Archive for August, 2010

Key moments in BP’s push to operate on frontiers (AP)

Sunday, August 29th, 2010 | Finance News

A timeline of some key moments in BP PLC's drive to operate on the frontiers of the oil and gas industry:

1998 — British Petroleum acquires Amoco in a $53 billion deal in December, giving the company an even bigger footprint in the U.S. where it already has licenses in the Gulf of Mexico. It adopts the name BP Amoco PLC.

1999 — Buys drilling rights in Angola, sub-saharan Africa's second largest oil producer behind Nigeria, for unnamed price.

2000 — Acquires Arco for $27.5 billion, giving it access to Alaska's Prudhoe Bay, North America's largest oil field.

2001 — Changes name to BP PLC, adopting the tagline "Beyond Petroleum."

2003 — BP forms TNK-BP, a 50-50 joint venture with Russian billionaires to exploit the country's significant reserves. Russia now accounts for a fifth of the company's global reserves, a quarter of BP's production and nearly a tenth of global products. The deal results in a massive exploration success.

2005 — BP sets up alternative energy business devoted to solar, wind, hydrogen and gas power.

2007 — John Browne resigns as CEO, following a personal scandal and after criticism of BP's safety record, most notably a deadly refinery explosion in Texas in 2005 and pipeline spills in Alaska in 2006. New CEO Tony Hayward promises to focus "like a laser" on safety as he pushes for new frontiers.

2010 — In March, BP is awarded $500 million in contracts to drill wells in Iraq's giant Rumaila oil field. On April 20, the Deepwater Horizon rig explodes in the Gulf of Mexico, killing 11 workers and becoming worst oil spill in U.S. history. Company withdraws from the race for Arctic oil and gas and delays plans to begin drilling off Libya and Scotland's Shetland Isles.

Follow Yahoo! News on Twitter, become a fan on Facebook

Source

Sanofi announces $18.5 billion bid for Genzyme (Reuters)

Sunday, August 29th, 2010 | Finance News

PHILADELPHIA (Reuters) – France's Sanofi-Aventis on Sunday publicly disclosed its $18.5 billion, $69-per-share cash offer for Genzyme Corp after failing to engage the biotechnology company in merger talks.

Follow Yahoo! News on Twitter, become a fan on Facebook

Source

2 new programs planned to help homeowners (AP)

Sunday, August 29th, 2010 | Finance News

WASHINGTON – The Obama administration's top housing official says several new programs are in the works to help try to revive the housing market.

Housing and Urban Development Secretary Shaun Donovan said in an interview aired Sunday that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes. He also said the department will launch "an emergency homeowners loan program" to help people who are unemployed keep their homes.

Donovan, on CNN's "State of the Union," said a drop in July home sales was expected with the end of the housing tax credit, but that the decline was "clearly worse than we expected." He said "it's too early to say" if the credit will be revived.

Follow Yahoo! News on Twitter, become a fan on Facebook

Source