Carl-Henric Svanberg and Tony Hayward, BP’s chairman and chief executive, have been speaking, and the message is pretty clear: the dividend should be OK, but they are making no promises. Read more
BP has given its most detailed statement yet of the likely causes of the Deepwater Horizon rig explosion on April 20, which led to its huge oil spill in the Gulf of Mexico.
From the House of Representatives, the FT’s US political correspondent Anna Fifield reports:
A second day of hearings into the BP oil spill got underway in Washington on Wednesday, with the same line-up as for the Senate committee hearings on Tuesday – Lamar McKay of BP, Steven Newman of Transocean, and Tim Probert of Halliburton – joined by Jack Moore, president of Cameron International, manufacturer of the blow-out preventer used by the Deepwater Horizon.
The four appeared before the oversight and investigations subcommittee of the House of Representatives’ energy committee, a powerful panel that received more than 100,000 pages of documents from the companies involved. The documents contained a number of eye-popping revelations. Read more
From the Senate hearing room, the FT’s US political correspondent Anna Fifield reports:
Protestors and lobbyists jostled for seats in the back of the packed Senate hearing room on Tuesday morning.
Some environmentalists with black tears painted on their faces wore T-shirts saying “Energy shouldn’t cost lives” while others in suits worse stickers reading “Protect our beaches”.
As the senators and executives walked in, some protestors, this time in pink, yelled “BP kills wildlife”. Read more
BP was responsible for critical decisions on the Deepwater Horizon drilling rig, its contractors have said, pointing the finger at the British company for its role in the disaster that killed 11 men and created an oil slick the size of Florida in the Gulf of Mexico. Read more
BP is turning to desperate measures in its battle to stop its oil spill in the Gulf of Mexico, proposing to fire bits of tyre and golf balls into the failed blow-out preventer on the sea bed, to plug the leaking pipe. One of the reasons is the existence of methane hydrates, which are not only troublesome for BP. Read more
The fury levelled against BP in the US over its Gulf of Mexico oil spill is, of course, principally provoked by the scale of the leak. But at times there seems to be an extra edge to the attacks because BP is a foreign company. Meanwhile, BP’s joint venture in Russia is clearly keen to avoid being seen as unpatriotic there. Read more
Piecing together the causes of the Deepwater Horizon disaster will take months. Exactly what happened on the night of April 20 may never be known: some of the key equipment may never be recovered from the sea bed, and the 11 men who died in the blast appear to have been the ones closest to the explosion, because they were working on the drill floor when it happened. Read more
As Royal Dutch Shell reports first quarter results – matching BP in comfortably exceeding analysts’ expectations – its chief financial officer Simon Henry has had some interesting things to say about the company’s plans in China. Or rather, it would be more accurate to say, “with China”. Read more
Gas storage has, unsurprisingly, not featured as a prominent issue in the UK general election campaign. The public only notices its gas supply if it fails to arrive at the turn of a knob, and when the bill comes. There is also a remarkable degree of consensus between Labour and Conservative parties on the subject. However there is a much greater gulf between the parties and some of Britain’s leading energy experts. Read more