NASDAQ By Fawn Johnson, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The U.S. Securities and Exchange Commission will begin distributing about $113.5 million to some 84,000 investors Friday stemming from a 2004 settlement with Royal Dutch/Shell Group after it was accused of overstating its oil reserves. A federal court approved the distribution plan earlier this [...]
Posts on ‘April 30th, 2010’
BBC News Homeland Security Secretary Napolitano: This is a spill of national significance Friday, 30 April 2010 13:15 UK The US administration has banned oil drilling in new areas of the US coast pending investigations into the cause of the oil spill off Louisiana. “No additional drilling has been authorised and none will until we [...]
The Associated Press Published: April 29th, 2010 11:39 AM Last Modified: April 29th, 2010 11:40 AM FAIRBANKS — A large oil spill in the Gulf of Mexico has come at a tricky time for two companies seeking to increase Arctic exploration. The Gulf spill occurred weeks after Shell and Conoco Phillips said they would boost [...]
REUTERS * Shell plans no expansions in oil sands * Expects to boost output from existing ops (In U.S. dollars unless noted) CALGARY, Alberta, April 29 (Reuters) – Royal Dutch Shell Plc (RDSa.L) has no plans to quickly expand its oil sands operations, focusing instead on tweaking output from its existing investments, the head of [...]
April 30 (Bloomberg) — Royal Dutch Shell Plc and PetroChina Co. received approval from Australias Foreign Investment Review Board to acquire gas producer Arrow Energy Ltd. in a A$3.5 billion ($3.3 billion) transaction.
April 30 (Bloomberg) U.S. Interior Department inspectors began boarding deep-water platforms in the Gulf of Mexico, and Louisiana asked for help from the National Guard as an oil sheen reportedly washed ashore in the worst rig spill in four decades.
The U.S. will use every single available resource at our disposal, in response to the spill, President Barack Obama said yesterday. BP Plc, which owns the leaking well, is ultimately responsible for paying for the cleanup, the president said. A faint sheen washed ashore on the Louisiana coastline last night, the Associated Press reported. Oil may hit Mississippi tomorrow, Alabama in two days and Florida in three, according to a government forecast.
Oil is escaping from the well at a rate of about 5,000 barrels a day, five times faster than previously estimated, according to the U.S. Coast Guard. At that rate, the volume of the leak will exceed Alaskas 1989 Exxon Valdez accident by the third week of June, making it the worst U.S. oil spill.
This has a danger of becoming an utter ecological disaster, said Ken Medlock, a fellow in energy and resource economics at Rice Universitys Baker Institute for Public Policy in Houston. This is going to result in remediation costs, and is going to be burdensome, to say the least.
Louisiana Governor Bobby Jindal declared a state of emergency and demanded extra oil barriers from BP and the U.S. Coast Guard to protect wildlife preserves that nurture a $1.8 billion seafood industry, the richest in the U.S. behind Alaska.