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Share Price: 512.40
Bid: 512.80
Ask: 513.00
Change: -4.40 (-0.85%)
Spread: 0.20 (0.039%)
Open: 511.80
High: 515.10
Low: 508.20
Prev. Close: 516.80
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Hurricane Would Be 'Major Challenge' To Gulf Of Mexico Efforts -NOAA

Mon, 28th Jun 2010 04:29

By Cassandra Sweet Of DOW JONES NEWSWIRES As BP PLC (BP) works to plug an oil leak in the Gulf of Mexico and scientists work to figure out how the oil is affecting underwater sea life, the active hurricane season forecast for this summer is a major concern. "A hurricane would present a major challenge to the Gulf" disaster recovery and management efforts, said Jane Lubchenco, head of the National Oceanic and Atmospheric Administration. "The earlier it is, the more challenging it would be." While tropical storm Alex moved toward the Gulf Sunday on a path likely to avoid the oil spill, it served as a reminder that the National Hurricane Center, run by the NOAA, has predicted a more active Atlantic hurricane season than normal, with a potential for up to 14 hurricanes, up to seven of which could be major. While BP works to collect several thousand barrels of oil a day, the company is at least a few weeks away from completing relief wells that it hopes will permanently stanch the flow of oil from the broken Macondo well nearly a mile below the surface. If Mother Nature can hold off on any hurricanes until after BP plugs the hole, it would do the Gulf a world of good, as a hurricane headed for the Gulf could disrupt current containment efforts and preparation of the relief wells. Scientists have estimated that as much as 60,000 barrels of oil are spewing from the broken well into the ocean each day. BP said Sunday it collected 22,750 barrels of oil on Saturday. Government scientists and scientists from research institutions studying the area around the spill have found that underwater oxygen levels--a key concern for marine life--are at safe levels, Lubchenco said in an interview late Friday. In a federal report released Wednesday, scientists concluded that droplets of oil are sitting deep underwater in the Gulf, but that the oil didn't appear to have cut the amount of underwater oxygen to levels that would hurt marine life. 'There's No Underwater Lake Of Black Stuff' Scientists are continuing to test water samples from various depths and areas in the Gulf to determine where the underwater oil is, and where it's going, Lubchenco said. Because the oil is leaking from so deep beneath the surface, much of it is staying underwater, she said. Methane gas beneath the seafloor is pushing the oil at high pressure out of the broken well, causing the spewing oil to scatter into droplets, rather than stay together in a stream, she said. As the oil mixes with water it breaks up into even smaller pieces. Small oil droplets tend to remain underwater and are difficult to find, Lubchenco said. The droplets also are a result of chemical dispersants that BP has been spraying on the oil to break it up and prevent it from washing ashore. While the dispersants themselves are toxic, they're less toxic than the oil, she said. "It's the lesser of two evils," said Lubchenco, a Ph.D. marine ecologist who taught at Harvard University and Oregon State University before being selected to head NOAA. The droplets are so small, they're not visible to the naked eye, Lubchenco said. Scientists have to collect samples from deep underwater and bring them to the surface to be analyzed. Lubchenco said the underwater oil plume is more of a "cloud" or a "mist." "There's no underwater lake of black stuff," she said. Lubchenco said scientists will have a better idea where the underwater oil is migrating and how it's affecting marine life "in another couple of weeks." -By Cassandra Sweet, Dow Jones Newswires; 415-269-4446; cassandra.sweet@dowjones.com (END) Dow Jones Newswires June 27, 2010 23:29 ET (03:29 GMT)
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18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

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18 Apr 2024 14:12

UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
Quantum Exponential Group PLCGM re delisting or potential investment in company
Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
Drax Group PLCAGM
Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
Hikma Pharmaceuticals PLCAGM
International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
Persimmon PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
Smithson Investment Trust PLCAGM
Tissue Regenix Group PLCAGM
Weir Group PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

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18 Apr 2024 09:04

IN BRIEF: BP trims executive team in operational restructuring

BP PLC - London-based oil and gas major - Announces organisational restructuring. Intends to keep its three businesses - production & operations, gas & low carbon energy and customers & products - enabled by trading & shipping. Plans to integrate the current regions, corporates & solutions organisation into the businesses and functions. BP will now be supported by five functions: finance; technology; strategy, sustainability & ventures; people & culture; and legal. BP explains these changes will "reduce duplication and reporting line complexity".

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18 Apr 2024 08:11

BP cuts size of executive team, shakes up structure

(Sharecast News) - BP has trimmed its executive team as part of a shake-up of its organisational structure, it was confirmed on Thursday.

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17 Apr 2024 18:58

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, that called on the energy company to set tighter climate targets.

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17 Apr 2024 17:36

Sustainable Finance Newsletter - Republican AGs look to limit climate groups

April 17 (Reuters) - In prior newsletters I have reported on the ongoing review by U.S. energy regulators of top asset managers' big utility holdings.

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17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.

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17 Apr 2024 10:38

Carbon Done Right advances Sierra Leone rewilding project

(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

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15 Apr 2024 17:10

LONDON MARKET CLOSE: Investors show nerves after Iran launches drones

(Alliance News) - Stock prices in London closed down on Monday, as tensions in the Middle East weighed on investors, with resources sliding as commodity prices fell.

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15 Apr 2024 15:39

London close: Stocks slip on renewed geopolitical tensions

(Sharecast News) - London's equity markets markets experienced a downturn on Monday, with losses particularly notable in the mining and oil sectors, as investors remained cautious amid to escalating geopolitical tensions in the Middle East.

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15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

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15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

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13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

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12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

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