BEIJING, Aug 15 (Reuters) - Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker 'Olympic Light' to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday. The oil had been aboard one of four supertankers held up or delayed off China's east coast near … [Read more...]
Sharp Exchanges Highlight BP Fears of Climate Legal Jeopardy
By Kelly Gilblom (Bloomberg) -- After paying more than $65 billion in legal costs for the Deepwater Horizon catastrophe, BP Plc is wary of the risk of lawsuits related to climate change. Chief Executive Officer Bob Dudley raised the topic of class-action lawsuits twice during the company’s annual general meeting in Manchester, England on Monday, saying he wouldn’t disclose … [Read more...]
BP Sees Strong Compliance with 2020 Low Sulphur Fuel Rule
By Devika Krishna Kumar NEW ORLEANS, March 13 (Reuters) - Oil major BP Plc expects more than 90 percent of the world's shipping fleet will comply with new regulations slashing sulfur levels ships are allowed to burn starting 2020, a company executive said on Tuesday. Coming International Maritime Organization (IMO) rules will cut the amount of sulfur emissions that … [Read more...]
BP Dodges Oil-Industry Gloom as Profit Jumps With Production
By Kelly Gilblom (Bloomberg) -- BP Plc dodged the disappointment that afflicted other oil-company earnings as it did a better job of exploiting the upswing in crude prices. Oil and gas output rose following the startup of seven new projects last year, helping the London-based giant post a fivefold increase in fourth-quarter profit from a year earlier to the highest … [Read more...]
BP’s Gulf Oil Spill Tab Rises as Lawsuits Wind Down
By Amanda Jordan and Kelly Gilblom (Bloomberg) -- BP Plc raised the amount it will pay this year for the Deepwater Horizon accident as thousands of lawsuits related to the biggest oil spill in U.S. history start to wind down. The 2010 explosion at a well in the Gulf of Mexico threatened BP’s existence after 11 people were killed and millions of barrels of oil … [Read more...]