Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?


BP Looks for Way Out of Spill Settlement, Tries to Revive Fields in Iraq and Iran

By  +Follow September 17, 2013 11:02AM
Tickers Mentioned:

British petroleum giant BP plc (BP) may be having second thoughts about the $9.6 billion settlement made with victims of 2010’s Deepwater Horizon oil spill that ravaged much of the Gulf coast. Victims of the spill filing to appeal the settlement claim that the company is looking to get approval for the settlement by a lower court overturned, saying that the claims administrator’s interpretation was serving to “undermine” the initial settlement.

“It was reversible error for the district court to approve a settlement that was susceptible to an interpretation that undermines commonality and typicality, and permits the payment of settlement benefits to persons clearly outside of the class definition of intended beneficiaries,” stated John Pentz, a lawyer representing a group of victims appealing the settlement, in today’s filing.

At issue is the interpretation of who can be classified as a victim, with BP claiming that the process for filing claims in corrupt and could result in the company having to pay billions to people and businesses not affected by the spill.

UK Tries to Exempt Company from Iran Sanctions

The British government is currently in talks with the United States and the European Union over the possibility of exempting BP from the current sanctions against Iran. This would pave the way for BP to restart a natural gas field in the North Sea that’s partially owned by an Iranian company. The Rhum field is 50 percent owned by IOC UK, an affiliate of Iran’s state-run oil company, and it’s been closed since 2010 when BP halted production in response to increasing American and European pressure on Iran.

"The BP gas field could be exempted from sanctions under an EU Council Regulation adopted in December 2012 amending previous regulation on restrictive measures against Iran," an EU spokeswoman said to Bloomberg.

