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Share Price Information for BP (BP.)

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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
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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)
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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

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2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

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1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

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1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

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1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

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30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

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Home REIT PLCTrading Statement
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