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Motorists are set to face record fuel prices after the biggest oil refinery in London went into administration, putting at risk around 1,000 jobs. The Coryton refinery by the Thames, which refines about 175,000 barrels of crude oil per day, ceased all deliveries of diesel, petrol and heating oil with PricewaterhouseCooper being brought in as [...]
(Read More)26th Oct 11
Profit rise for BP marks ‘turning point’
by Natasha Redman
BP boss Bob Dudley insisted on Tuesday that the troubled oil giant had arrived at a “definite turning point” after the Gulf of Mexico disaster last year, as he revealed an increase to third-quarter profits. The group reported a profit of $5.14bn (£3.2bn) over the three months ending September, in comparison with $1.8bn for the [...]
(Read More)15th Aug 11
BP struggling to find skilled workers
by Adam Richards
Engineering skills shortages in the UK are threatening to hold growth back at oil giant BP, stated the company’s head of North Sea operations, Trevor Garlick. The regional boss said that the FTSE 100 business was intending to recruit between 150 and 300 new employees each year to help manage an expected increase in production, [...]
(Read More)18th May 11
BP blow as deal with Rosneft collapses
by Natasha Redman
BP’s hopes of ensuring the Arctic plays an influential role in its recovery plan have been dealt a major blow by the failure to come to a share swap and exploration agreement with Russian oil company Rosneft. Discussions to agree a settlement with its existing Russian partner TNK-BP, which had been opposed to the deal, [...]
(Read More)25th Feb 11
Race to evacuate Britons from Libya
by Harry Oldfield
UK authorities are racing to rescue dozens of Brits from ongoing violence in Libya. Dozens of Britons have been stranded by the violence sweeping Libya. The British government is racing get them out of the North African country as criticism mounts over the Foreign Office’s handling of the situation. David Cameron was yesterday apologising for [...]
(Read More)24th Feb 11
Evacuation of British nationals from Libya continues
by Harry Oldfield
A BP chartered plane has landed safely in the UK carrying more than 70 passengers evacuated from Libya. The plane touched down at Gatwick at 7am. According to an airport spokesman, all of those on board have been offered counselling. Defence sources have also confirmed that the RAF has three planes in place to evacuate [...]
(Read More)6th Jan 11
Poor management blamed for BP disaster
by Paul Russell
A US led panel has attributed the BP oil spill to poor management decisions. The companies involved attempted to save time and money resulting in the disaster, the report claimed. The presidential commission responsible for the report said the failure was due to systemic errors. It also said without government and industry changes it was [...]
(Read More)6th Jan 11
US panel damns BP for 2010 oil spill
by Adam Richards
The companies involved in last year’s Gulf of Mexico spill decided to cut costs, which contributed to the disaster, it has been concluded by a US panel. In one of the chapters of its final report, set to be published soon, the presidential commission suggests the failures were “systemic” while also being likely to recur [...]
(Read More)4th Jan 11
BP shares surge amidst fresh takeover speculation
by Katie Naylor
Fresh speculation has emerged linking BP to a takeover bid with rival Royal Dutch Shell. The debate has sparked huge increases in the beleaguered oil company’s shares. Rising oil prices coupled with news that BP may not pay out its entire $20 billion compensation fund have also furthered the company’s stockholdings positively. The five per [...]
(Read More)17th Dec 10
US sues over Gulf of Mexico oil leak
by Paul Russell
The explosion at the Deepwater Horizon rig led to what has been called the worst environmental disaster in US history. Now a lawsuit taken by the US government demands that those responsible be made to pay for all damage and clean up costs resulting from the accident. The drilling rig exploded in April killing 11 [...]
(Read More)