BP Delays Opening of Big Oil Platform
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BP said the start of production at its Thunder Horse platform in the Gulf of Mexico would be delayed after tests showed safety problems.
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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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The House is scheduled to vote today on a Senate plan for offshore oil and gas drilling that would open up new acreage in the Gulf of Mexico but that falls far short of an offshore drilling bill the House adopted earlier this year.
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US equity fund Newbridge Capital Ltd., which is selling Korea First Bank, yesterday postponed its anouncement of a preferred bidder, indicating that it is having difficulty setting the sale price with HSBC Holdings Plc and Standard Chartered Plc.
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Energy giant BP has said it was shutting down America's biggest oil field after an ageing Alaskan pipeline sprang a leak, sending crude prices shooting up on world markets.
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Oil rebounded over $64 on Monday as   dealers stemmed a steep slide in recent weeks and BP announced   that production from its giant Thunder Horse oil platform in   the Gulf of Mexico would be delayed to 2008.
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Oil explorer Cairn Energy has said that it had again delayed the expected date for starting production at its largest Indian oil field to 2009.
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Oil major BP Plc has shut down 10,000 barrels per day of oil production at its giant Prudhoe Bay oil field in Alaska after discovering a leaking flow line, the Anchorage Daily News reported on Saturday.
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Energy company BP has reported weak crude production in the third quarter following the partial shutdown of Prudhoe Bay -- the largest oil field in the United States.
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House Republicans abruptly pulled from floor action Tuesday a bill to open a large area of the eastern Gulf of Mexico to oil and gas drilling after it became clear the legislation lacked the two-thirds vote needed for passage.
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Following the latest in a series of major setbacks in the United States the oil giant BP said last week it planned to embark on a major review of its global operations.
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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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Delays to the restart of a crude unit at BP Plc's  Texas City, Texas, refinery will cause it to miss its goal of raising crude oil processing rates at the refinery to 400,000 barrels per day by the end of 2007, a source familiar with refinery operations said Monday.
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Oil major BP Plc BP.L BP.N is   aiming to restart oil production at the eastern half of the   giant Prudhoe Bay oil field in Alaska by the end of September,   sources familiar with the company's plans said on Thursday.
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A unit of Occidental Chemical Co.  has pushed back planned construction of a liquefied natural gas (LNG) terminal near Corpus Christi, Texas, a company spokeswoman said Friday.
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BP Plc BP.L this week will conduct   safety tests and seek 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 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.