The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

US Lawmakers Press Anadarko, MOEX To Reserve Funds For Oil Spill

Thu, 22nd Jul 2010 22:24

By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. lawmakers are pressing Anadarko Petroleum Corp. (APC) and MOEX Offshore 2007 LLC to start paying some of the costs related to the Gulf of Mexico oil spill and to set aside money for future expenses. As minority investors in the well that is the source of the oil spill, Anadarko and MOEX Offshore have been identified as responsible parties by the federal government, said Sen. John McCain (R., Ariz.) during a hearing held by a panel of the Senate Committee on Homeland Security and Governmental Affairs. "My understanding is that responsible parties have to pay, but you're not paying," McCain said. "I strongly recommend that you set aside funds and that you start paying bills." Anadarko owns a 25% stake in the Macondo well lease, while MOEX Offshore owns a 10% stake. MOEX Offshore is a subsidiary of Japan-based Mitsui & Co. (MITSY, 8031.TO). BP PLC (BP, BP.LN), meanwhile, owns the remaining 65% and serves as the main operator of the well. Both Anadarko and MOEX Offshore have failed to pay the federal government for cleanup-related costs and have denied attempts by BP to recoup costs related to the spill, said Sen. Thomas Carper (D, Del.), who is chairman of the subcommittee. BP sent Anadarko an invoice for $900 million and it sent a $450 million invoice to MOEX Offshore, Carper said. MOEX Offshore President Naoki Ishii said he didn't remember seeing a bill from the federal government. He added that it was important to determine the causes of the oil spill before assigning financial responsibility. "It's a little too early at this stage because we have to wait for the cause to be clarified," Ishii said through an interpreter. Anadarko Chief Executive James Hackett said the partnership among Anadarko, MOEX Offshore and BP requires BP to pay for upfront costs related to the spill. Once that is done, the companies will determine how to split the overall expenditures. "We're in discussions with BP on this," Hackett said. He later said to a group of reporters that, "We feel that we have the assets available if, in fact, BP doesn't meet its publicly stated commitments." McCain accused the companies of postponing any payments until they could litigate the issue in court. Lawmakers are taking a close look at the companies that invested in the Macondo oil as costs related to the oil spill continue to mount. BP has already paid more than $200 million to compensate those affected by the spill and is close to activating a $20 billion fund for the same purpose. Legislators want to make sure that taxpayers don't get stuck with the bill for the spill cleanup. "It looks like you're not stepping up," said Sen. Claire McCaskill (D., Mo.). "Why would you suffer that kind of public relations disaster?" -By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@dowjones.com (END) Dow Jones Newswires July 22, 2010 17:24 ET (21:24 GMT)
More News
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
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

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.