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BP 'to Sell Off All North Sea Assets' in Bid to Cut Costs | Business | The Observer

Business  (tags: oil, oil industry, BP )

- 3282 days ago -
Embattled BP is to cut costs by $14bn (£9.5bn) in six months as part of a radical plan to sustain profitability in the wake of the explosion at its Deepwater Horizon oil rig that has led to the worst spill in US history.


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Vinnie m (333)
Sunday June 20, 2010, 8:56 pm
Thanks Pam. Good update. Unfortunately now some Brits might lose their jobs now and their home will go into Foreclosure like mine is. And it looks like thay might just go under and the U.K. is in bad a shape as we are. Sad all around.Peace out.

Past Member (0)
Sunday June 20, 2010, 9:14 pm
BP's British and European assets account for little more than 4% of its global portfolio and several projects in the North Sea are being wound down as supplies become exhausted. But a sale of what is left would symbolise a historic retreat.

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jan l (89)
Sunday June 20, 2010, 9:38 pm
i gpt whomped by someone when i said i seriously doubt that BP caused this tragedy to happen on purpose. i'm sure the employees are just like us in many regards, and are losing sleep, and can't eat, or worse... and they pray and feel absolutely inadequate at stopping this eruption of suffering and death and carnage, and loss of life, water, land, and yes, even the oil ... as it displaces the oceanlife and very water itself. (Ttis okay i got whomped, we each are entitled to our own opinions, but our differences don't need to be personal attacks, at all ~ that's how we learn, from understanding each others' perspectives, lifestyles and belief systems.] But what would a buyer do with this oil rig? i stand firm in supporting BP to ensure they have resoures to continue to economically pursue any and all possibilities to resolve the problem: NO, they didn't want this to happen. WHO would? Where's NASA? Where's JetPropulsionLabs? CalTech ~~ the masterminds who are called upon in every disaster, be in longshoremen having trouble in pylons for bridges. pr earthquakes, and the modification of building codes. Or even national security ... those topics take masterminds to work TOGETHER. And we need that ... to pray, work, and come up with a temporary and long lasting solution that this will NEVER happen again. Most shore-line states have off-shore drilling on the ballots ... i used to live in CA, and yes, i voted, but i voted NO. And BP is not the only oil co with a rig in the water, and many countries that do have them placed in the water, don't feel it necessary to ask the people "shall we do this, or not? Those countries, don't even allow the citizens the right to vote, yet. As the song goes, "We ARE the World." And it truly will take us all doing our own little parts, our "armchair parts" to be effective. May God Bless us all. And the downspin of all of this is not even close at hand. Watch the insurance industry, the trucking industry. the prices on food, the closure of restaurants as seafood is no longer available, and/or jobs are no longer available to permit ppl to dine out. Tourist? Nope.... no one will want to inhale the oil slick fumes as they bake in the sun in the tar-balls on the beach. And without tourism, the cities are going to be truly in a state of disaster. The homesteaders certainly won't be able to afford their insurance [home, car,, life, health, etc] policies to escalate ... so where do they go, when they lose their homes due to nonpayment of taxes? Here, all we get are 3 years, and although the home is fully paid for, for years, all it takes is 3 years of tax delinquencies, and they can take the home away from us.

Spooky. But i'll tuck a prayer for your good Brits, and that perhaps they'll have more wisdom to offer a new company as a means to safeguard their jobs and proffer their skills and kowledge to continue to grow with a new firm.

We will all lose if BP has to claim bankruptcy. NO one ~ not the OPEC nor any other organization or pool of orgs will be there to help: if they were, wouldn't they already be there/here, now? Yes, sad all around... but NEVER hopeless! Keep good thoughts, and thoughs good thought will reverberate around the world and cause good things to happen! PEACE to you!

. (0)
Monday June 21, 2010, 8:45 am
I hope that BP isn't looking for sympathy for having to sell some of their assets to cover their asses. They may find it among British pensioners,but that's about it.

BP is not the only culprit here, though. We're the ones addicted to oil. There was a lack of government oversight, corners were cut along with costs, policies were ignored, common sense was abandoned, mechanical devices failed (or were allowed to remain in disrepair). The industry is incapable of regulating itself. And there's probably a hundred (or thousand) other factors involved.

However, as the operator of the well that was drilled, the ultimate responsibility lays with BP. They hired Transocean and Halliburton; they lobbied against further government regulation; they drove the whole ordeal in the quest for profits.

The fallout from these compounding failures will be far and wide. The geyser in the Gulf is ugly enough. But this is far from over.
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