European equities fell on Tuesday as crude oil prices slipped again and companies like BP reported disappointing earnings.
BP fell 9 per cent, its biggest daily decline since mid-June 2010, after reporting its worst annual loss in
BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.
BP's diversion of a tanker of liquefied natural gas (LNG) away from Egypt due to payment issues is the first sign that the country's currency crisis could be jeopardising its energy supplies, traders said.
The slump in global oil prices could hit bottom in early 2016 although prices are likely to remain low for the next couple of years, BP chief executive Bob Dudley said.
"A low point could be in the first quarter," Dudley
BP said it ordered a total evacuation of its Valhall platform in the North Sea on Thursday after a barge broke its anchor and was drifting towards the installation following a storm.
"The barge has changed direction and BP ha
BP Egypt has announced today the completion of its acquisition of 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel.
BP has signed a preliminary deal with Egypt to rapidly develop the Atoll offshore gas field that is now expected to produce first gas in 2018, the company said on Thursday.
BP's signing of the Heads of Agre
The world is no longer at risk of running out of oil or gas for decades ahead with existing technology capable of unlocking so much that global reserves would almost double by 2050 despite booming consumption, oil major BP said on Monday.
BP Egypt has been awarded three new exploration blocks in the 2015 Egyptian Natural Gas Holding Company (EGAS) bid round, the company has announced.
BP and its partners have committed to invest a total of $229 million in the block
Concerns about the climate change impact of burning the world's remaining oil resources mean the reserves will never be fully exploited, BP chief economist Spencer Dale said.
That assumption means the relative price of oil wil