BP

BP says to take $1.5bn hit on US tax reforms

London - AFP

British energy major BP said Tuesday that it expected to take a $1.5-billion (1.2-billion-euro) hit from US President Donald Trump's tax reforms. "The lowering of the US corporate income tax rate to 21 percent requires revaluation of BP's US deferred tax assets and liabilities," the company said in a statement. "The current estimated impact of this will be a one-off non-cash charge toRead more

BP profits rise as oil prices recover

London - Muslimchronicle

British energy major BP on Tuesday logged a modest increase in third-quarter net profit, energised by a recovery in the global price of oil. BP said in a statement that bottom-line net profit rose by nine percent to $1.769 billion (1.521 billion euros) in the three months to September. Oil and gas production rose to an average of 3.6 millionRead more

BP to sell more refineries and sharpen focus on retail outlets

London - Arab Today

BP plans to sell more refineries without investing in new plants despite growing oil production and will focus on modernising existing operations while expanding its network of filling stations to generate $3 billion in additional cash. The group's head of refining told Reuters that even though BP's output was set to spike in the next five years as new fieldsRead more

BP makes third gas discovery in Egypt's North Damietta Concession

Nile Delta - Arab today

British Petroleum (BP) has made a gas discovery as part of the North Damietta Offshore Concession in Egypt's Nile Delta, the third such discovery in two years in same block, the company announced on Sunday. The Qattameya Shallow-1 exploration well was drilled to a depth of 1,961 metres in water depth of around 108 metres, the company said. "ThisRead more

BP quarterly net profits surge to $1.6bn

London - AFP

BP said Tuesday that net profits rocketed in the third quarter, aided partly by cost-cutting, and announced further spending cuts in response to low oil prices. Earnings after tax soared to $1.6 billion (1.5 billion euros) in the three months to September, compared with just $46 million in the same period a year earlier, BP said in a results statement.Read more

BP abandons Great Australian Bight drill plans

Sydney - Arab Today

British oil giant BP on Tuesday ditched plans to drill in the Great Australian Bight after reviewing its global exploration programme, a decision environmentalists hailed as a victory for the pristine wilderness. The company had wanted to drill four deep exploration wells in waters off the South Australian coast to see whether commercial quantities of oil or natural gas areRead more

BP logs $1.4bn loss, draws line

London - Arab Today

BP faced another net loss in the second quarter but has now drawn a line under the 2010 Gulf of Mexico oil spill disaster, the British energy giant said on Tuesday. The company posted a loss after taxation of $1.4 billion (1.3 billion euros) for the three months to June, which however compared with a far larger loss of $5.8Read more

Gulf Oil Spill Cost BP 46 Billion Pound

London - QNA

Oil giant British Petroleum (BP) has put a 61.6 billion-dollar (46 Billion Pound) final price tag on its catastrophic Gulf of Mexico oil spill cost the company. It is the first time that the company has put a total cost on the Deepwater Horizon disaster. BP said it expects to spend a total of 44 Billion Dollars (32.8 Billion Pound)Read more

BP puts total pre-tax Deepwater cost at $61.6bn

London - AFP

Six years after the Deepwater Horizon oil spill, BP on Thursday estimated the total pre-tax cost of the disaster at $61.6 billion. In a statement, the oil giant identified "significant progress in resolving outstanding claims" arising from the 2010 Gulf of Mexico accident and oil spill. An explosion on the Deepwater Horizon oil rig killed 11 men off the coastRead more

BP struggles for Great Australian Bight drill approval

Sydney - Arab Today

British oil giant BP's plan to drill in the Great Australian Bight failed on Tuesday to win regulatory approval for a second time, although it can re-apply, with environmentalists urging the project be abandoned. The company wants to drill four exploration wells at a depth of up to 2,500 metres (8,200 feet) off the South Australian coast to see whetherRead more