BP closer to losing its gas field
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A court ruling moves TNK-BP a step closer to losing the licence for the Kovykta gas field in East Siberia.
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BP Plc BP.L will be able to restart   105,000 barrels per day of oil production from the eastern side   of Prudhoe Bay within "a few weeks" after Alaska regulators   approved on Friday the oil major's plan to connect the field to   the nearby Endicott pipeline.
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BP PLC said Tuesday its fourth-quarter profit dropped 22 percent to a two-year low, driven down by the declining price of oil and increased safety spending after a series of high-profile mishaps including a deadly refinery blast in Texas and an oil spill in Alaska. The oil company also slashed its growth targets and raised its capital expenditure forecast for this year.
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BP PLC reported a 29 percent slump in third-quarter net profit on Tuesday due to higher maintenance costs and outages at key refineries, but some analysts said the worst might be over after a run of operational problems at Europe's second-largest oil company.
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BP Plc's oil and gas production rose 11  percent on the year in the third quarter but analysts expect  strong earnings for the quarter to be mainly due to runaway oil  prices rather than BP's record in finding oil.
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BP  on Friday said it will  keep the western half of its Prudhoe Bay oil field online,  enabling the company to get the field up to half its prior  output despite pipeline corrosion.
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BP Plc BP.L this week will conduct   safety tests and seek government permission to restart part of   the eastern Prudhoe Bay oil field pipeline in Alaska that was   shut due to corrosion, the company told Congress on Tuesday.
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BP PLC is likely to lose its license to develop a giant Siberian gas field that could be used to supply Asian markets, a senior environmental official said Friday.
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Oil major BP Plc  said on  Thursday it will delay to next week its decision on whether to  completely shut down the western portion of its 400,000 barrels  per day Prudhoe Bay oil field.
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BP is to continue pumping oil from part of a giant field in Alaska, where a corroded pipeline sprang a leak last week, and aimed to raise output to 200,000 barrels per day.
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The move threatens to slow the development of the largest oil find in the world in three decades.
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A community protest in Nigeria's southeastern Abia State has forced the closure of two flowstations and a gas plant, shutting in about 35,000 barrels per day (bpd) of crude, Anglo-Dutch oil giant Shell announced.
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British energy giant BP, already under fire for an oil spill in Alaska, faced a new spill in California but said it had &quot;no significant impact on the environment.&quot;
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BP Plc's Russian venture is likely to lose its license for the giant Kovykta gas field on Friday, although Moscow could postpone the tough action until after the G8 Summit and its landmark economic forum.
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U.S. Congress members on Thursday   chided BP Plc. BP.L executives for allowing pipelines at   Alaska's Prudhoe Bay oil field to get so corroded that there   was a major oil spill in March and partial closure of the giant   field in August.
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Federal investigators are examining  whether BP Plc  manipulated crude oil and unleaded  gasoline markets, according to a report in The Wall Street  Journal on Tuesday that cited lawyers and traders close to the  case.
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BP Plc  expects its oil and gas  production to have fallen 0.6 percent in the third quarter as  losses at its Alaska operations and sales of oil fields  outweighed gains from new start-ups and a benign hurricane  season.