Word: bp
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Dates: during 1970-1979
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...spot market will probably get a further upward nudge from a separate Nigerian action, the abrupt nationalization last week of British Petroleum's exploration, marketing and production operations. The Lagos government declared that it was punishing BP for supplying oil to South Africa in violation of a Nigerian boycott, a charge that the company denies. The takeover deprives BP of an estimated 300,000 bbl. per day, but the Nigerian government is offering to sell the crude to any taker on the spot market, presumably including BP...
...knew about the misdeeds? How much did they know? The affair that Britons were dubbing "Oilgate" threatened to reach into the highest places. At issue was whether ministers of the Crown in the years following Rhodesia's unilateral declaration of independence in 1965 were aware that British Petroleum (BP) and London-based Shell International were helping to supply oil to that outlaw colony in defiance of British statute and U.N. sanctions...
Officials of the oil companies had worked out just such a solution. The French oil group TOTAL would supply Rhodesia through Mozambique, while BP and Shell would service TOTAL'S customers in South Africa. Lord Thomson Insists that he gave a "full account" of these arrangements in writing to Prime Minister Harold Wilson. The former P.M. now acknowledges a report from Thomson, but "not in the terms which have been suggested." Concludes the Bingham Report ambiguously: "The details of the TOTAL agreement were communicated to Her Majesty's government...
...government, raised operating profits 6% in 1977, but capital-gains taxes cut total net about 10%, to $531 million. In this year's first quarter, its earnings fell 44%, the probably temporary result of lower prices for North Sea crude and of marketing losses in Continental Europe. BP, which has total operating freedom from the politicians in Whitehall, has long emphasized crude production over marketing. The company produces the "blackest" barrel of oil in Europe-that with the largest proportion of low-profit heavy fuel-and early this year closed its biggest refinery, in Rotterdam, for two months because...
...touched off in London by reports that British Petroleum had discovered a potentially huge field. It is in a lightly explored region 30 miles west of the Shetland Islands, which are off the Scottish coast and far distant from Brit" ain's already rich North Sea fields. BP, which shares the site with Chevron, Imperial Chemical Industries and the British National Oil Corp., confirmed that it had hit oil but reported that it did not know how much...