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Posts on ‘October 31st, 2009’

BP CEO Tony Hayward rules out mega merger with Shell

The Sunday Times November 1, 2009 The era of the oil industry mega merger is over, according to the chief executive of BP. Tony Hayward said that there is “no industrial logic at all” to the type of big-ticket takeovers that transformed the industry a decade ago. The industry will be defined instead by partnerships [...]

News on Shell Ormen Lange reserves undoubtedly negative

LONDON (Dow Jones)–The Norwegian Petroleum Directorate Friday said a new well drilled at Ormen Lange indicates the gas field’s resources could be lower than previously hoped.

BP fined record $87m for safety lapses at Texas refinery

BP was dealt a bitter blow last night when American regulators fined the oil group a record $87 million (£53 million) for more than 700 safety violations at the Texas refinery where an explosion killed 15 people and injured 170 in 2005.