BP Plc News

The deal, which includes interests in the most prolific oil field in U.S. history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP`s plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet.

They plan to develop four deepsea satellite gas finds, named D-2, 6, 19 and 22, together with two other nearby finds, D-29 and D30, in the Krishna Godavari basin block.

The withdrawal of the arbitration will now entitle the two companies to marketing and pricing freedom on the natural gas they produce from newer fields in the deepsea at an investment of Rs 40,000 crore by 2022.

Singapore-based arbitrator Prof Lawrence Boo has been named as the presiding judge of a three- member arbitration panel that will go into the validity of government's demand of USD 1.55 billion compensation from Reliance Industries for "unfairly" producing ONGC's gas.

Government has formally granted a licence to BP Plc, Europe's third-biggest oil company, to set up 3,500 petrol pumps in India, making it the 10th company to enter the lucrative fuel retailing sector.

Oil should hover at around $55-70 a barrel for the rest of the decade as the energy industry undergoes "profound changes" after crude prices came under heavy pressure in recent years, BP chief executive Bob Dudley said on Tuesday.

RIL-BP are currently producing from Dhirubhai-1 and 3 gas field and MA oil and gas field, three of the over one-and-half dozen discoveries made in the Bay of Bengal Block KG-DWN-98/3 or KG-D6.

BP Plc, Europe's second-largest oil company, Friday made a case for extending the marketing and pricing freedom given to operators of marginal and small oil and gas fields to conventional fields like KG basin D6 block.

BP chief executive Bob Dudley yesterday met Prime Minister Narendra Modi, first since the BJP-led government stormed to power last May, and followed it up with a meeting with Oil Minister Dharmendra Pradhan this morning.

Since 2012, RIL and BP have been pruning their portfolio, shedding not so viable acreage.

BP Plc deserves the right to have a federal appeals court review some damage claims awarded under the settlement to compensate people and businesses harmed by the 2010 Gulf of Mexico oil spill, a U.S. appeals court ruled on Friday.

Reliance Industries and its partner BP plc will nearly triple natural gas production from their eastern offshore KG-D6 block by 2021-22 in anticipation of a 'right' gas price covering their exploration risk.

The Oil Ministry wants UK's BP plc to furnish a bank guarantee and an undertaking that it will meet the minimum investment requirement for getting a licence to retail jet fuel (ATF) to airlines in India.

The administrator overseeing a BP Plc fund to compensate people and businesses claiming they were harmed by the 2010 Gulf of Mexico oil spill said on Wednesday more than $5 billion has been paid out.

Consumption of aviation fuel is set to rise in India as domestic air traffic is estimated to almost triple this decade, with more of the country`s 1.25 billion people starting to fly and as airlines connect smaller cities.

BP Plc on Monday appealed a federal judge`s finding of the size of the 2010 Gulf of Mexico oil spill, which leaves the company potentially liable to pay $13.7 billion in fines.

BP Plc has written down the value of its investment in eastern offshore KG-D6 block by USD 830 rpt USD 830 million, following lower-than-expected gas price hike.

Reliance Industries and its partner BP plc of UK will invest about Rs 6,000 crore by 2016 to help sustain and improve recovery from the two main gas fields in the eastern offshore KG-D6 block.

The decision by US District Judge Carl Barbier in New Orleans means BP could still face close to $18 billion of penalties for violating the federal Clean Water Act.

Reliance Industries has said it will make a final investment decision on producing gas from the R-Cluster discovery in the flagging KG-D6 block only after the government decides on gas price hike.