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Milton Financials: BP manages to secure licenses for seven new exploration blocks in North Sea.

The UK government has awarded seven new exploration licenses to the oil firm responsible for the Gulf of Mexico oil spill.

PRLog - Nov. 9, 2010 - Milton Financials has learned from reports that BP Plc, the oil firm responsible for the Deepwater Horizon oil leak, which resulted in about 4.9 million barrels or 185 million gallons of crude oil being released into the Gulf of Mexico, has recently been awarded seven new exploration licenses by the British government.

The oil giant announced that the British government supported a plan by BP to increase its exploration licenses in the regional waters of the North Sea.

The London head-quartered BP said it had won the seven offshore exploration blocks during the latest licensing round held by the British government, Milton Financials has learned.

BP has committed to selling up to $40 billion in non-core assets to pay for the cleanup of the U.S.'s worst ever oil spill, and to compensate victims, and recently agreed to sell four of its deepwater fields in the Gulf of Mexico to Japan’s Marubeni Corp. for $650 million.

According to the firms latest financial report its $39.9 billion tab for the spill “represented its current best estimate of those costs that can be reliably measured at this time.”

BP’s regional president Trevor Garlick told reporters that strong investments in the North Sea were a boost to the company’s continued success.

"These license awards are a significant success for BP and a further boost to the long-term future of our North Sea business," Garlick said in a statement available to Milton Financials, adding that the North Sea formed part of a strong investment strategy for the region.

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Milton Financials is a dedicated, independent broker providing the market insight and investment advice that corporate, institutional and private clients trust.

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Source:Milton Financials
Location:Hong Kong
Industry:Business, Energy, Finance
Tags:oil futures, oil price, spot crude, commodity trading, bp plc, Energy, natural gas
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