After several rough years for oil production in the North Sea, BP is now ready to extract first oil from a reconstructed field. The investment is the first step in a major venture on the British North Sea Shelf.
US-based oil major ExxonMobil has been sentenced to pay a fine of approximately USD 76 billion by a court in the African nation Chad. The fine is greater than what British oil company BP paid in relation to the Deepwater Horizon scandal.
As the debate intensifies concerning whether 2020 or 2025 is the right year for low-sulfur fuel, both Maersk Oil Trading and BP Marine have announced that they will be ready by 2020. A 2020 decision would be better than waiting any longer, the companies tell ShippingWatch.
China, India and several Southeast Asian nations will drive an increasing demand for coal ahead of 2020, projects an executive from mining giant BHP Billiton. The assessment contradicts numerous analysts, who foresee a more gloomy outlook for the sector.
In his native Norway, Kjell Inge Røkke is known as the man from the small town of Molde, who started as a fisherman and who has since then usually been drawing the longest straws. With the creation of new oil giant Aker BP, the billionaire strikes again.
With a share issue totaling total USD 1.3 billion, oil company Det norske will take over BP's Norwegian activities as part of a merger to create new Norwegian oil and gas company Aker BP. Get an overview of the new oil player here.
BP and one of the partners in the giant Sverdrup field, Norway's Det norske oljeselskap, have formed a new joint venture, informs BP. Aker BP, as the venture is named, will be listed in Oslo and will be the biggest independent oil and gas producer in Norway.
The financial consequences of the historical oil spill after the explosion on Deepwater Horizon continue. The oil company BP has now agreed to a settlement for approximately USD 175 million with a group of shareholders.