Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

BP To Start Drilling For Oil Off Libya Within Weeks

Sat, 24th Jul 2010 20:30

LONDON (AFP)--BP PLC (BP, BP.LN) will start drilling off the Libyan coast in a few weeks, it said Saturday, despite lingering questions over the deal which led to the exploration and the oil firm's role in the Gulf of Mexico oil spill. "We expect to begin the first well in the next few weeks," spokesman David Nicholas told AFP, adding that the 2007 deal signed with Libya to explore the Gulf of Sirte included commitments to drill five wells. Although he could not give a detailed timeframe, he said: "These wells can take six months or more to drill." The future of deep-sea drilling has come under scrutiny following an explosion in April on the BP-leased Deepwater Horizon oil rig, which killed 11 workers. It sank, causing a massive oil spill in the Gulf of Mexico, the worst environmental disaster in U.S. history, sparking a furious reaction against BP in the US. BP's Libyan well, at about 5,700 feet under water, is deeper than the well beneath the Deepwater Horizon, but Nicholas said the company took the risks involved "very seriously". He added: "If there are any lessons obviously that come out of the investigation into what happened on the Deepwater Horizon, we will apply those to our drillings across the world." The imminent drilling was made possible by an agreement which British-based BP signed with Libya in 2007 worth at least 900 million dollars (EUR700 million), then the firm's biggest-ever deal of its kind. This deal has come under renewed scrutiny in recent weeks amid claims by U.S. lawmakers that it may have been linked to the release of the Lockerbie bomber. Libyan Abdelbaset Ali Mohmet al-Megrahi was convicted of blowing up a U.S. airliner over the Scottish town of Lockerbie in 1988, killing 270 people. But the Scottish government decided to release him from prison in Glasgow, central Scotland, last year on compassionate grounds because he was thought to have only a few months to live due to his terminal prostate cancer. Megrahi is still alive and living in Libya. A doctor who saw him in prison was recently quoted as saying he could live for another 10 years. The U.S. Senate's Foreign Relations Committee will hold a hearing Thursday on claims that BP lobbied for his release to secure the Libyan oil deal, which London, the devolved administration in Scotland and BP all deny. Britain's Foreign Secretary William Hague wrote to Senator John Kerry, chairman of the committee, Saturday saying that BP had played no part in securing Megrahi's release but calling the decision to free him "wrong and misguided". "I believe we have a responsibility to address the unsubstantiated rumours that there was some sort of conspiracy involving BP which led to Mr Megrahi's release," Hague wrote to Kerry in a letter released by the Foreign Office. The issue repeatedly cropped up during Prime Minister David Cameron's visit to the White House this week and Hague has previously written to U.S. Secretary of State Hillary Clinton about it. (END) Dow Jones Newswires July 24, 2010 15:30 ET (19:30 GMT)
More News
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more
12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

Read more
11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

Read more
10 Apr 2024 08:41

Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

Read more
10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

Read more
9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

*

Read more
9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

Easter food spending lifts UK retail sales in March

*

Read more
9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

Read more
9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

Read more
9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

Read more
9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

Read more
9 Apr 2024 08:53

TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

Read more
9 Apr 2024 08:44

LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

Read more
9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

Read more
9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.