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Posts under ‘Gulf of Mexico’

After Settlement, Relief at a Diminished BP

By STANLEY REED and CLIFFORD KRAUSS JULY 2, 2015 LONDON — BP’s future no longer has a giant cloud ahead. But it will take years, if not decades, for the company to approach its size of five years ago, before the explosion of the Deepwater Horizon rig. Since the 2010 blowout of the Macondo well killed […]

BP has finally settled Deepwater Horizon Case

Shares in oil giant BP climb on news it has finally settled long-running US court case over Deepwater Horizon explosion and oil spill Dudley dismissed market talk of a takeover of BP and said BP is ‘neither prey nor predator’. A clause in the settlement with the US means that if BP were sold to another […]

BP to pay £12bn for Gulf oil spill

2 July 2015 BP has reached an $18.7bn (£12bn) settlement with the US Department of Justice (DoJ) following the 2010 Gulf of Mexico oil spill. It comes as a US federal judge was expected to rule on how much BP owed in Clean Water Act penalties following the environmental disaster. Over 125 million gallons of […]

BP Pays Record $18.7 Billion to Settle Claims in Gulf Oil Spill

By Margaret Cronin Fisk, Laurel Brubaker Calkins and Del Quentin Wilber: July 2, 2015 1:13 PM BST BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as […]

Shell goes ahead with giant Gulf of Mexico field after cost cuts

Shell goes ahead with giant Gulf of Mexico field after cost cuts Markets | Wed Jul 1, 2015 * Appomattox project set to start production by end of decade * Will be Shell’s largest platform in the region (Adds details, quotes, share price) By Ron Bousso LONDON, July 1 (Reuters) – Royal Dutch Shell has […]

Shell to tap new Gulf of Mexico oil

Shell to tap new Gulf of Mexico oil HOUSTON, July 1 (UPI) — Royal Dutch Shell said Wednesday it made a final investment decision to open up new oil developments in the deep waters of the U.S. Gulf of Mexico. Shell said it was moving forward with a decision to build what it says will […]

Shell Cleared For Exploration Off Nova Scotia

By Andy Tully: Posted on Wed, 17 June 2015 Shell Canada Ltd. is ready to begin exploratory drilling off the coast of Nova Scotia now that it has received conditional approval for the project from the country’s environmental minister. Canada’s Environmental Assessment Agency issued the decision the night of June 15 after the environmental minister, Leona […]

As Shell moves toward Arctic, industry decries regulations

Article by Jennifer A. Dlouhy published June 16, 2015 by The Houston Chronicle As Shell moves toward Arctic, industry decries regulations Industry leaders and allies in Congress say red tape will discourage Arctic exploration WASHINGTON – Even as Shell Oil Co. gets closer to drilling new exploratory wells in Alaska’s Chukchi Sea, industry leaders and their congressional […]

Shell gets go-ahead for Shelburne Basin drilling project

Shell gets go-ahead for Shelburne Basin drilling project SHERRI BORDEN COLLEY STAFF REPORTER: June 15, 2015  Shell Canada has received the green light to begin exploratory drilling off the coast of Nova Scotia later this year. The project cleared its final regulatory hurdle late Monday when federal Environment Minister Leona Aglukkaq gave the company conditional approval. […]

Shell removing non-essential workers from Gulf of Mexico

Shell removing non-essential workers from Gulf of Mexico Markets | Sun Jun 14, 2015 9:50pm EDT (Reuters) – Leading Gulf of Mexico oil producer Shell Oil Co, the U.S. arm of Royal Dutch Shell Plc , said it was removing non-essential workers from offshore platforms as a precautionary measure ahead of a low-pressure storm system […]

We May Not See Arctic Oil For Decades

We May Not See Arctic Oil For Decades SHELL MAY END UP WITH NOTHING By Nick Cunningham: Posted on Wed, 27 May 2015 Shell’s Arctic campaign this year will be pivotal. If the company cannot find large reserves of oil, it will likely set back Arctic oil development for a generation. The Financial Times reported that […]

Shell faces what amounts to an almost existential crisis

Analysts Downgrade Troubled Shell Given Mornigstar’s view that long-term oil prices will be well below $100 going forward, we don’t believe Shell’s has a lasting competitive advantage over its peers Stephen Simko, CFA 27 May, 2015 Shell (RDSB) faces what amounts to an almost existential crisis: even when oil prices were $100 its portfolio was […]

Exxon, Hunt among companies approved to bid on drilling in Gulf of Mexico

“Shell, the European oil giant, and Brazil’s national oil company Petrobras, both of which had initially explored pursuing drilling rights in Mexico, ultimately decided to pull their applications…” By JAMES OSBORNE: Staff Writer: Published: 26 May 2015  Exxon Mobil and Hunt Oil aren’t turning their backs on Mexico’s oil fields yet. The North Texas-based oil companies were […]

