BP returns to Gulf of Mexico well drilling April 3, 2011 BP PLANS to return to deepwater oil production in the Gulf of Mexico this summer – just over a year after the Transocean oil spill disaster, sources told City A.M. yesterday. It reached a deal with US regulators to enable the oil major to resume drilling work on ten wells halted since the explosion and [...]
Tough week ahead for BP April 10, 2011 BP chief executive Bob Dudley is facing a particularly gruelling week, with a deadline for the firm’s £10bn share swap with Rosneft due on Thursday, the same day as the oil giant’s first annual shareholder meeting since last April’s Gulf of Mexico spill. BP management are expected to come under fire at the firm’s AGM, [...]
Total spends $4bn to tap Novatek’s Arctic gas find March 3, 2011 FRENCH oil giant Total has done a $4bn (£2.46bn) deal to explore gas deposits in the Arctic with Russian independent firm Novatek, it announced yesterday. Total has signed up for a 20 per cent stake in the Yamal liquefied natural gas project, which contains an estimated 802bn cubic metres of natural gas and 31m tonnes [...]
Nomos leads the Russian IPO charge April 5, 2011 THE charge of Russian companies looking to London to go public picked up yesterday, as mid-size bank Nomos confirmed plans to float 20 per cent of its stock and several more issuers eyed talks with investors. The easing of market volatility, which spiked last month on fears of a nuclear crisis in Japan and unrest [...]
BP’s $16bn Russia deal is scuppered March 24, 2011 BP’S historic plans to search for oil in the Arctic were blocked yesterday by its billionaire partners in Russia. The embattled oil giant’s deal with Russian explorer Rosneft has been left hanging by a thread by an international tribunal, which thwarted the pairing at the request of Alfa Access Renova, a group of oligarchs who [...]
Manufacturing dip affects US shares May 24, 2011 US stocks dipped in light volume yesterday as lingering concerns about a slowdown in growth more than offset gains in energy shares. Investors kept trimming large-cap technology positions, pushing the tech-heavy Nasdaq Composite lower. The S&P energy sector index rose 1.3 per cent, while its industrials index slipped 0.6 per cent, sending the market down [...]
TNK-BP hits out at BP after Rosneft compromise flops March 13, 2011 BP’S RUSSIAN partners ramped up their dispute over the firm’s Arctic exploration plans yesterday after a TNK-BP board meeting at the weekend failed to reach a compromise. TNK-BP, a 50:50 joint venture between BP and the Russian AAR consortium, criticised BP-nominated directors’ conduct during Saturday’s meeting in Paris as “not representative of constructive and reasonable [...]
Usmanov ups stake in Arsenal March 22, 2011 RUSSIAN-BASED billionaire Alisher Usmanov has again increased his share in Arsenal to over 27 per cent. The Uzbek oil magnate remains the club’s second largest shareholder behind American Stan Kroenke who, unlike Usmanov, holds a seat on the board. Under the financial rules of the City, were any party to cross the 29.99 per cent takeover [...]
Usmanov ups stake in Arsenal March 22, 2011 RUSSIAN-BASED billionaire Alisher Usmanov has again increased his share in Arsenal to over 27 per cent. The Uzbek oil magnate remains the club’s second largest shareholder behind American Stan Kroenke who, unlike Usmanov, holds a seat on the board. Under the financial rules of the City, were any party to cross the 29.99 per cent takeover [...]
BP to meet Russian investors March 6, 2011 Oil behemoth BP will meet with its rebel Russian shareholders today in front of three high court judges. Arbitration proceedings between the firm and shareholders inside TNK-BP will take place, in an attempt to settle disquiet over its strategy in Russia. The shareholders are unhappy that BP will deal with state-backed energy firm Rosneft, rather than [...]