BP plc (ADR) (BP)

NtscrbEnergy (99.19) Submitted: 6/07/07 12:54 AM : Start Price: $62.82 BP Score: 6.76

Recently, in May 2007, BP signed a major exploration and production agreement with Libya's National Oil Company. With its potentially large resources of gas, favorable geographic location and improving investment climate, Libya has an enormous opportunity to be a source of cleaner energy for the world. BP and the Libya Investment Corporation will explore around 54,000 sq km of the onshore Ghadames and offshore frontier Sirt basins, equivalent to more than ten of BP's operated deepwater blocks in Angola. During this exploration and appraisal phase, BP will acquire 5,500km of 2D seismic and 30,000 sq km of 3D seismic and will drill 17 exploration wells.





In March 2007, BP Solar expanded its cell manufacturing capacity in Europe by constructing a mega cell plant at its European headquarters in Tres Cantos, Madrid. For the first phase of the Madrid expansion, BP Solar is aiming to expand its annual cell capacity from 55 MW to around 300 MW. The first phase construction has already begun and the first line is expected to be fully operational before summer. Also on lines two and three construction has already begun. The Madrid mega cell plant will be one of the largest such facilities in Europe.





Also, General Electric Co and BP have formed an alliance to jointly develop and deploy technology designed to reduce emissions from electricity generation. The alliance will work to combine power generation from fossil fuels with carbon capture and storage technology, with 90 percent of the carbon in the fuel captured and stored underground instead of being released into the air. Considering the above factors, the stock of BP offers potential returns to long-term investors.

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