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Bp Faces Us Ban On New Oil And Gas Drilling Licences

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http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7891429/BP-faces-US-ban-on-new-oil-and-gas-drilling-licences.html

BP is facing a ban on getting any new offshore licences to produce oil and gas in the US for a number of years.

A house committee has passed a bill stopping any company from getting permission to drill for seven years if it has caused more than 10 deaths during operations, while contravening health and safety laws.

BP would be affected because it has already pleaded guilty to criminal charges following an explosion at a refinery in Texas City five years ago.

The company has not yet been convicted on any criminal charges or admitted any criminal liability relating to the Deepwater Horizon explosion that killed 11 men and triggered the worst environmental disaster in US history on April 20 this year.

But the British oil giant is facing a criminal investigation over the accident, which has caused a political furore over its safety record in the US.

The Committee on Natural Resources voted to pass an amendment preventing any company from getting new leases unless they pass environmental requirements, but the laws will not be enacted unless they are approved by the House, Senate and President Barack Obama.

Another hit for the share price looming?

Looks like the trade war is warming up, oil licences for American companies only?

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They talk a good game about free trade, but are always willing to change the rules for their own benefit. Remember a few years back when CNOOC out of China tried to buy US oil company Unocal? All of Congress was in an uproar and the deal never went through.

Guess the Chinese had to settle for a few more billion in treasuries.

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http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7891429/BP-faces-US-ban-on-new-oil-and-gas-drilling-licences.html

Another hit for the share price looming?

Looks like the trade war is warming up, oil licences for American companies only?

When this hit the news there was a small dip but it pretty much recovered in the following hours. I think the real driver of the price is the current situation in the GOM. This is why they have been floating around at half price. Losing drilling rights for seven years (or only 2 if only penalised for the 2005 texas incident), will be lost in the price changes due to the GOM situation.

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http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7891429/BP-faces-US-ban-on-new-oil-and-gas-drilling-licences.html

Another hit for the share price looming?

Looks like the trade war is warming up, oil licences for American companies only?

BP stock rocketing in the US currently, may be some positive new on the current tests. Up 30% on no new news, granted it was oversold but surely it is getting overbought atm?

What happened to all the stories of multiple leaks with the main well just being a side story, was that all lies to get the share price down?

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What happened to all the stories of multiple leaks with the main well just being a side story, was that all lies to get the share price down?

The problem I think was BP lied from the start about the seriousness of the leak, the nutjobs where dismissed, slowly it turned out the nutjob view about the amount of oil leaking was correct. Therefore the stories about leaks in the seabed might gain more strength. If BP had been more honest from the start maybe it's share price wouldn't have been as badly hit.

Poor disaster management.

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The problem I think was BP lied from the start about the seriousness of the leak, the nutjobs where dismissed, slowly it turned out the nutjob view about the amount of oil leaking was correct. Therefore the stories about leaks in the seabed might gain more strength. If BP had been more honest from the start maybe it's share price wouldn't have been as badly hit.

Poor disaster management.

Not really true. The theory is that at first the figures BP gave were correct. But with the flow of oil under pressure it causes erosion of the well making the hole larger so the oil flow increases over time.

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BP stock rocketing in the US currently, may be some positive new on the current tests. Up 30% on no new news, granted it was oversold but surely it is getting overbought atm?

What happened to all the stories of multiple leaks with the main well just being a side story, was that all lies to get the share price down?

At any point the price is a fair indicator of sentiment, so the term "oversold" is really something we can only say with hindsight. Same with "overbought".

For what it's worth, I would sell my shares if 4.40 is breached on the back of good news about the latest cap. From then on the recovery back to old prices would probably be a slow process, and there is every chance they could have another small incident and the price would bomb (giving another chance to buy in).

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http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7891429/BP-faces-US-ban-on-new-oil-and-gas-drilling-licences.html

Another hit for the share price looming?

Looks like the trade war is warming up, oil licences for American companies only?

It will be an own goal. BP is 40% American owned and they have far more employees based in the USA.

They would be pretty dumb to sabotage themselves.

So in summary they probably will ;)

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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