Disputed Iraqi Oil Field Targeted by BP

BP also signed a deal with the Iraqi government to revive the controversial Kirkuk oilfield in northern Iraq, with BP expected to inject over $100 million over 18 months to help Iraq prevent further declines in production. The decision could lead to difficulties due to the contested nature of the region; the agreement is likely going to be disputed by the Kurdistan Regional Government (KRG). Production for the oil field is down to some 280,000 barrels a day from the 900,000 barrels a day it produced in 2001. The Iraqi government is looking for BP to help them get production back up to 600,000 a day within 5 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for bp
Opera Capital Mgmt
21 Oct 14 07:15:19
Cheaper Saudi Oil To Pressure Iran, Russia, Venezuela http://t.co/jIpaG9VVJ6 #IBDNews via @IBDinvestors $XOM $RDSA $CVX $BP
Zonebourse News
21 Oct 14 03:55:14
Total: des analystes saluent le travail de Christophe de Margerie - Market Blog http://t.co/P3ynO5er9m $BP. $FP $PX1 $KN
21 Oct 14 02:35:03
LONDON MARKETS: FTSE 100 Climbs As Oil Stocks Advance http://t.co/9EqKoFzsNW $GKN $BP. $RDSA $RB. $SHP $ABBV $SHPGY $F100 $TRKG
21 Oct 14 01:25:56
☯Gain Followers ☯RT This ☯MUST FOLLOW ME I FOLLOW BACK ☯Follow everyone who rts ☯Gain #ff #Love #alwayssupportluhan $bp(
21 Oct 14 01:15:02
LONDON MARKETS: FTSE 100 Climbs As Oil Stocks Advance http://t.co/9iWLMoXYsb $BP. $ARM $GKN $RDSA $RB. $F100 $TRKG $ARM
Marilou Freemantle
20 Oct 14 23:03:19
$BP. - BP PLC Transaction in Own Shares http://t.co/7LLcv0FI4E
20 Oct 14 23:03:16
$BP. - BP PLC Transaction in Own Shares http://t.co/IWyLvjJo0C
Green Lantern
20 Oct 14 20:10:22
Long $BP, $GM, $NFLX, $IBM, $NQ, $TSLA. Short $CMG.
20 Oct 14 17:24:59
BP plc (ADR)'s neutral rating reiterated at Zacks. $44.00 PT. http://t.co/QlY16B6iQg $BP #BP via @RatingsNetwork http://t.co/ucgCUg8F7Z
20 Oct 14 16:50:35
Breaking News: Total SA ( $TOT ) CEO de Margerie killed in plane accident. http://t.co/JhYikqU3gZ $BP $XOM $OIH $STO $CVX $HES $COP $E
Tyler Marshall
20 Oct 14 15:27:40
Up day of .93%. Worst performer was $BP -.68% and best was $KMP +2.6%. One of my holdings $AAPL reported great numbers after close.
US Banking News
20 Oct 14 11:49:30
BP plc Given Neutral Rating at Zacks $BP http://t.co/c6o00VR5Wk
Quantpost Basic Mats
20 Oct 14 11:20:46
$BP News: "BP's Claims Last Week Go From Snail's Pace To Warp Speed $BP …" http://t.co/tLQZHMnnE2 Board view: https://t.co/5EFxGD0CzX
Seeking Alpha
20 Oct 14 11:20:44
BP's Claims Last Week Go From Snail's Pace To Warp Speed http://t.co/Fyxnk3xSfS $BP
20 Oct 14 11:04:18
$BP Trader's Buzzers – BP plc (ADR) (NYSE:BP), Schlumberger Limited. (NYSE:SLB ...: Trader's Buzzers – BP plc... http://t.co/38WjuKIVv5
20 Oct 14 10:48:13
Zacks Reiterates Neutral Rating for BP plc $BP http://t.co/70zyaCdqlB
Ticker Report
20 Oct 14 10:43:42
BP plc’s “Neutral” Rating Reiterated at Zacks $BP http://t.co/xJRVNpM2CI
Honest Opinion
20 Oct 14 09:51:56
Supreme Court won't revive Louisiana parish claims from BP spill $BP http://t.co/5eC6ktEbtd
D Robertson
20 Oct 14 09:37:54
@Kingston_Trader what are you going to do with that $BP trade?
Trader News Daily
20 Oct 14 08:26:48
Check out http://t.co/sJnBwtOUTE for stock trading website reviews. Related: $SLB $RSH $NBR $CBIS $KMI $TSO $DIS $AIG $PLUG $ZNGA $BP $KGC
Quantpost Basic Mats
20 Oct 14 08:05:09
$AA $BP News: "Stocks with increasing volume @ CBOE: High option volume…" https://t.co/w22UUK1hYA Board view: https://t.co/Hf1ZHa74Gt
20 Oct 14 08:05:08
Stocks with increasing volume @ CBOE: High option volume stocks: $HLF $PBR $CMG $AA $BP $BBRY $NCR $DNKN
