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Jan 31 (Reuters) - BP Plc said it had begun production from the PSVM development area in Block 31 offshore Angola and expects to ramp up output to around 70,000 barrels of oil per day. PSVM is expected to build towards plateau rates of 150,000 barrels of oil per day over the coming year wit
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Oil and gas production giant BP has commenced operations at the PSVM project in offshore Angola, a trading update issued by the FTSE 100 company has disclosed. The project, which is located 400km north west of Luanda, consists of four oil fields which were discovered in 2002-2004 and represents the
Read more* Lanny Breuer to leave on March 1 * Chief since 2009, plans return to private sector By Aruna Viswanatha WASHINGTON, Jan 30 (Reuters) - The head of the U.S. Justice Department's criminal division, who has shouldered much of the blame for bringing few cases related to the financ
Read moreBy Thyagaraju Adinarayan and Garima Goel Jan 30 (Reuters) - The uneven impact of the shale oil boom on the U.S. refining industry was brought into stark relief this week as Midwest and Gulf Coast refiners with easy access to cheap domestic crude posted strong earnings, while weak margins sp
Read more* Gulf Coast A4 CBOB gasoline up 1.50 cents/gallon * Chicago diesel up a cent per gallon * New York Harbor market shrugs off RBOB rally NEW YORK, Jan 30 (Reuters) - Gulf Coast gasoline differentials rose on Wednesday after U.S. government data showed a drop in regional inventories la
Read moreLONDON, Jan 30 (Reuters) - Britain's consumer affairs watchdog said competition in the UK petrol and diesel market was "working well" and there was little evidence that pump prices rise quickly when the wholesale price goes up but fall more slowly when it drops. The Office of Fair Trading (
Read moreBy Tom Bergin LONDON, Jan 30 (Reuters) - BP said it was making ten senior management changes in a reorganization of its core oil and gas production unit, continuing a reversal of the structure adopted in the wake of the Gulf of Mexico oil spill. The move is the latest in BP's struggle
Read moreCompetition at petrol stations is fair, the Office of Fair Trading (OFT) announced Wednesday. In an call for information launched in September last year, the OFT determined that competition at the pump is "working well", and blamed the increases in petrol and diesel over the past 10 years on rising
Read moreWASHINGTON, Jan 30 (Reuters) - Lanny Breuer, the head of the Justice Department's criminal division, plans to step down on March 1, according to an internal memo. "As I wrote to the President, and want to tell you, serving as the head of this remarkable Division has been the greatest privil
Read moreBy Tom Bergin LONDON, Jan 30 (Reuters) - BP said it was reorganizing its core oil and gas production unit, continuing a move back to the model it had before the Gulf of Mexico oil spill and helping free Chief Executive Bob Dudley from direct oversight of drilling operations. Lamar McK
Read moreBy John Kemp LONDON, Jan 30 (Reuters) - The arrival of a swarm of activist hedge funds and investors in the oil and gas sector may be good news for corporate governance, and possibly for shareholders. But it risks killing off the innovation and risk-taking which has revolutionised U.S. petr
Read moreStrong gains for financial stocks were being outweighed by heavy losses in the resources sector in London, with markets trading mixed ahead of a busy day in the US later on. "European markets are looking exhausted, broadly flat as traders continue to refrain from building equity positions after the
Read moreMarkets opened flat on Wednesday morning ahead a busy day on the economic calendar with all eyes focusing on growth data and a policy decision in the US later on. The world's biggest economy is expected to have grown at an annualised rate of 1.1% in the fourth quarter of 2012, according to prelimin
Read moreA US court accepted an agreement by BP to plead guilty for its role in the Deepwater Horizon explosion and oil spill which killed 11 men, the company said in a statement Wednesday. BP will pay $4.0bn over a period of five years, during which time the company will serve probation. At the District
Read moreIran believes BP-operated Azeri oil platforms have polluted the Caspian Sea and may sue the UK oil group if it continues, Iran's deputy environment minister has been reported as saying by Iranian media. Iranian officials have complained that Azeri oil has washed up on Iranian beaches over the last y
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