Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. 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: 481.70
Bid: 481.70
Ask: 482.00
Change: -9.10 (-1.85%)
Spread: 0.30 (0.062%)
Open: 481.75
High: 485.05
Low: 478.80
Prev. Close: 490.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Six years after BP spill, U.S. sets new offshore oil safety rules

Thu, 14th Apr 2016 18:00

By Valerie Volcovici

WASHINGTON, April 14 (Reuters) - The Obama administration onThursday unveiled new oil well control rules to prevent the kindof blowout that happened six years ago on a BP Plc rig inthe Gulf of Mexico.

The Interior Department's Bureau of Safety and EnvironmentalEnforcement announced the finalized regulations, which includemore stringent design requirements and operational proceduresfor offshore U.S. oil and gas operations.

The new standards come nearly six years after a deadlyexplosion and fire on the Deepwater Horizon oil rig off the costof Louisiana, which led to the worst oil spill of all time.

The Macondo well blowout and the fire on the DeepwaterHorizon drilling rig on April 20, 2010, killed 11 workers.

"The well control rule is a vital part of our extensivereform agenda to strengthen, update and modernize our offshoreenergy program using lessons learned from Deepwater Horizon,"said Interior Secretary Sally Jewell.

To improve the "culture of safety" on oil rigs and preventfuture spills or blowouts, the new rule tightens requirementsfor blowout preventers, well design, well control casing,cementing and sub-sea containment.

It also calls for real-time monitoring, third party reviewsof equipment, regular inspections and safe drilling marginrequirements.

"We listened extensively to industry and other stakeholdersand heard their concerns loud and clear," said AssistantSecretary for Land and Minerals Management Janice Schneider."This rule includes both prescriptive and performance-basedstandards."

Ocean protection advocacy group Oceana said that sinceCongress did not enact legislation to improve offshore drillingsafety, the new standards by the Interior Department were "asignificant improvement over the status quo."

Oceana Vice President Jacqueline Savitz said many measuresin the final rule were standards already used by industry.

The Interior Department bureau has reported that offshoredrilling caused at least 1,066 injuries, 496 fires andexplosions, 22 losses of well control, 11 big oil spills and 11fatalities since the Deepwater Horizon accident.

"The only way to truly ensure there will never be anotherdisaster of the magnitude of Deepwater Horizon is to stopdrilling offshore," Savitz said. (Reporting by Valerie Volcovici; Editing by Lisa Von Ahn)

More News
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
9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

Read more
4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

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.