On the first anniversary of the Gulf of Mexico oil spill, BP Plc (BP.L) called Cameron International Corp. (CAM.N) for negligence as a blowout preventer by Cameron not to avert the catastrophe.
In a complaint filed Wednesday in federal court in New Orleans, BP said Cameron should be ordered to pay its share of any liability of the British company could face for leaks under a 1990 U.S. law on oil pollution. Read more
More than two months after the Obama Administration lifted its ban on drilling in the deep water Gulf of Mexico, oil companies are still waiting for approval to the first new oil drilling there. Experts now expect the wait to proceed until the second half of 2011, and perhaps in 2012.
The administration says it’s just trying to find new security in the wake of the April 20 explosion of the drilling rig Deepwater Horizon, including 11 slain workers and set off the worst offshore oil disaster in U.S. history to compel. Environmental groups say the administration the right to take his time, since the Gulf disaster exposed the risks of offshore drilling.
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Tags: <Deepwater Horizon, drilling, drilling ban, explosion of oil drilling, gulf disaster, oil companies, oil disaster, oil spill deepwater>, Deep Ocean Ascension, How Much Oil Is Drilled In The Gulf Of Mexico, Oil Drilling Water, Bp Qater2011
BP seized on a report better than expected quarterly results Tuesday as further evidence that its activity is rebounding and that the company quickly put the worst of the Gulf oil slick behind.
Although third quarter results were substantially less than one year ago, BP returned to profit after the deadly explosion rig Deepwater Horizon in April the second quarter results sent in red.
The third quarter net profit fell to $ 1,790,000,000 from $ 5,340,000,000 in the period from July to September one year ago. The London-based oil major profits achieved, despite a huge load – 7.7 billion U.S. dollars – for spill-related costs. The charge was higher than analysts expected and a great reminder of the continuing toll of the disaster on the farm. Read more
WASHINGTON – Oil and gas companies in the Gulf of Mexico will have almost 3,500 permanent plug temporarily abandoned wells and approximately 650 production platforms that are no longer used to dismantle the Obama administration announced Wednesday.
The move comes as the energy industry complaints that voting is overloaded in the aftermath of the disaster BP oil in the Gulf.
Iinitial reaction of the American Petroleum Institute was that it was expected the announcement and had worked with the supervisors “in a reasonable time for implementation,” said spokesman Carlton Carroll msnbc.com. “We believe that for most operators, compliance will not be a problem.”
Carroll had no estimate of potential costs to industry, but said one concern is “the ability of companies to the permits required to undertake activities to get decommissioning.” Read more
As the only consolation for the residents of the Gulf of Mexico, Tony Hayward, CEO of BP did not win the regatta this weekend, he lived. His 52-foot yacht, named “Bob”, finished fourth in his class. Nevertheless, the decision of Hayward to return to England for annual competition JP Morgan’s around the Isle of Wight to attend is the latest PR blunder “by the head of the oil giant to blame for the biggest ecological disaster in U.S. history. Read more
Miners of London posted their best week in terms of stock performance since the beginning of the year. The FTSE 100 miners have gained an average of 10.8 percent, while small businesses and mid caps closed up 6.5 per cent.
The catalyst for the upward movement was the earthquake in Chile, which has led to concerns about the impact on the industry in the country of mining copper. (more…)
Oil prices have risen amid growing unrest in the Middle East and North Africa, has Wall Street been reminded of An Inconvenient Truth: All five U.S. recessions since 1973, either followed or coincided with a spike in energy costs.
It is too early to call for a new recession this time around, but the $ 12 jump in oil prices this week has left at least every economic optimists somewhat nervous.
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Crude oil traded near a two-week high in New York on optimism fuel demand will increase amid improved prospects for an economic recovery in the world’s largest energy consumer. Oil rose 2.9 percent yesterday as U.S. stocks gained for the sixth consecutive days after Alcoa Inc. earnings topped analysts’ estimates. Prices also rose as the International Energy Agency expects oil demand will grow in 2011. U.S. crude inventories probably fell last week, according to a Bloomberg News survey before a government report today. (more…)
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