The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen 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: 523.30
Bid: 515.00
Ask: 528.00
Change: 0.00 (0.00%)
Spread: 13.00 (2.524%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 523.30
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-Brazil to hold oil rights auction in 1st half of 2015

Mon, 15th Sep 2014 18:05

(Adds details of planned auction, industry complaints, auctionbackground)

By Jeb Blount and Marta Nogueira

RIO DE JANEIRO, Sept 15 (Reuters) - Brazil will hold a 13thround of oil rights auctions in the first half of next year in asale that will include new areas in the country's promisingEastern Margin offshore region, a senior mines and energyministry official said on Monday.

The auction plan, which had been presented as a possibilityby the country's oil regulator, the ANP, has now been approvedby Brazilian President Dilma Rousseff, Marco Antonio Martins,the undersecretary in charge of the oil industry at theministry, said at an industry event in Rio de Janeiro.

The sale will be the first auction of concession rightssince 2013 and only the third since 2008, when the governmenthalted annual oil-rights auctions to re-write its oil law toboost control of new "subsalt" resources near Rio de Janeiro.Subsalt resources refer to oil trapped by a layer of mineralsalts deep beneath the seabed.

The Eastern Margin, which runs along much of Brazil'scentral coast, contains some of the country's most-promisingfrontier exploration areas and is home to some large recentediscoveries, Martins said.

Rousseff's backing of next year's planned sale followscomplaints from industry executives and officials about the lackof recent oil rights auctions, which they said had reducedactivity by foreign and private-sector Brazilian companies.

The same officials have said the dominance of state-runPetroleo Brasileiro SA, which has been favored underthe new oil law, raised the risks faced in Brazil's oilequipment and service industry.

Financial difficulties at Petrobras, as the state oilcompany is known, have trickled down to the equipment andservice industry, said Joao Carlos de Luca, head of Brazil's IBPoil industry association.

"Some companies have seen their dependence on Petrobrasincrease to 90 percent from 50 percent," de Luca said.

Under concession rules, oil exploration and productionrights are sold to the highest bidder. All oil produced is ownedby the winning oil company or group. Those rights remain inforce as long as a royalty is paid and minimum exploration andlocal equipment and service contracting targets are met.

None of the areas in the next round of rights auctions willbe in Brazil's so-called Subsalt Polygon, a region created underthe new oil law that is already home to nearly 80 percent ofBrazil's output and most of its existing and prospectivereserves.

Under the new law all new rights in that area, whichstretches along Brazil's coast near Rio de Janeiro, are soldunder a production sharing system. Under production sharing, thegovernment gets a cut of all oil produced to sell on its ownaccount. (Writing by Jeb Blount and Stephen Eisenhammer; Editing byJeffrey Benkoe and Tom Brown)

More News
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
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

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.