No Shell Arctic Oil Until 2030’s

By: MICHEAL KAUFMAN: Published: May 26, 2015  Royal Dutch Shell Plc’s (ADR) (NYSE:RDS.A) head of oil and gas production in Americas, Marvin Odum has told the Financial Times (FT) in an interview that the company’s Arctic drilling operations would take at least a decade to extract oil reserves, which would then be sent to production. The […]

Out to Stop Shell’s Giant Oil Rig

Extracts from a Rolling Stone article by ANTONIA JUHASZ published 22 May 2015 Meet the Rappers and ‘Kayaktivists’ Out to Stop Shell’s Giant Oil Rig …several hundred people trying to disrupt business as usual for the world’s largest oil company… Their target, Royal Dutch Shell’s 400-foot-long, 300-foot-tall offshore oil rig, dubbed the Polar Pioneer, was just out […]

Environmentalists score a little discussed big win in Arctic drilling plans

May 19 2015, 14:48 ET | By: Carl Surran, SA News Editor Environmentalists score a little discussed big win in Arctic drilling plans Environmentalists angered by the Obama administration’s approval of Royal Dutch Shell’s (RDS.A, RDS.B) broad plan for boring exploratory oil wells in the Chukchi Sea seem to have overlooked that they scored a […]

Shell braves a return to its Arctic ordeals: But, with oil at such a low price, why now?

By LAURA CHESTERS FOR THE DAILY MAIL: 13 May 2015 New Year’s Eve 2012 is a date Lieutenant Commander Jim Cooley will never forget. As part of the rescue team from the US Coast Guard he flew out in treacherous, stormy conditions to rescue 18 men aboard Royal Dutch Shell’s stranded Kulluk oil rig. Earlier that […]

Shell agrees to start clean up of 2008 Niger Delta oil spill

Shell agrees to start clean up of 2008 Niger Delta oil spill 2nd May 2015 Shell has agreed with Nigerian fishing community of Bodo in the Niger Delta to start the clean up of two devastating oil spills in 2008, activists and locals said Saturday. “Shell officials met with representatives of Bodo community in Port […]

Nigeria: Shell Rules Out Divestment in Nigeria, Others This Year

Article by Daniel Adugbo published 1 May 2015 by AllAfrica.com Shell Rules Out Divestment in Nigeria, Others This Year Royal Dutch Shell said yesterday it had reduced its expected 2015 capital expenditure (capex) to $33 billion from $35 billion as the company continues to adjust its business to the lower oil-price. Releasing its first-quarter results […]

Shell cuts 2015 capex, sees downstream downturn

Shell cuts 2015 capex, sees downstream downturn London (Platts)–30 Apr 2015 * Capex reduced by more than $2 billion * Decision on Majnoon development pushed back to 2017 * CFO says refining margins already worsening Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little […]

Shell’s Shocking Share of the Groningen Earthquake Costs

Shell’s Shocking Share of the Groningen Earthquake Costs By a Regular Contributor The Dutch government does not seem to be very pleased with Shell: it’s action to reverse the burden of proof in Groningen cases seems to imply that Shell cannot be trusted… For each of the 250,000 potential claimants to take Shell to court […]

Shell Accused Of Misleading Its Shareholders About The Risks Of Arctic Drilling

BY ELISE SHULMAN — GUEST CONTRIBUTOR POSTED 29 APRIL 2015 on thinkprogress.org Shell Accused Of Misleading Its Shareholders About The Risks Of Arctic Drilling If Royal Dutch Shell’s Arctic drilling program leads to a major spill, it could cost the oil company — and therefore its shareholders — an entire year’s worth of profit, according […]

FT: UK government warns BP over potential takeover

An article by George Parker and Christopher Adams published 26 April 2015 by The Financial Times UK government warns BP over potential takeover Amid wider consolidation in the energy sector, triggered by the sharp fall in oil prices, Downing Street has informed BP and senior City figures that it wants the group to remain a British […]

What the BP Oil Disaster Tells Us About Arctic Drilling: Keep Out!

BY CAROL BROWNER AND MICHAEL CONATHAN 4/20/15 Five years ago today, an explosion on board the oil rig Deepwater Horizon killed 11 men and unleashed one of the largest and costliest offshore oil disaster this nation has ever experienced. By the end of 2014, BP, the company primarily responsible for the disaster, estimated the overall […]

Shell standing above its peers

Article by Daniel J. Graeber published 13 April 2015 by UPI Shell standing above its peers LONDON, April 13 (UPI) — Shell’s grab of energy giant BG Group and a legal victory for frontier work offshore Alaska leaves rivals in the dust, though environmentalist are unimpressed. The board of directors at Shell and BG group issued […]

New Sea Drilling Rule Planned, 5 Years After BP Oil Spill

Article by CORAL DAVENPORT published APRIL 10, 2015 by The New York Times New Sea Drilling Rule Planned, 5 Years After BP Oil Spill WASHINGTON — The Obama administration is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP […]

Why we all should care about the oil platform explosion that just happened in Mexico

This image, one of several that were made available to Greenpeace by anonymous workers, shows smoke and fire on the shallow-water Abkatun, a permanent platform in the Campeche Sound in the Gulf of Mexico. Early Wednesday morning the Pemex oil platform, Abkatun Alpha blew up off the West coast of the Yucatan peninsula. The explosion […]

Shell’s profit comes at our expense

Greenpeace article by Isadora Wronski published 2 April 2015 Shell’s profit comes at our expense Climate science has made it clear that Arctic oil needs to stay in the ground if we want to avoid the worst impacts from global climate change. We know it and we also know that Shell knows it too. Knowingly going […]

CAN SHELL SAFELY DRILL IN THE ARCTIC?