Quantpost Basic Mats
20 Oct 14 07:58:56
$BP News: "Supreme Court won't revive Louisiana parish claims from BP spill…" http://t.co/XbGqo2PsIh Board view: https://t.co/5EFxGD0CzX
20 Oct 14 07:58:54
Supreme Court won't revive Louisiana parish claims from BP spill http://t.co/VIor6dzfVs $BP
 Android  Developer
20 Oct 14 07:52:04
RT @urtrading: Div & Yield: $RIG = 10.4% $HAL= 1.1% $EC = 7.9% $XOM = 3% $BP = 5.6% / @Andresco123
20 Oct 14 07:46:28
Div & Yield: $RIG = 10.4% $HAL= 1.1% $EC = 7.9% $XOM = 3% $BP = 5.6% / @Andresco123
Green Lantern
20 Oct 14 07:44:27
Long $GM, $BP, $NFLX, $IBM.
20 Oct 14 05:43:43
Watch Idea - Gappers: $AAL $HAL $NUS $BBRY $GPRO $SAP $IBM $BP $TSLA $LAKE $CSCO $TMKR #stocks #trading #options -r
Marc Hav
20 Oct 14 03:04:09
20 Oct 14 02:22:01
Want the story behind the numbers? Sign up here http://t.co/aZ56LdRidO $BP #BP #3Q #results http://t.co/YNwcg2SBrq
Marilou Freemantle
20 Oct 14 01:15:58
$BP. - Calendrier des sociétés sur 15 jours http://t.co/QbEElycItH
Marilou Freemantle
19 Oct 14 23:02:43
$BP. - BP PLC Transaction in Own Shares http://t.co/966lrNMLf0
19 Oct 14 23:02:40
$BP. - BP PLC Transaction in Own Shares http://t.co/kGka53hTwj
Joe Rizzo
19 Oct 14 19:12:37
@EddyElfenbein do you like any gas/oil stocks here. Seems like good yield, solid book value, and fear levels $BP $XOM ET.
19 Oct 14 12:44:30
I'm also in $BX $GS $VLO $AXAS $BP $ACHN FWIW $SPX
L J Furman
19 Oct 14 10:57:43
Commented on: "Sustainable Energy: A Popped Bubble Or A Correction?" http://t.co/Qg19u35r0f $BP $BTU $COP $CREE
Marc Hav FX
19 Oct 14 08:50:02
$BP BP PLC. (UPDATED 19OCT2014) http://t.co/W7e3uA98UQ
Marc Hav
19 Oct 14 08:50:01
$BP BP PLC. (UPDATED 19OCT2014) http://t.co/11X3mn0xEz
19 Oct 14 05:01:47
RT @SeekingAlpha: My Dividend Portfolio: Q3 2014 http://t.co/5n7tz864Li $BP $CL $CLB $DIS $FHCO $HSY $JNJ $MCD $MJN $MKC $NKE $NVS $PEP $PG…
19 Oct 14 04:37:12
RT @SeekingAlpha: My Dividend Portfolio: Q3 2014 http://t.co/5n7tz864Li $BP $CL $CLB $DIS $FHCO $HSY $JNJ $MCD $MJN $MKC $NKE $NVS $PEP $PG…
19 Oct 14 04:36:51
RT @SeekingAlpha: My Dividend Portfolio: Q3 2014 http://t.co/5n7tz864Li $BP $CL $CLB $DIS $FHCO $HSY $JNJ $MCD $MJN $MKC $NKE $NVS $PEP $PG…
Quantpost Cnsmr Good
19 Oct 14 04:34:12
$NKE $PEP $PG News: "My Dividend Portfolio: Q3 2014 $BP $CL $CLB $DIS $FHCO …" http://t.co/COXGdhgZEY Board view: https://t.co/r2gmXSLs6U
Quantpost Healthcare
19 Oct 14 04:34:10
$JNJ News: "My Dividend Portfolio: Q3 2014 $BP $CL $CLB $DIS $FHCO $HSY $JNJ …" http://t.co/mYkAPPnj8i Board view: https://t.co/IKC7p5FFNb
Quantpost Basic Mats
19 Oct 14 04:34:10
$BP News: "My Dividend Portfolio: Q3 2014 $BP $CL $CLB $DIS $FHCO $HSY $JNJ …" http://t.co/yQ2G3p7lOi Board view: https://t.co/5EFxGD0CzX
Quantpost Service
19 Oct 14 04:34:10
$DIS $MCD $SBUX News: "My Dividend Portfolio: Q3 2014 $BP $CL $CLB $DIS $FHCO …" http://t.co/gNImQaE7CF Board view: https://t.co/85ECAiY2gp
Seeking Alpha
19 Oct 14 04:34:09
My Dividend Portfolio: Q3 2014 http://t.co/5n7tz864Li $BP $CL $CLB $DIS $FHCO $HSY $JNJ $MCD $MJN $MKC $NKE $NVS $PEP $PG $QSII $SBUX
Perfor Mance
19 Oct 14 04:10:49
Option Millionaires: nlightn: $BP,...$BP to restart North Sea gas field half-owned http://t.co/g3eAWMgmyz
Jose Luis Urbina
18 Oct 14 17:46:18
$BP http://t.co/rxHf6TEoFS
18 Oct 14 11:48:30
$BP OI for maturity 10/18/2014. 44.00 Highest put. 52.50 Highest call. http://t.co/PwObq5Oa0V
18 Oct 14 10:00:36
Commented on: "Is BP A Bargain?" http://t.co/wh7QbgTfwd $BP $COP $CVX $XOM
By  +Follow September 17, 2013 11:02AM



blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.