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2014-03-14 17:30:00

BP ROSE

BP ROSE

U.S. lifts ban blocking BP from new government contracts

REUTERS. The U.S. government lifted a ban on Thursday that excluded BP from new federal contracts, after the British oil major filed a lawsuit saying it was being unfairly penalized for its 2010 Gulf of Mexico spill.

The Environmental Protection Agency and BP said they reached an agreement ending the prohibition on bidding for federal contracts on everything from fuel supply contracts to offshore leases after the company committed to a set of safety, ethical and corporate governance requirements.

Shares of BP traded in the United States rose about 1 percent to $48.09 after the close of regular trading on the New York Stock Exchange, a sign investors were hopeful the company could now try to grow its U.S. offshore operations.

"It's time to let them out from the doghouse. Let's let them get back to work," said Mike Breard, energy company analyst with Hodges Capital Management in Dallas.

The government hit BP with the suspension in November 2012, citing its "lack of business integrity," after the Deepwater Horizon oil rig explosion killed 11 workers and gushed million of barrels of oil into coastal waters, the worst offshore oil disaster in U.S. history.

The ban only affected new contracts, not existing deals, and BP filed last August to overturn it.

BP is one of the largest suppliers of fuel to the U.S. government, including to the military, holding contracts worth more than $1.34 billion.

It is also a significant holder of leases in the U.S. Gulf of Mexico, which has seen a surge in new crude production following the Macondo oil well blowout.

The last lease sale BP participated in was in June 2012, when they acquired deepwater leases. They also bought 11 leases in the December 2011 sale, the first post-Macondo auction.

Despite the settlement with the EPA, BP is still paying out millions of dollars to settle damage claims from Gulf residents in a contentious process that BP has said is being mismanaged by the administrator, Louisiana lawyer Patrick Juneau.

BP has provisioned about $42 billion in charges related to the spill.

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BP ROSE
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

BP ROSE
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

BP ROSE
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

BP ROSE
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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