Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
Oct 25, 2011

BP management calls for lawsuit against BP-sources

MOSCOW/LONDON, Oct 25 (Reuters) – Management at
Anglo-Russian oil firm TNK-BP Ltd has asked its board of
directors to sue shareholder BP for billions of dollars
in damages over BP’s failed alliance with state-controlled rival
oil firm Rosneft , sources said on Tuesday.

The move, revealed on the day both BP and TNK-BP announced
their third-quarter results, threatens to add to the legal
pressures already piling up on BP following its attempt to
partner Rosneft in exploring for oil in the Arctic.

Oct 25, 2011

BP turns a corner after Gulf blowout

LONDON (Reuters) – BP (BP.L: Quote, Profile, Research, Stock Buzz) has turned a corner after the Gulf of Mexico disaster, its chief executive said on Tuesday, predicting the British oil firm would now return to output and cashflow growth and rejecting calls for a fundamental restructuring of the group.

Europe’s second-largest oil group by market capitalization said its cashflow would be 50 percent higher by 2014 and it could restart a program of share buybacks and from next year begin to pay investors higher dividends.

Oct 24, 2011

BP investors looking for signs of turnaround

LONDON, Oct 25 (Reuters) – BP Plc will seek to reassure
investors on Tuesday that its turnaround following the Gulf of
Mexico oil spill is on track.

The British oil company is expected to report a 9 percent
fall in third quarter profits as the sale of oil fields to pay
for the Macondo spill hits production and counters the positive
effect of high oil prices.

Oct 24, 2011

Hungary sees Nabucco costs quadrupling, may sue French firm

LONDON, Oct 24 (Reuters) – Hungary’s Minister For National
Development raised doubts about the viability of the Nabucco gas
pipeline on Monday and said he might sue a French utility which
he believed had not paid enough tax.

Tamás Fellegi, who has authority for energy matters, said
Nabucco was in doubt because it had not yet secured a supply of
gas or customers and because the cost of building it was
soaring.

Oct 21, 2011

Oil Majors to report Q3 profit jump, investors eye 2012

LONDON (Reuters) – Investors in the world’s biggest oil companies are expected to look beyond the bumper profits the groups will announce next week on the back of higher oil prices, and seek clues on how the companies can maintain income growth as crude stabilizes.

The five biggest western oil producers by market value — Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz), Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) and France’s Total SA (TOTF.PA: Quote, Profile, Research, Stock Buzz), known collectively as the supermajors — are expected to announce an average year-on-year rise in net income of around 31 percent, according to analysts forecasts compiled by Reuters.

Oct 21, 2011

Special report: UK freezer fires light up regulation concerns

LONDON (Reuters) – In June, when a fire ripped through a concrete tower block in Bermondsey, a low-income neighborhood in south-east London, residents initially blamed it on a lightning strike. “It was only later we heard the truth on the television,” said Kathy Pullady, who lives across a chipped tile-covered landing from the 17th-floor flat where the blaze took hold.

The London Fire Brigade had in fact been investigating the probable cause of the fire for years. In July it publicly pointed to a faulty fridge-freezer made by Turkish company Arcelik, Europe’s third-largest appliance manufacturer. The fire brigade says timers in certain models of Arcelik fridges have caused at least 20 fires in the UK since 2006. One man has been killed and at least 15 people injured.

Oct 21, 2011

UK freezer fires light up regulation concerns

LONDON, Oct 21 (Reuters) – In June, when a fire ripped
through a concrete tower block in Bermondsey, a low-income
neighbourhood in south-east London, residents initially blamed
it on a lightning strike. “It was only later we heard the truth
on the television,” said Kathy Pullady, who lives across a
chipped tile-covered landing from the 17th-floor flat where the
blaze took hold.

The London Fire Brigade had in fact been investigating the
probable cause of the fire for years. In July it publicly
pointed to a faulty fridge-freezer made by Turkish company
Arcelik, Europe’s third-largest appliance manufacturer. The fire
brigade says timers in certain models of Arcelik fridges have
caused at least 20 fires in the UK since 2006. One man has been
killed and at least 15 people injured.

Oct 18, 2011

BP gets $4 billion from Anadarko for oil spill costs

LONDON (Reuters) – Anadarko Petroleum Corp will pay BP Plc $4 billion toward clean-up and victim compensation for the Gulf of Mexico oil spill. The amount is less than BP might have won in court, but it softens the blow of overall spill-related costs to the British group.

As part of the settlement announced on Monday, Anadarko also said it will no longer pursue allegations of gross negligence against BP. It is unclear what impact this development will have on the remainder of the morass of litigation pending in federal court in New Orleans, legal experts said.

Oct 17, 2011

BP and Anadarko agree $4 billion oil spill settlement

LONDON (Reuters)- – Oil giant BP and Anadarko, its partner in the well which caused the Gulf of Mexico oil spill, have agreed a settlement on cleanup costs whereby Andarko will pay BP $4 billion — less than half the amount it may have been forced to pay in court.

BP said Monday that as part of the deal, Anadarko will no longer pursue its allegations of gross negligence against BP and that the deal excludes possible government fines the parties may have to pay.

Oct 14, 2011

Exclusive: Forbes urges UK to act on Berezovsky comments

LONDON (Reuters) – Forbes magazine has urged British authorities to take action against Russian tycoon Boris Berezovsky in relation to comments made in court that appear to be at odds with a statement he gave in a libel action against Forbes a decade ago.

“We’re disappointed but not surprised by Mr Berezovsky’s admission,” Kai Falkenberg, Editorial Counsel for Forbes, told Reuters in an emailed statement.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
    • Follow Tom