Boston, MA 05/14/2014 (wallstreetpr) – BP plc (ADR) (NYSE:BP), the reputed oil company, has added sensational news, which is sure to create buzz among the industries. Glencore Xstrata announced the ex-chief of BP to join as the Chairman of that company.
Ex-BP chief as Chairman of Glencore:
Tony Hayward, the ex-BP chief, was terribly criticised due to the Gulf of Mexico oil spill. The report for the new post was released on May 8, 2014. Glencore has declared to extend the tenure of the role of Chairman to the permanent position. Hayward will take the responsibility of the Chairman of the mining and commodities trading group. Hayward also holds the position of being the Chief Executive of London based oil company, Genel Energy.
Tony to step down from CEO post of Genel:
It was a shocking incident when Tony Hayward was forced to quit the position of BP plc (ADR) (NYSE:BP) because of the 2010 deepwater horizon oil spill; however, his return can encourage the business, says the officials of Glencore. After the confirmation of the Chairman position in Glencore, Hayward may step down from the CEO designation of Genel. It is worth mentioning that Genel, the oil producing company, have not stated anything in this regard.
Alaska’s North Slope faces oil leak:
Here comes more exciting news for BP. The company on May 2, 2014 reported having started working on clearing the contaminated snow in the Alaska’s North Slope. BT took such severe action as the Prudhoe Bay well line ruptured and sprayed natural gas and oil. The story is still under investigation regarding the amount of liquid and gas escaped and sprayed almost 34 acres area.
Decline in oil production:
BP plc (ADR) (NYSE:BP) and Alaska’s Department of Environmental Conservation are working on the issue and is hopeful in resolving it as soon as possible. The question here peeps up, whether the leak has a direct connection with the declined oil production in the Alaska’s North Slope! Well, that is still a mystery. According to state tracking source, the production dropped almost 10,000 barrels since the incident happened. However, the situation will be controlled very soon, expects the company.
