BP share price: David Campbell to head BP Russia

on Mar 31, 2014
Updated: Apr 9, 2020
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iNVEZZ.com Monday, March 31: BP (LON:BP) announced today the appointment of David Campbell as the new head of its Russian business. As of 13.50 UTC shares in the London-listed oil major were trading flat at 484.15p.

Campbell, who most recently headed BP’s Iraq operations, will become president of BP Russia effective immediately and will be reporting directly to chief executive Bob Dudley. With BP now holding a 20 percent stake in Rosneft (MCX:ROSN, LON:ROSN), Campbell’s main responsibility would be to “represent shareholders’ interests” in Russia. His appointment comes at a time of political turmoil after Russia’s takeover of Crimea from Ukraine. BP could find itself in a difficult situation if the EU and the US decide to impose broader sanctions targeting Russia’s oil and gas industry.

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CEO Dudley expressed confidence in Campbell’s abilities: “I have worked closely with David and know that he has a huge breadth of experience and a deep understanding of the global energy industry.” Campbell is replacing co-heads Michael Townshend and Scott Sloan, who had helped facilitate the company’s transition from TNK-BP owner to Rosneft stakeholder. In a complex cash-and-shares deal finalised last year, BP sold Rosneft its 50 percent stake in TNK-BP, Russia’s third-largest oil producer. In the years 2003-2007 Campbell was based in Russia as a senior employee of TNK-BP.

**BP raises estimate of Lake Michigan oil spill**
BP on Friday more than doubled its estimate of how much crude oil was spilled into Lake Michigan during last week.
The US Coast Guard and the federal Environmental Protection Agency (EPA) have been at the site of the spill. The EPA said that its inspectors found minimal oiling of the shore and the spill likely posed no long-term risk to the lake, but refused to comment after BP doubled its estimate. You can read more on this story at Group’s refinery leaks oil into Lake Michigan.

**Analysts on BP**
Deutsche Bank reaffirmed its ‘buy’ rating on BP’s shares in a note sent to investors last week. It gave the stock a price target of 540.00p, suggesting a potential upside of 11.26 percent from today’s opening price of 485.33p.
Five investment analysts rate BP as a ‘sell’, 14 give it a ‘hold’ rating and 12 are calling it a ‘buy’. The shares have a consensus rating of ‘hold’ and an average price target of 484.26p.
**As of 14.24 UTC buy BP shares at 484.16p.**
**As of 14.24 UTC sell BP shares at 484.14p.**

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