Daily Archives: April 14, 2011

Kiran Stacey

The first BP AGM since the oil spill, and the first one with Bob Dudley at the helm, has come to a close. With the various disputes and controversies surrounding the company at the moment, did Mr Dudley come out of it with his reputation enhanced? And what about the other parties represented? Here is our take:

Kiran Stacey

More than three quarters of small and medium sized cleantech businesses in the UK plan to recruit in the next 12 months, according to a report*.

The findings, from a survey of 312 companies by the CleanTech Group on behalf of the Carbon Trust, will give a boost to government hopes for a recovery founded on green jobs.

Benj Sykes, director of innovations at the Carbon Trust, told Energy Source:

This is evidence that green growth is going to be an engine for growth. There is a recognition that this is an agenda that is not going to fail because of financial constraints.

Kiran Stacey

Protestors outside the BP AGMAs we near the end of BP’s AGM, one thing we can report is that Bob Dudley is still standing. Which is more than can be said of several protesters against the development of Canadian oil sands who were carted out, in some cases lifted off their feet, after shouting across Mr Dudley as he tried to defend such developments.

It has not been an easy ride for Mr Dudley in his first AGM as CEO, nor for the chairman Carl-Henric Svanberg. Several representatives of Gulf of Mexico communities were banned and if the company thought barring such people would limit criticism on this front they were wrong. One of the toughest moments for the board came when one woman read out a testimony excoriating the company from the father of Gordon Jones, one of the rig workers who was killed almost a year ago today.

Bob Dudley, BP chief executive, and Vladmir Putin, Russian prime minister, when the BP-Rosneft deal was announced in January 2011

By Stefan Wagstyl and Catherine Belton

Rosneft’s decision on Wednesday to give BP another month to try to complete their controversial cooperation plan gives everybody involved a breathing space.

But such is the acrimony between BP, its existing Russian partners led by oligarch Mikhail Fridman, and warring Kremlin clans,  that it’s unclear a deal can be done. Perhaps it can be completed only when the Moscow political temperature subsides after next year’s presidential election.

Kiran Stacey

Thursday morning sees Bob Dudley’s first AGM as BP chief executive, and it is not the one he would have planned.

After taking charge last year in the wake of the Gulf of Mexico spill, the new BP CEO initially won plaudits for his plan to overhaul the company’s safety procedures.

Then came his big eye-catching move, the deal that could seal his reputation as CEO. His plan for a $16bn share swap with Rosneft would open up the Russian arctic for exploration and provide an source of revenues that could rival the North Sea.

FT Energy Source

- BP extends Rosneft share-swap deadline – FT

- Oil giants line up to snatch Russian deal from BP – The Times

- Dudley faces backlash over Russia – FT

- BP’s costly Arctic dream – WSJ Heard on the Street

- Audacious move turns into a baptism of fire – FT

- BP risks losing $1.6bn – Bloomberg

- Oligarchs call BP’s bluff – FT

- BP must salvage something from Russian debacle – The Telegraph

- Question time for BP – FT Lombard

- Effects of BP spill linger long after clean-up – FT

- Republicans push bills to boost offshore drilling – Reuters

- BP’s PR campaign fails to clean up reputation – The Guardian

- Ukraine lobbies Putin for gas price revision – Argus

- Tepco president’s ‘sorry’ return to work – FT

- Resistance to Jaitapur nuclear plant grows in India – NY Times

- Forget Lehman, Tepco is too big to fail – David Pilling, FT

- Shale gas not a credible ‘new green message’ – The Guardian

- Exxon chief paid $29m in 2010 – WSJ

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