The End Of The Downturn? BP Steps Up Spending As Oil Prices Rise

20 Dec 2016   United Kingdom

With the rebound in oil prices underway and the astronomic costs stemming from the 2010 Deepwater Horizon disaster in the rear view mirror, BP is once again looking to make large investments. In just the past few days, BP announced a rash of deals in different parts of the world, signaling the British oil major’s intent to grow after several years of shrinking. Over the course of three days, BP announced a $2.2 billion expansion of its existing facility in Abu Dhabi, as well as a nearly $1 billion investment in natural gas fields off the coast of Mauritania and Senegal. Bloomberg calculates that BP has spent $3.8 billion on acquisitions in 2016, the highest tally in four years. BP’s CEO Bob Dudley finds himself in an unfamiliar position – the CEO of a growing company. He took the helm shortly after the Deepwater Horizon disaster, which saw nearly […]

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