Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. 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: 503.70
Bid: 503.80
Ask: 503.90
Change: -6.70 (-1.31%)
Spread: 0.10 (0.02%)
Open: 506.40
High: 515.30
Low: 499.60
Prev. Close: 510.40
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

US Energy Adviser Browner Backs No Cap For Oil-Spill Liabilities

Fri, 02nd Jul 2010 14:18

By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The White House's top energy and climate adviser said companies drilling for oil offshore should be able to pay for any damages caused by spills, even if removing a cap on damage claims means small companies can't operate offshore. "Maybe this is a sector where you really need large companies who can bring to bear the expertise and who have the wherewithal to cover the expense if something goes wrong," Carol Browner, special adviser to President Barack Obama on energy and climate change, said in "The Big Interview," a WSJ.com video interview that will be posted online at 10 a.m. EDT Friday. Eliminating a $75 million cap on liability for oil spills "will mean that you only have large companies in this sector," she said. On other topics, Browner said the Obama administration will accept almost anything in the form of an energy bill this year "just to get started." She said the administration is mindful of the effects of a deep-water-drilling moratorium and wants "to get people back to work" but also needs to understand what caused the BP PLC (BP, BP.LN) oil spill in the Gulf of Mexico. She cited widespread frustration over the spill and said that while BP has more damages to pay, the company and can afford the costs. The administration has imposed a moratorium on deep-water drilling while a presidential commission conducts a six-month investigation of the BP disaster. Oil companies have been pushing the Interior Department to lift the moratorium, saying that new safety regulations could allow drilling to resume. Browner said lifting the moratorium will depend on the development of better spill-response plans and an understanding of the cause of the Deepwater Horizon explosion. "We want to get the answers as quickly as possible," she said. "We're keenly aware of the impact of the moratorium." Discarding the cap for oil spills is a potent issue on Capitol Hill as oil continues to leak from the Gulf well. Small companies have warned that discarding liability limits would shut out all but the biggest companies from offshore drilling, partly because obtaining insurance would become impossible without liability limits. BP already has paid out more than $132 million in damage claims and has promised to honor all legitimate claims despite the statutory liability cap. Under pressure from the White House, the company also has promised to put $20 billion into a fund to compensate for economic losses. "There are still other damages to come--for example, natural-resource damages that BP will ultimately have to pay," Browner said. Oil is expected to continue leaking until at least mid-August, when the first of two relief wells is supposed to shut off the well. "There will be oil. Even with all of the containment systems in place, there's probably some that will leak," she said. "That's why these relief wells are so important." Still, Browner said BP is a healthy company with a lot of assets. She added that "we don't want to see BP go out of business, because we've got lots of claims that need to be paid." Senate Democratic leaders are planning to use a broader energy package as a vehicle to discard the liability cap. The energy package has stalled in the face of opposition from coal and manufacturing states to mandatory reductions in greenhouse-gas emissions. Last year, the Obama administration called for economy-wide emissions reductions, but the White House has become increasingly willing to consider a scaled-back approach, suggesting action on an energy bill may be possible this year. "There's a real interest in getting started, and sometimes you can't get everything that you want but you can get something that you need," Browner said. "Something that gets us started is something we will take seriously," Browner said. She suggested that Obama wasn't ready to give up on setting a cap on carbon-dioxide emissions. "He continues to believe that a cap on carbon is very, very important." Browner said she didn't know why some Gulf Coast governors haven't activated as many National Guard troops as authorized by the federal government to handle tasks like dealing with tar balls washing up on shorelines. Some 17,500 troops have been authorized, but only about 1,600 have been called up, she said. "The governors have not chosen to take advantage of it. I will be honest with you--it is a mystery to us," Browner said. -By Siobhan Hughes, Dow Jones Newswires; (202) 862-6654; siobhan.hughes@dowjones.com (END) Dow Jones Newswires July 02, 2010 09:18 ET (13:18 GMT)
More News
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.

Read more
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%

*

Read more
12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

Read more
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more
12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

Read more
11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

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.

Read more
10 Apr 2024 08:41

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.

Read more
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

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.