BusinessCompany NewsBP restates oil reserves upwards

BP restates oil reserves upwards

Shareholders have reacted favourable to the news that BP has underestimated its barrels of oil reserves by 23 million.

Link: Shell appoints new CFO to replace Boynton

The news comes soon after the Shell oil barrels fiasco, which saw the company downgrade its oil barrel estimates by four billion barrels and led to the resignation of senior executives including chief financial officer Judy Boynton.

Analysts had expected BP to downgrade its oil reserves to meet accounting guidelines in the US, but the company surprised the market with the underestimate.

As a result shares firmed by 3.5p to 494p yesterday, a rise of 0.7%.

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