TV News LIES

Thursday, Jul 31st

Last update05:24:54 AM GMT

You are here News Environment BP Embraces Deepwater Risk as Dudley Rebuilds After $40 Billion Gulf Spill

BP Embraces Deepwater Risk as Dudley Rebuilds After $40 Billion Gulf Spill

E-mail Print PDF

BP oil spil costs $40bnBP Plc Chief Executive Officer Robert Dudley expects to drill in the U.S. Gulf for 20 years as the company exploits its experience searching for oil miles below the sea.

“Companies like BP, one of the roles they play in the industry is working in riskier areas,” Dudley, 55, said in an interview at BP’s worldwide London headquarters yesterday. BP “is now going to become incredibly focused on managing the risks, for example, of deep-water. It’s not going to shy away from the risk, it’s going to get even better at it.”

Dudley, who took over from Tony Hayward last month and will present his first strategy update in February, said it will take two years to remake the company after a runaway Gulf of Mexico well caused the worst offshore U.S. oil spill, a disaster projected to cost $40 billion. BP may start paying dividends next year at a lower level than before the spill, he said.

“The idea of coming out in February with a massive firework around strategic direction from BP may sound exciting, but it’s not quite realistic,” Dudley said. “You will likely see an immediate set of steps by BP, and further ones to come in 2011 and 2012.”

BP may reduce the number of countries where it produces oil and gas to 16 from 21 after selling assets in countries including Venezuela, Vietnam, and Colombia, he said.

More...


Most Recent Related Stories...


White House climate change report: Act now, or pay later

climate change The longer the world waits to act on climate change, the more costly it will be...

Fracking 'a huge load of hype', say Friends of the Earth

Fracking hypeThe government claims that tight restrictions in the new licences that have been made available to...

Widely Used Insecticides Are Leaching Into Midwest Rivers

Insecticides leeching into midwest riversA class of insecticides called neonicotinoids, which are used on a lot of big corn and...

UK to accept bids for oil and gas exploration after fracking caused earthquakes

UK to allow frackingThe British government said Monday that energy companies will be able to bid for licenses to...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!