Monday, October 17, 2011

BP (BP) Expanding North Sea Oilfields

BP (NYSE:BP) has been given permission to invest about £4bn in the North Sea off of Shetland in order to develop a giant oil field.

British Prime Minister David Cameron supports the effort saying, "We should be looking to try and make these things happen rather than ruling them out."'

"There are some people who you will never reassure, who quite frankly would probably prefer we weren't recovering oil from any part of the North Sea. I don't think you're going to convince them," Cameron added

This follows on the news BP will be able to bid on leases in the Gulf of Mexico.

BP and CEO Bob Dudley welcomes the news after a series of international setbacks for the company after the Gulf oil spill.

Dudley said: "We have a major presence in the North Sea today, operating around 40 oil and gas fields, four onshore terminals and a network of pipelines that transport almost half of the UK's oil and gas production. And as demonstrated by these announcements, the region still offers competitive, attractive investment opportunities, which we will pursue."

BP closed Friday at $39.88, gaining $1.13, or 2.92 percent.

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