By: MICHEAL KAUFMAN Published: Mar 30, 2015 at 10:40 am EST Shell Oil Company, subsidiary of multinational oil giant Royal Dutch Shell Plc (ADR) (NYSE:RDS), is conducting drilling tests in Bellingham, Washington, ahead of potential regulatory approval for drilling in the Arctic. According to media reports, government officials in Washington are observing Shell’s oil spill […]

Shell oil drilling in Arctic set to get US government permission

From an article by Terry Macalister published by the Guardian on Sunday 22 March 2015: Shell oil drilling in Arctic set to get US government permission The US government is expected this week to give the go-ahead to a controversial plan by Shell to restart drilling for oil in the Arctic. The green light from Sally Jewell, the […]

Shell Leads Gulf Sale Bids

By: MICHEAL KAUFMAN: Published: Mar 19, 2015 at 1:06 pm EST Extracts The Oil and Gas Journal, quoting US Bureau of Ocean Energy Management (BOEM), has reported that the Gulf of Mexico, Central Planning Area Lease Sale 235 attracted around 195 bids from 42 companies. Major energy companies such as Statoil ASA (ADR) (NYSE:STO), Chevron Corporation […]

Exxon, Shell’s spending patterns may help them through oil price drop

* Two biggest oil firms have finished major projects * Exxon, Shell able to cut 2015 spending * All oil majors face 2015 negative cashflow * Set to increase borrowing easily to cover shortfalls By Ron Bousso and Dmitry Zhdannikov LONDON, March 10 (Reuters) – The world’s two biggest oil firms, Exxon Mobil Corp and […]

New safety rules for offshore Arctic drilling proposed to avoid repeat of Shell disaster

New safety rules for offshore Arctic drilling proposed to avoid repeat of Shell disaster US officials want to make sure companies can handle a blow-out in remote and icy conditions – without inflicting an environmental disaster Suzanne Goldenberg in Washington The Obama administration proposed new rules for Arctic oil drilling on Friday in an attempt […]

BP loses bid to cut maximum $13.7 billion Gulf spill fine

BY JONATHAN STEMPEL Thu Feb 19, 2015 9:04pm EST (Reuters) – A U.S. judge on Thursday rejected BP Plc’s (BP.L) attempt to reduce the maximum civil fine it could face for its role in the 2010 Gulf of Mexico oil spill, leaving it potentially liable to pay $13.7 billion under the federal Clean Water Act. […]

BP Shell merger on the horizon

Potentially, a prolonged period of low oil prices might finally see BP and Shell, like two drunken sailors, holding each other up through the merger that has so long been on the horizon. AN ARTICLE BY ALEX BRUMMER FOR THE DAILY MAIL PUBLISHED 30 Jan 2015  “ALEX BRUMMER: Big oil players confront the slump by slashing capital […]

Nazi rat lines and Pieter Schelte Heerema

by Ton Biesemaat, Dutch investigative journalist …there is overwhelming proof that Pieter Schelte Heerema remained a staunch Nazi until his death. Yet the world does not seem to care when one of the largest ships is named after this man  There is a lot of media noise about one of the world’s largest ships, which […]

Why Shell And Exxon Are Interested In Gulf Of Mexico Bidding

By: MICHEAL KAUFMAN: Published: Jan 21, 2015 Some of the largest global oil producers have shown an early interest in the first phase of Mexico’s bidding round for blocks of exploratory crude oil and natural gas, located in the Deepwater region of Gulf of Mexico. According to a Mexican government official, the oil and gas blocks […]

Blood in the water

Mergers offer a chance to cut costs and save money. Prices are low. BP, now fit, lean and cheap, is not best placed to go shopping itself. So it could be on someone else’s list. The oil giant’s troubles could make it a takeover target, especially if the price of crude keeps falling INVESTORS in […]

BP sees $50 oil for three years

BP can’t be immune to the upheaval. Today its job announcement is focused on the UK. But it won’t be long till it announces staff reductions in Houston, another of its important centres. Robert Peston article published by BBC News 15 Jan 2015 BP sees $50 oil for three years BP’s job announcement later today, […]

BP To Cut Jobs And Capital Spending

Bidness Etc discusses the capital spending reduction and job cuts planned by BP for this year and the reasons for doing so. Future prospects of the oil giant are also looked upon By: MICHEAL KAUFMAN Published: Jan 8, 2015 at 8:56 am EST BP plc (ADR) (NYSE:BP) is looking to divest more assets in the […]