BP is rightly coming under growing shareholder pressure to explain what it is doing with its stalled Rosneft deal – or get out of the increasingly controversial $16bn-plus project. Read more
BP will find out on Thursday whether its proposed alliance and share swap with Russia’s state-oil champion Rosneft broke the UK oil group’s shareholder agreement with its other Russian venture TNK-BP. Read more
It turns out the reason why the blowout preventer on BP’s Macondo well failed to close was because a section of drill pipe had buckled inside the well during the accident and blocked efforts to seal it off. This is according to Det Norske Veritas, a consultancy hired by the US interior department to investigate why the blowout preventer failed.
Cameron International, the maker of the blowout preventer, responded:
The BOP was designed and tested to industry standards and customer specifications. We continue to work with the industry to ensure safe operations.
George Osborne, the UK chancellor, has just announced his tax measures for the next year, and the biggest surprise came with a cut to fuel duty, to be funded by extra charges on oil and gas companies if the oil price remains over a certain price somewhere around $75 a barrel. The supplementary charge for such companies will now go from 20 per cent to 32 per cent. Read more
BP will not pay bonuses for last year to any of the executive directors involved in the disastrous Gulf of Mexico spill, but the UK oil group has awarded partial pay-outs to two directors for meeting specific divisional targets. Read more
All four BP-nominated directors failed to turn up for an extraordinary meeting of TNK-BP’s board on Friday, torpedoing a crucial vote on whether the Russian oil venture should participate in the UK oil group’s alliance with Rosneft. Read more
In one of the biggest foreign direct investments to date in India, BP is to pay $7.2bn to Reliance Industries in a deal that will give it a 30 per cent stake in 23 oil and gas blocks. Read more
BP’s partnership with Rosneft was remarkable for a number of reasons, not least that it was done against the wishes of BP’s partners in TNK-BP and was the first equity partnership between a private international and a public national oil company. It is also a partnership not limited to developing Russian assets only: the two parties have a 50/50 ownership of Ruhr Oel, a German refining joint venture. Read more
A newsflash from Reuters has confirmed that a UK court has issued an injunction on the BP-Rosneft deal, which is now on hold. Read more