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Oil spill payments sink BP into the red

British energy giant BP recorded multi-billion dollar losses in the second quarter due to payments linked to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Low oil prices also weighed on results. The loss was "mainly relating to the recently announced agreements in principle to settle claims arising from the 2010 Deepwater Horizon accident," said Bob Dudley,…

Deutsche Welle

BP signs an agreement with Egypt to invest $12bn

BP plans to sign an agreement Saturday worth $12bn to invest in the West Nile Delta gas project. The agreement is considered one of the biggest investment agreements in the history of Egypt. The step comes as part of the British delegation’s participation, headed by Foreign Minister Philip Hammond in the Sharm El-Sheikh Economic Summit …

Daily News Egypt

Egypt says BP gas project restarted, pledges to pay gas firm debts

Reuters – Egypt’s oil minister said on Thursday that BP’s $10 billion gas project, stalled for three years, had restarted and that production would begin in 2017, a sign of progress in efforts to ease the worst energy crunch in decades. In another move that could help improve investor confidence, Sherif Ismail also said Egypt would pay $1.5 billion of the …

Daily News Egypt

BP hit with $3.1bn Russian court bill

Moscow (AFP) — A Siberian court on Friday piled more legal pressure on BP by ordering the British group to pay $3.1 billion in damages for its attempted Arctic oil exploration tie-up with the state giant Rosneft. A BP attorney immediately denounced the decision as a “corporate attack” that demonstrated the court’s subservience to the …

Daily News Egypt

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