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Nigerian agencies seek $11.5 billion oil spill payout from Shell

March 27, 2013 16:45
ABUJA (Reuters) - Two Nigerian government agencies told a parliamentary hearing on Thursday that Royal Dutch Shell should pay a total of $11.5 billion (7.6 billion pounds) in compensation for damage caused by an oil spill at its offshore Bonga field in December 2011. Shell has said that there is no legal basis for the proposed fines and the Nigerian government has never publicly charged foreign oil companies large sums for oil spills.

BP Ventures expanding beyond alternative energy

March 26, 2013 15:45
By Sarah McBride SAN FRANCISCO (Reuters) - BP Ventures will continue to expand beyond alternative energy to more mainstream energy investments, said Issam Dairanieh, BP Ventures' director of global ventures. The venture arm of the oil and gas giant BP <BP.L> made its first refining and processing investment two years ago and its first exploration and production investment last year, Dairanieh told Reuters in a telephone interview.

Rosneft to borrow TNK-BP's cash, names new executives

March 26, 2013 08:30
MOSCOW (Reuters) - Rosneft <ROSN.MM>, Russia's top crude producer, said its board had approved taking five-year loans from TNK-BP <TNBP.MM> totalling up to $9.7 billion (6.3 billion pounds) as a way to tap free cash in the company it acquired last week. The company also announced changes in its management team after completing the $55 billion TNK-BP acquisition from BP <BP.L> and the AAR consortium of Soviet-born tycoons.

Macondo rig fire was too big to fight -Transocean officer

March 25, 2013 17:01
By Kathy Finn NEW ORLEANS (Reuters) - The officer in charge of safety on Transocean's Deepwater Horizon drilling rig, destroyed in a BP well accident that caused the worst-ever U.S. offshore oil spill, said the post-blowout fire was too big to fight and the evacuation saved lives.

Rosneft to repatriate TNK-BP assets from Cyprus

March 22, 2013 15:04
Russian state oil giant Rosneft said Friday it plans to repatriate assets inherited through its recent take-over of TNK-BP which are registered in several of the world's tax havens, including in Cyprus. "Considering the risks in offshore zones, we will reregister all our assets in Russia," Rosneft chief executive Igor Sechin told reporters. Rosneft became the world's top listed oil firm after completing Thursday the $56-billion deal to buy the remaining BP-held stakes in the TNK-BP oil-firm joint venture. Earlier this year it had bought the Russian stakes.

TNK-BP shares at historic low on Rosneft's Sechin comments

March 22, 2013 06:15
MOSCOW (Reuters) - Shares in TNK-BP Holding, the traded unit of TNK-BP oil producer, fell more than 14 percent to reach its historic low on Friday after Igor Sechin, the head of Rosneft, reiterated that Rosneft will not buy out TNK-BP shares. Sechin told Rossia-24 TV channel that Rosneft has no plans to buy out TNK-BP shares from minority shareholders. He was speaking after Rosneft completed the $55 billion deal to acquire TNK-BP from BP and AAR consortium of four Soviet-born tycoons.

BP to return $8 billion to shareholders from TNK-BP sale

March 22, 2013 04:30
By Sarah Young LONDON (Reuters) - British oil company BP announced on Friday an $8 billion (5.26 billion pounds) share buy-back programme, acting swiftly on its promise to reward investors after it sold its stake in its Russian unit, TNK-BP. BP, which completed the sale of the half-owned TNK-BP to Russian state oil firm Rosneft on Thursday, said the move, designed to increase the value of remaining shares, was an amount equivalent to the value of the company's original investment in TNK-BP in 2003.

BP says to return $8.0 bn to shareholders

March 22, 2013 04:01
British energy giant BP on Friday said it would return up to $8.0 billion (6.2 billion euros) to company shareholders by repurchasing shares, a day after completing the sale of its stake in a Russian joint-venture. "BP announced today that it intends to carry out a share repurchase, or buy-back, programme with a total value of up to $8 billion," the group said in a statement. It added: "Today's decision to buy back shares follows the completion yesterday of the sale of BP's 50 percent interest in TNK-BP to Rosneft.

BP to return $8 billion to shareholders from TNK-BP sale

March 22, 2013 03:45
LONDON (Reuters) - British oil company BP <BP.L> announced on Friday an $8 billion (5.2 billion pounds) share buy-back programme, acting swiftly to reward investors after it sold its stake in its Russian unit, TNK-BP <TNBP.MM>. BP, which completed the sale of the half-owned TNK-BP to Russian state oil firm Rosneft <ROSN.MM> on Thursday, said the $8 billion return to shareholders was an amount equivalent to the value of the company's original investment in TNK-BP in 2003.

Rosneft chief financier quits after TNK-BP deal - reports

March 22, 2013 02:00
MOSCOW (Reuters) - Dmitry Avdeyev, who has been managing finances at Russia's biggest oil producer Rosneft <ROSN.MM> since June 2012, has left the company after it completed the $55 billion (36.2 billion pounds) acquisition of TNK-BP <TNBP.MM>, local press reported on Friday. Kommersant business daily, citing unidentified sources, tipped Svyatoslav Slavinsky, a senior banking services executive with Citigroup <C.N> in Russia, as Rosneft's new vice president for finances.
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