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

By  +Follow September 17, 2013 11:02AM
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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.

Results for bp
Stock_Tracker
19 Apr 14 16:21:35
BP P.L.C. (BP) 48.88 $BP 4 Factors Holding Back BP plc Lior Cohen, The Motley Fool - Motley Fool - Sat Apr 19, http://t.co/YFYhCviUuE
Dividend Buddy
19 Apr 14 14:37:57
@MisterMainSt Love them all except for $BP. Some things more important than $.
Ansel Carson
19 Apr 14 14:00:16
$BP Insight - Compensation b http://t.co/AXmW0aShqM
Hans Hoskins
19 Apr 14 12:04:08
$BP Insight - Compensation b http://t.co/8v6Zlfikqd
Ricochet Asset Mgmt
19 Apr 14 09:41:48
Breaking out to above $49/sh $BP
Frack Off
19 Apr 14 06:17:58
RT @env121: 3 generations of oil and gas contamination http://t.co/xGzhE5nKUO via @wordpressdotcom #fracking $CHK $RRC $AR $RDS $XOM $BP $H…
env121
19 Apr 14 06:00:39
3 generations of oil and gas contamination http://t.co/xGzhE5nKUO via @wordpressdotcom #fracking $CHK $RRC $AR $RDS $XOM $BP $HAL $COG
ElliottWaves
19 Apr 14 05:00:48
$CL_F #Crude #Oil Chart of the Day 4/18 @ http://t.co/MzTjf8H66A #ElliottWave $XOM $BP $CVX $USO http://t.co/I3wH1GUPIi
Connect
19 Apr 14 04:59:18
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Thomas
19 Apr 14 04:57:22
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Todd
19 Apr 14 04:57:01
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Ben Kitchens
19 Apr 14 04:56:42
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Heather Peck
19 Apr 14 04:56:16
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Erika Schulz
19 Apr 14 04:55:53
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Private
19 Apr 14 04:55:33
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Peter
19 Apr 14 04:55:16
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
CAlexanderBeauty
19 Apr 14 04:54:17
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Pure Battlefield
19 Apr 14 04:54:15
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
iDonate
19 Apr 14 04:52:27
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Tara
19 Apr 14 04:51:24
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
Transitional
19 Apr 14 04:50:58
RT @MisterMainSt: A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $A…
MrMainStreet
19 Apr 14 04:49:49
A few of my favorite #dividend names for the next 5yrs $GLW $VZ $GE $AAPL $BP $JNJ $PFE $NKE $GLOG $PFE $DIS $CL $COST $AXP $MA $NLY #DREAM
Chris
19 Apr 14 02:59:48
@PaulArcu @sageculvercity @JonathanHoenig my philosophy is if you can't beat em join em $BP $ETP
Σαδεντρέπεσαι
18 Apr 14 23:06:39
RT @GaraZero: BP's gas BP's pipe BP's forests http://t.co/Pbp6z3OTlb http://t.co/usCOObaT2j $BP #antiTAP #Azerbaijan #Crimea #NoTAV #skouri…
ProbabilityWave
18 Apr 14 23:00:31
$BP Gulf Oil Spill & Massacre 4 Years Later: Return to Barataria Bay & Cat Island http://t.co/rLBgooH1dg * #BP Devastation Remains *
USF Admissions
18 Apr 14 14:01:41
RT @mdcvegas: @jimcramer @julz_tm here's my copy Jim! knowing when to enter and exit is art form. Like $mcd, $lmt, $bp div stocks. http://t…
Informer
18 Apr 14 13:24:36
$BP: BP’s Deepwater Horizon Spill Claimants Still Struggling Four Years L... http://t.co/XC9Urnhxno
GavinGreenberg
18 Apr 14 12:12:19
