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Share Price Information for BP (BP.)

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Share Price: 483.00
Bid: 481.65
Ask: 481.80
Change: 0.45 (0.09%)
Spread: 0.15 (0.031%)
Open: 479.30
High: 483.25
Low: 477.30
Prev. Close: 482.55
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UAE asks oilfield bidders for 2-month offer extension - sources

Tue, 14th Oct 2014 15:21

DUBAI, Oct 14 (Reuters) - The United Arab Emirates has askedbidders for its biggest onshore oilfields to extend their offersby two months until Dec. 31, sources familiar with the mattersaid, as the country considers bringing in Asian firms afterdecades-long partnerships with western majors.

Nine Asian and western firms have bid for stakes in the AbuDhabi Company for Onshore Oil Operations (ADCO) concession aftera deal with western oil majors that dates back to the 1970sexpired in January.

State-run Abu Dhabi National Oil Company (ADNOC) has askedthe nine bidding companies to extend offers that were due toexpire around Oct. 22 until Dec. 21, three sources said.

Industry observers say any changes in the concessions wouldbe made at the highest decision-making body for the oil and gasindustry, the Supreme Petroleum Council. They say there is adifference in opinion inside the SPC over whether to stick withwestern companies, or make room for newcomers from Asia, whilesome would like to see ADNOC operating the fields alone.

ADNOC could not be reached for comment and none of the ninecompanies would comment. One source said however that it wasunlikely any company would refuse ADCO's request.

"Is any company going to say 'no our bids have expired'? Theanswer is no. No company is going to go through this effort andthen say our offers are not valid anymore," the source said.

ExxonMobil, Royal Dutch Shell, Total and BP - have each held 9.5 percent equitystakes in the ADCO concession since the 1970s. Portugal's Partexhad a 2 percent stake, and the rest was held by ADNOC.

After the deal expired in January, ADNOC took 100 percent ofthe concession. Shell, Total and BP have made their new bids,which are being evaluated by the government of Abu Dhabi, thecapital of the UAE, while Exxon has decided against bidding,sources have told Reuters.

U.S. firm Occidental Petroleum Corp, Italy's ENI, China National Petroleum Corp. (CNPC), Norway'sStatoil, Japan's Inpex and Korea National Oil Corp havealso bid for the new deal.

Each company submitted two proposals last year - one for a 5percent stake and another for a 10 percent stake, with a oneyear validity, the first source said. (Reporting by Rania El Gamal, additional reporting by GwladysFouche, Michel Rose, James Topham, Stephen Jewkes; editing bySusan Thomas)

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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.

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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.

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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.

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Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

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FTSE 100 ends down as defence stocks offset commodity gains

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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