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Monday, 1 August 2016

BP presses on with three expansions despite profit miss

BP plans to invest in three new projects this year — in India, the Gulf of Mexico and Trinidad — despite reporting a 45% drop in profits in 2Q2016 that lead the company to slash its 2016 investment budget to below USD 17 bn, Reuters quotes chief Bob Dudley as saying. Analysts were “surprised by higher corporate charges, including … a lower contribution from BP’s stake in Russian oil producer Rosneft.” The projects follow the expansion of BP’s offshore gas project in Atoll in Egypt and the Tangguh liquefied natural gas plant in Indonesia.

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