BP hope to return cash to shareholders through buybacks

BP plc said it is to buy back shares with free cash flow as long as the price of oil exceeds $20 (€16.51) per barrel, and said it expects to deliver "significant extra cash" to its shareholders over the next three years while growing production.

Chief executive of the group, Lord Browne, said that a $20 (€16.51) oil price would allow the company to meet its capital requirements and pay a progressive dividend.