$BP: BP’s Deepwater Horizon Spill Claimants Still Struggling Four Years L... http://t.co/ppERS51X4y
Andie Andrewson
18 Apr 14 11:38:06
$BP BP’s Deepwater Horizon Spill Claimants Still Struggling Four Years Later http://t.co/Wog8TuZ0As
Stock Herald
18 Apr 14 11:29:40
$BP: BP’s Deepwater Horizon Spill Claimants Still Struggling Four Years L... http://t.co/Q9ybDY1sVA
LoveStockNews
18 Apr 14 11:12:13
$BP - BP’s Deepwater Horizon Spill Claimants Still Struggling Four Years L... -> http://t.co/kK4d6D0oi4 #stock #stocks #stockaction
chartguy89
18 Apr 14 09:57:53
BP Stock Chart $BP $VWO $PVA $AAPL http://t.co/dPfSTrq3FH http://t.co/Uu3o89P6Zi
John D Hassey Jr
18 Apr 14 09:31:46
RT @mdcvegas: @jimcramer @julz_tm here's my copy Jim! knowing when to enter and exit is art form. Like $mcd, $lmt, $bp div stocks. http://t…
LoveStockNews
18 Apr 14 09:12:35
$BP - BP Crisis Manager Traded on Inside Oil Spill Info, SEC Says -> http://t.co/sQAt047JFC #stock #stocks #stockaction
Jake Brahney
18 Apr 14 09:11:38
RT @mdcvegas: @jimcramer @julz_tm here's my copy Jim! knowing when to enter and exit is art form. Like $mcd, $lmt, $bp div stocks. http://t…
Jim Cramer
18 Apr 14 09:01:40
RT @mdcvegas: @jimcramer @julz_tm here's my copy Jim! knowing when to enter and exit is art form. Like $mcd, $lmt, $bp div stocks. http://t…
Michael Caruso
18 Apr 14 08:59:00
@jimcramer @julz_tm here's my copy Jim! knowing when to enter and exit is art form. Like $mcd, $lmt, $bp div stocks. http://t.co/dCaVahnYhq
Rhino's Glory Hole
18 Apr 14 08:19:01
RT @RaginCajun: Weekend Top 100 | Momentum Trading with RaginCajun http://t.co/Nvt0shoDVa $WFT $VLO $OXY $GT $BP
Stock Herald
18 Apr 14 08:15:47
$BP: Morning Movers: Sallie Maes New CFO, BP Insider Trading Charges, Home ... http://t.co/ezT4Mbonhe
RC
18 Apr 14 08:15:41
Weekend Top 100 | Momentum Trading with RaginCajun http://t.co/Nvt0shoDVa $WFT $VLO $OXY $GT $BP
Informer
18 Apr 14 08:15:04
$BP: Morning Movers: Sallie Maes New CFO, BP Insider Trading Charges, Home ... http://t.co/ED7Nj8ZgOl
Andie Andrewson
18 Apr 14 07:38:27
$BP Morning Movers: Sallie Mae's New CFO, BP Insider Trading Charges, Home Bancshares Deal http://t.co/SuQ4pXvoEp
Jake13
18 Apr 14 07:18:24
$BP Buy? Click here to find out if $BP is a buy hold or sell. Watching these stocks. $UTRM $SMH $ANV $PGJ http http://t.co/MkI6X0oyye
HedgeChatter
18 Apr 14 07:16:26
Stocks on http://t.co/ekseL9qTvP with spike in news coverage: $BP $SCSS $WLP $DUK $SABR
LoveStockNews
18 Apr 14 07:12:30
$BP - Morning Movers: Sallie Maes New CFO, BP Insider Trading Charges, Home ... -> http://t.co/fzGA0oLDRK #stock #stocks #stockaction
Crystal
18 Apr 14 07:10:49
@is_matrix I own too many oil stocks, $BP is my only major. Are you selling any oils?
danrocks
18 Apr 14 06:56:29
$NKE Making Some Noise $BP $DATA $FB $PMCM $XHB http://t.co/apZgKz0NkE
Marilou Freemantle
18 Apr 14 06:09:06
$BP. - Shell veut poursuivre le développement de ses projets en Russie http://t.co/YO7LTZ0nzc
Andie Andrewson
18 Apr 14 05:34:06
$BP SEC Accuses Former BP Employee Of Insider Trading During Deepwater Horizon Spill http://t.co/YZZ8BKCAKZ
Stock Herald
18 Apr 14 05:29:08
$BP: Compensation battle rages four years after BPs U.S. oil spill http://t.co/Yf0bQKODZn
				
				
By  +Follow September 17, 2013 11:02AM
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