Russia Court Ruling In Case Brought by Shareholders of TNK-BP's TNK-BP Holding OAO Postponed to December 14, 2012-Dow Jones & Company, Inc.
Dow Jones & Company, Inc. reported that a Russian court on November 9, 2012 postponed to December 14, 2102 a hearing on BP PLC's (BP) appeal against a ruling ordering it to pay just over USD 3 billion in damages relating to its Russian venture TNK-BP. The hearing had been scheduled for November 9, 2012. A court in Siberia ruled in July that BP caused damage to TNK-BP, a joint venture between the British company and a group of Soviet-born tycoons, when it sought an alliance last year with state-controlled NK Rosneft' OAO (Rosneft) without involving TNK-BP. BP's partners blocked that alliance in separate legal proceedings in the U.K. and are seeking damages from BP through arbitration. Rosneft said last month that it had agreed to buy TNK-BP from BP and its partners, known as the AAR group, for a total of USD 55 billion in cash and shares. The case in Siberia was brought by minority shareholders in TNK-BP's listed subsidiary, TNK-BP Holding OAO. Full Article
Statoil ASA, BP Plc and Total SA Buy Into TANAP Gas Pipeline-Reuters
Reuters reported that Statoil ASA, BP Plc and Total SA have acquired a combined 29% stake from Azeri state energy company SOCAR in Trans-Anatolian natural gas pipeline project (TANAP). BP will have a 12% stake, the same stake will go to Statoil, while Total will get 5%. The financial details of the transaction were not disclosed. Turkey has a 20% stake in TANAP, which will take Azeri gas to Turkey and to other markets in Europe, while Azerbaijan's state oil company SOCAR holds 80%. SOCAR offered BP, Statoil and Total to buy 29 percent of the total from its stake in September 2012. Construction of the TANAP pipeline, which will be built from the Turkish-Georgian border to Turkey's border with Europe, is expected to start at the end of 2013 and the project's first phase is seen ready at the end of 2017 or early 2018. Full Article
Rosneft names new managers after former TNK-BP executives quit
MOSCOW, May 20 - Rosneft, the state-owned Russian crude producer which earlier this year bought TNK-BP, announced several senior management appointments on Monday after former TNK-BP executives decided to leave positions they had been offered.
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