BP Plc can not collect from Transocean Ltd. part of the $ 40 billion clean-up costs and economic damage caused by the 2010 oil well blowout and spill the Gulf of Mexico, a judge ruled, sending shares higher Transocean. BP to Transocean for pollution-related economic damage claims arising from its drilling contract to indemnify, U.S. District Judge Carl Barbier in New Orleans ruled yesterday. London-based BP sued Transocean in April, a part of his damages and costs to repair the leak. Read more
Exxon Mobil Corp. (XOM), the world’s largest oil company by market value, estimated the cost to July 1 spacious single oil spill in the Yellowstone River in Montana is $ 42.6 million, according to a filing with federal regulators. The company’s emergency response to the spill from the Silvertip pipeline will cost $ 40 million and $ 2.5 million property claims, the company said in a July 29 filing with the Ministry of Transport and Pipeline Hazardous Materials Safety Administration. Exxon also lost approximately $ 100,000 from oil and other commodities in the spill, according to documents obtained by Bloomberg News through a Freedom of Information Act request. Read more
The U.S. agency that oversees the safety line on Tuesday ordered Exxon Mobil Corp. for safety improvements to a Montana oil pipeline that ruptured and spilled oil into the Yellowstone River last week.
The Ministry of Pipeline Transportation and Hazardous Materials Safety Administration said Exxon to Silvertip pipeline under the bed of the Yellowstone River’s reburied on the line to protect against damage and said the company will have to restart a plan to submit before it may interfere the pipeline to resume. Read more
Exxon Mobil Corp. Recognized under political pressure Monday, which is the scope of its pipeline leaks in the Yellowstone River can extend well beyond a 10-mile stretch of the famous waterway.
Because the company intensified its clearing tens of thousands of gallons of crude spilled Pipeline Co.., Exxon Mobil. Gary Pruessing president promised to do “what is necessary” to search and mop oil from the 12-inch pipeline at the bottom of the river that broke over the weekend. Read more
The mind wants to sanction the day and did not run barrels leaked. BP says that the U.S. Government related to any criminal penalties for Gulf oil spill last year, calculate how many days the well flowed Macondo, not on how many barrels of crude oil leaked.
In court filings Tuesday, the oil giant responded to a lawsuit filed in December by the Ministry of Justice that civil environmental penalties based on an estimated 4.1 million barrels of oil in the Gulf spilled after the explosion and sinking of the Deepwater Horizon rig target April 20, 2010, killing 11 workers. Read more
CAIRO – Premier Wen Jiabao of China, the Middle East oil politics and discussed with Crown Prince Nayef bin Abdul Aziz al-Saud at the weekend on a close eye on visit to Saudi Arabia that American diplomats hope will help break away from China ties with Iran. Mr. Wen’s visit to Saudi Arabia, his first in two decades and part of a six-day swing through the area, comes as China faces new pressure to reduce dependence on Iranian oil to reduce in consultation with Western efforts to to punish Iran for its nuclear program. President Obama recently signed legislation that might restrict Chinese access to the U.S. financial system if Beijing does not reduce its trade with Iran and the European Union is considering significant reductions in the purchase of Iranian oil too. (more…)
South Korea, a key U.S. ally, shrunk from the prospect of paying more for oil, heavy industry feed on Tuesday as the United States upped the pressure on Asian buyers to import from Iran to cut. Washington wants Asia to cut crude imports in an effort to stop what he says its nuclear ambitions of Iran and has already secured the agreement of the European Union provides the Iranian to limit imports. South Korea, the United States depends for its security, is the world’s fifth largest oil importer by around 10 percent of its crude oil from Iran during the first 11 months of 2011. It also has billions of dollars of Iranian oil money into the banking system bound. (more…)
Gold rallied to a record above $ 1,900 an ounce, the metal pushed overbought levels according to technical analysis tools, such as economist Dennis Gartman said the prices will go “parabolic.” Bullion relative strength index has topped 70 since Aug. 5, a signal to some investors who study technical charts that prices can be set down. Gold hugged the upper Bollinger band for most of this month, possible resistance to the signal, while a moving average convergence / divergence indicator and Elliot Wave patterns suggest prices are overloaded, said Ross Norman, chief executive officer of London bullion brokerage Sharps Pixley Ltd. (more…)
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