Just days after outlining its business strategy BP is offering a massive $7 billion in cash to buy Devon Energy’s deepwater assets.
In a broad-ranging deal, BP will pay Devon Energy $7 billion for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico.
Interestingly the deal also involves extraction of the oil sands. BP will [...]

The headlines from BP’s Strategy presentation yesterday are all about how chief executive Tony Hayward  promised to boost annual profits by $3bn over the next two or three years.
In a frank admission, Hayward said that BP’s financial importance over the last few years had not been acceptable and had “some catching up to do.”

Tensions are rising rapidly over the imminent oil exploration around the Falklands.
Yesterday Argentina accused Britain of “whipping up the spectre of war” after the British Prime Minister Gordon Brown, insisted the Falkland Islands were being properly protected to allow oil and gas exploration.
“We have made all the preparations necessary to make sure the Falklands Islands [...]

When we talk about wars for oil, the first and second Gulf wars spring to mind. First it was Kuwait and then Iraq.
But cast your minds back even further to the Falklands conflict in the eighties. You could ask the question was Margaret Thatcher’s defining conflict about securing British sovereignty for the Islanders or was [...]

The Chukchi Sea stand-off between environmental and Alaska Native groups and Shell has taken another twist, with a new legal action to stop the oil company’s plans to drill in the region next summer.
Yesterday’s challenge was filed in the Ninth Circuit Court of Appeals a group of Native Americans and environmental organisations including the Natural [...]