BP plc (ADR) (NYSE:BP) scrambles to take care of damage control after massive oil spill

BP plc (ADR) (NYSE:BP), the oil giant based in London, has publicly declared that the abandoned equipment which was said to be the culprit behind the sheen which was spotted close to the site of the huge oil spill in 2010, has been capped and plugged, and is no longer a danger to anyone. This oil-leak had happened in the Gulf of Mexico, and it was, by no means, a minor one.

A cap, weighing about 750 pounds has been placed on the mouth of the container. This container itself had been sent by the oil company to help contain the spill which had happened in 2010. The container, however, had failed to do so. It weighs about 86 tons, and is made of steel. In order to make sure that there are no mistake this time around, the company has also plugged the sides and the top of the vessel. This has then been lowered on to a oil pipe for drilling, which was leaking. This is supposed to create a funnel which will help the oil reach the surface. This operation was an extensive one. it was started off on Tuesday, and it went on for over 24 hours, after which, both BP and Coast Guard said that the leaking had stopped, and spilt oil was no longer being spotted.

This sheen has caused considerable discomfort. It appeared for the first time in September. Even after the company said that the leak has been controlled, they will still be monitoring the area to check for dangers. The monitoring will probably happen through satellite imaging. Coast Guard has said that BP will have to be very stringent with their actions this time. They will have to either submit a cohesive idea regarding how they plan on moving the oil from the container so as to not be dangerous, or the container itself should be removed after the oil has been taken out from it. The container is at the sea-floor, and is about 1,500 feet above the head of the oil well. 

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Google Inc (NASDAQ:GOOG)’s Nexus tablet, BP plc (ADR)(NYSE:BP) Earnings and Dividend

The British petrol company BP plc (ADR)(NYSE:BP) has released better than expected quarterly results and also increased its dividend.  Additionally, it has hinted at a greater upstream focus after 2014.

In the third quarter, the underlying replacement cost profit fell to $5.2 billion from $5.5 billion a year ago.  Strong refining margins and higher availability of refining capacity offset the losses caused by falling business, lower production and prices.

Analysts had expected a profit of $4.1 billion; in the second quarter, the company had posted a profit of $3.7 billion.

The company has hiked its dividend payout by 9 cents a share.

Meanwhile, the company is trying to settle claims of the 2010 oil spill. It has already closed some of its businesses to raise the required amount of compensation.

The company is also in the process of restructuring its business in Russia.

The shares of British Petroleum rose 3.7 percent to 440.8 pence in the morning.

Keeping in mind the upcoming holiday season, Google Inc (NASDAQ:GOOG) seems to be on a gadget release spree.  On Monday, it announced a new Nexus 4 smartphone which will be manufactured by LG Electronics.  It will have a 4.7 inch screen and will be priced at $199.

The phone will contain a minor update to the Android operating system.  More changes are expected in the OS in the coming year, and the makeover will be known as Key Lime Pie.

The larger version of the Nexus tablet will be manufactured by Samsung Electronics.  The screen will be similar in size to the iPad and will have a 10 inch diagonal display.  The Nexus 10, with 16 GB, will be priced at $399, $100 less than the iPad.  The Nexus 10 will be available in Google’s online store from November 13.

Google is cutting the price of its 16GB Nexus 7 by $50 to $199.  Also, Google will launch a 32 GB Nexus 7, priced at $249, to discourage customers from opting for the iPad Mini.

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TNK- BP plc (NYSE:BP) to be sold to OAO Rosneft

The BP plc (ADR)(NYSE:BP) and the AAR, or the Russian billionaires who jointly owned the company, are going to sell TNK-BP off to OAO Rostneft. This deal, if it goes through, is sure to make the oil production of Russia even stronger than it was before. OAO, the state-run oil mill will be able to produce a lot more, doubling the size of the company.

The AAR group wants to sell their end of the 50 percent ownership to Rosneft, and for that, the conglomeration has been demanding for about $28 billion. BP wants to sell some of its stakes in TNK BP, but not just for cash. The company wants a mixture of cash, as well as company shares from the state-run oil company. This news came from an official who wished to remain anonymous before the deal actually fell through between the three groups. All three of these groups, which is to say, Rosneft, AAR and BP refused to comment upon the information leaks.

Vladimir Putin, the president of Russia has managed to strengthen his hold over the energy sector by controlling Rosneft and its dealings. Igor Sechin, who is the Chief Executive officer for Rosneft, has been a Putin supporter for about twenty years now. He is due to meet Bob Dudley, the CEO of BP in London tomorrow. If this deal falls through, then Rosneft shall stand to produce about 4.5 million barrels of the oil and the gas, which will make the company so successful. This amount of production can put Rosneft up there with Exxon Mobil Corporation.

One would say that BP is very happy to have the TNK BP selling right now, which effectively ends their relationship with the billionaires, which has always been tumultuous. Their fights have often become quite open and public. BP is a London based explorer, and after the relationship between AAR and them failed in June, they were eager to sell of their part of the joint venture.

According to Arkady Dvorkovich , the Russian Deputy Prime Minister, an agreement of intent had been drawn up, which has been signed by two parties: AAR and Rosneft. 

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