BP far from beyond problems over two years after Macondo
BP is still grappling with the consequences of Macondo, two-and-a-half years after the disaster. And, as NJ Watson finds out, there may be more difficulties ahead for UK supermajor as it puts its stake in TNK-BP on the block
BP has suffered mightily over the past couple of years. Yet another unhappy reminder of its dreadful recent past came at the end of July when the supermajor revealed a $5 billion charge had pushed it into a $1.4bn loss for the second quarter. The details of this $5bn charge – which Peter Hutton, equity analyst at RBC Capital Markets, described as “extremely disappointing” – covered all BP’s recent problems. It includes an additional $847 million provision for the 2010 Macondo disaster, bringing the total set aside for potential liabilities to $38bn, but it’s by no means the end of the matter. In June, BP reportedly offered $15bn to settle all remaining lawsuits arising from the oil spill, th
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
