BP Plc (BP:NYSE)

BP plc confirmed that an appraisal well to test a western extension of the Kaskida field has confirmed oil in Lower Tertiary reservoirs five miles to the west of the Kaskida discovery well. The well, drilled to a total depth of 32,500 feet, is located in Keathley Canyon block 291 in 5,675 feet of water and 250 miles southwest of New Orleans. Appraisal activities will continue with a WATS (wide azimuth towed streamer) seismic acquisition survey in early 2010 and a well test in 2011. This well builds on the success of recent Tiber discovery to further strengthen BP's leading position in the emerging Lower Tertiary play in the US Gulf of Mexico and supports the continuing growth of deepwater Gulf of Mexico business into the second half of the next decade.

BP plc has been hit with a record $96 million fine in the United States, for safety violations at a Texas refinery. In 2005, 15 people were killed in an explosion at the BP Texas City Refinery, south-east of Houston. Now a United States safety watchdog has fined BP for safety violations. BP had entered into an agreement with the Occupational Safety and Health Administration (OSHA) to fix the problems and prevent a similar tragedy. But after a six month inspection, it has been revealed BP has not complied and the safety violations could lead to another catastrophe.

BP plc has been hit with a record US fine of $87.4 million for safety violations at a Texas refinery where 15 people were killed in a 2005 explosion. It was the latest in a series of actions taken by the US government over trading abuses and safety and environmental violations for which BP has paid more than $573 million in various fines and settlements. The company reneged on an agreement to address critical safety issues discovered after the 2005 blast and failed to correct hundreds of new violations discovered in subsequent inspections.