Well we always knew that the oil spill disaster would have severe repercussions for the industry, a fact now conceded by the International Energy Agency (IEA). The IEA has warned that the spill from BP’s Macondo’s well “places the ability of the industry to access important new reserves on a knife edge“. Its latest monthly … Read More
oil industry outlook
NWF Attack Oil Industry’s “Assault on America”
Yesterday Shell waded into the Deepwater fall-out by defending deep-water drilling. Peter Voser, Shell chief executive, argued that deep-water drilling still had an important role to play in global energy supply. “We have got growth potential there”. But what cost is this growth? Even the industry’s own trade magazines are questioning the business as usual … Read More
100 Days That Changed the Industry .. Or Did it?
So we are 100 days into this disaster and what has changed? Well we have a new CEO of BP. The straight talking American Bob Dudley argues that the Gulf of Mexico spill has been “wake-up call not only for BP, but the oil and gas industry overall”. But will this wake-up call change the … Read More
Despite “Deepwater” BP Bets on More Deepwater
British Prime Minister David Cameron came out batting for BP in Washington yesterday as he tried to “shield” the company over the allegations that BP lobbied for the release of the Lockerbie bomber. But more importantly, he warned US Senators not to “single out” BP over legislation that might ban BP from drilling in the … Read More
The end of the beginning not the end
Anyone listening to the news reports this morning would be forgiven for thinking that the Deepwater disaster is somehow “over” now that that the cap seems to be holding. So nearly ninety days in to this disaster we may be reaching the end of the beginning, but no more. In the short-term we do not … Read More
Senators Accuse BP of “Blood Money” Handouts
For many in America, BP has been public enemy number one since the Deepwater disaster started on April 20th. It’s not only the disaster itself, but the way BP has handled itself before and since then that has added to the palatable anger. The failure by the company to stop the spill, the public gaffes … Read More
From Seven Sisters to One Super-Major?
Obama’s presidential Commission into the oil spill starts today and already the focus seems to be about how to improve safety offshore for future drilling in light of the BP disaster. That means the focus is how to drill offshore rather than whether to drill offshore. That is a huge difference. The Commission is unique … Read More
Will BP’s Partners Cough up $400 Million?
As the clean-up cost for BP’s spill surpasses $3 billion, BP has demanded that its partners to pay about thirteen per cent of the costs so far or $400m. The demands were sent to Deepwater Horizon partners Anadarko – that owns 25 per cent of the well – and Japan’s Mitsui Oil Exploration that owns … Read More
BP’s Future Now Depends on Iraq
It is no coincidence that on “Tony’s Tour to Rebuild BP’s Battered Reputation”, its CEO Tony Hayward will visit China next week. BP may be getting a kicking in America, but China and Russia remain central to its plans. BP’s embattled chief executive has already met Igor Sechin, Russia’s Deputy Prime Minister, in Moscow on … Read More
BP’s Long Term Business Strategy in Chaos..
A BP presentation to investors from March 2010 – a month before Deepwater – is doing the rounds on the net after being picked up by Propublica. In fact the presentation to analysts is on BP’s own website. The presentation shows how so much has changed for BP since the disaster – and if nothing … Read More