BP slashes CEO pay by 40%

BP has cut its CEO’s pay by 40%. Bob Dudley’s salary in 2016 was reportedly worth $11.6 million (£9.3m), down from $19.4 million (£15.54m) in 2015. In February 2015, BP reported record financial losses and announced 3,000 job cuts – despite this, Mr Dudley was paid 20% more than in 2014. That sparked dissent from shareholders […]

Governments should be ‘architects’ of climate change says BP boss

Governments need to be the architects for climate change, so businesses in the oil and gas industry can be the builders to tackle the problem. That was the view of BP chief Bob Dudley, on how the sector should respond to climate change during a speech at the International Petroleum (IP) Week conference today. He […]

BP forecasts slower growth in global energy demand

Global demand for energy continues to grow but at a slower pace over the next two decades, a new report predicts. According to BP’s Energy Outlook, energy usage globally is expected to rise by 41% from 2012 to 2035 compared to 55% over the last 23 years. At least 95% of that increase is expected […]

Oman signs $16bn gas deal with BP

British oil giant BP will drill and sell gas to Oman for 30 years after the two signed a $16 billion (£9.8bn) deal today. It’s the largest new ‘upstream’ project in the Middle Eastern sultanate – that is, in fossil fuel production rather than processing. The Khazzan field has a gas reservoir in sandstone and this ‘tight’ gas […]

Mixed profits for energy giants

Russian energy giant Gazprom’s net profit fell 10% in 2012 compared to the previous year due to rising costs and lower sales whilst its rival BP saw underlying profits of $4.2 billion (£2.7bn) in the first quarter of 2013. Gazprom’s profits last year totalled RUB1.183 trillion (£24.6bn) compared to RUB1.30 trillion (£27bn) in 2011. The […]

Briton dead in BP gas facility in Algeria

Foreign Secretary William Hague has confirmed that one British person has been shot dead and a number of others are being held hostage in the BP gas plant in Algeria. Reports claim as many as 41 foreign workers, including British nationals, are believed to have been kidnapped and Algerian troops have surrounded the field located […]

BP to pay $4bn for oil spill

Oil giant BP will pay $4 billion (£2.8 billion) over five years for the Gulf of Mexico oil spill. It struck a deal with the US Department of Justice to resolve all federal criminal charges and claims against the Deepwater Horizon incident. The accident in April, 2010 killed 11 workers and the oil well spewed […]

BP posts massive £839m loss

Oil giant BP said yesterday it suffered a net loss of £893 million ($1.39bn) in the second quarter of 2012. That’s compared with a profit of £3.7bn ($5.9bn) at the beginning of the year. The firm posted the massive dent in profits as the Gulf of Mexico clean-up continues to soak up cash. The firm […]

BP agrees $7.8bn Deepwater Horizon settlement

BP has agreed to pay $7.8 billion (£4.9bn) to 110,000 businesses and individuals affected by the Gulf of Mexico disaster in April 2010. Despite this the US Department of Justice is expected to press ahead with its own $18 billion lawsuit against the British oil giant. BP reached the settlement for financial and and medical […]