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December 10th, 2014:

BP to axe 1,000 jobs amid warning of oil price plunge to $40

Screen Shot 2014-12-04 at 20.54.03Oil giant BP has said it will rack up costs of at least $1 billion (£637 million) over the next year as it embarks on a corporate shake-up which could cull more than 1,000 jobs. It comes as an Iranian official in the Opec oil cartel said crude prices could plunge as low as $40 a barrel in the near future…

Article by Russell Lynch published by The Independent Wed 10 Dec 2014: BP unveils $1bn restructuring amid plunging oil prices

Extracts

Oil giant BP has said it will rack up costs of at least $1 billion (£637 million) over the next year as it embarks on a corporate shake-up which could cull more than 1,000 jobs.

The FTSE 100 giant has accelerated its plans to strip costs out of the business in response to a dramatic plunge in crude prices since June. It is understood that BP, which has 84,000 staff worldwide and 15,000 in the UK, could shed more than 1000 staff by the end of the process.

It comes as an Iranian official in the Opec oil cartel said crude prices could plunge as low as $40 a barrel in the near future if divisions among the producers widened. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Church of England threatens to sever investments in Shell and BP

Screen Shot 2014-10-28 at 11.51.59The Church of England has warned it could withdraw its investments from BP and Shell unless the oil giants take greater action to tackle climate change.

Article by Tom Bawden published by The Independent Wed 10 Dec 2014: Church of England threatens to cease BP and Shell investments over climate concerns

The Church of England has warned it could withdraw its investments from BP and Shell unless the oil giants take greater action to tackle climate change.

In a significant boost to the growing “divestment” campaign that has spread from the US. the Church has become the first mainstream religious organisation in the UK to raise the prospect of severing ties with fossil fuel companies because of global warming.

The Church, which has tens of millions of pounds invested in both BP and Shell, says it’s targeting the two companies because they have the biggest carbon footprints in the UK. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Why The US Supreme Court Rejected BP Appeal

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By: MICHEAL KAUFMAN
Published: Dec 9, 2014 at 4:11 pm EST

BP plc (ADR) (NYSE:BP) was involved in America’s largest oil spill in the Gulf of Mexico in 2010, resulting in the death of 11 rig workers along with long-lasting damage to the wildlife and its habitat, and local businesses; a total of 4.9 million barrels of oil were spilled. Five US states were affected as a result including Florida, Texas, Alabama, Mississippi, and Louisiana.

Following investigations, US district judge Carl Barbier deemed the oil company grossly negligent and imposed fines amounting $4.25 billion related to environmental losses, excluding reimbursement to individuals impacted by the catastrophe. BP has already paid $2.3 billion, and has appealed against the judge’s ruling, claiming that the company was being unfairly charged higher. The UK-based energy company has also criticized the claims office; it said some businesses that were not able to prove financial losses from the disaster have collected large amounts in payments. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Opec is finished – the oil crash will continue

Screen Shot 2014-02-18 at 18.34.00The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned. The major oil companies will have to cut back on projects with a break-even cost below $80 for Brent crude.

Extracts from an article by Ambrose Evans-Pritchard published by The Telegraph 8:01PM GMT 09 Dec 2014

The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned.

Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a much cheaper source of gas for Europe.

Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting. “The consequences are profound and long-lasting,“ he said. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.