The saying in the city is that the markets do not lie. And after Friday’s late night deal to reach a settlement with plaintiffs for a reported $7.8 billion, shares this morning in BP are topping the FTSE 100. The company’s share have risen over 2 per cent this morning with some analysts saying the … Read More
Gulf of Mexico
BP Trial “Close to Settlement”
So the trial of the century may not happen after all. This morning, lawyers representing over 116,000 plaintiffs had been due in court in New Orleans to begin the trial against BP and other defendants resulting from the Deepwater Horizon. The trial could have lasted two years. Documents in the case run to more than … Read More
Oil Spill off Rio Sets Chevron at the Center of Scandal
Chevron is at the center of a scandal over the oil spill in the offshore Campos Basin Frade field about 230 miles from the coast of northeast Rio de Janeiro. Originally the company said that the spill was natural seepage from the field. Well, no, it appears it was not. The scandal began to unravel on … Read More
BP: Reprieved from Death Row
It’s been a good few days for BP. The company’s share price surged 5.1 per cent this morning after it was announced that Anadarko Petroleum will pay $4 billion to settle all claims for last year’s Gulf of Mexico oil spill. The US-based Anadarko Petroleum was a part-leaseholder of ill-fated Macondo well. As part of … Read More
Gov Report into Deepwater “Spreads Blame”
After numerous delays, and even the departure of a lead investigator, later today the US government is expected to release the report into last year’s Deepwater Horizon disaster that has been undertaken by the Coast Guard and the Agency responsible for regulating offshore drilling. According to the Wall Street Journal, the federal investigation into the … Read More
Comeback Kid Hayward Severs Final Link With BP
Finally after 29 years, Tony Hayward, the former chief executive of BP, will sever all his ties with the oil giant. Although he resigned from being Chief Executive last year in the wake of the Deepwater Horizon disaster, Hayward has remained on board of its Russian joint venture, TNK-BP. But it has announced that he … Read More
“Very Close Match” Between New Spill And BP’s Well
A renewed push for permits by oil companies in the Gulf of Mexico is being overshadowed by a row over whether BP’s capped Macondo well is actually leaking oil. If the well is somehow still leaking this would have major ramifications for BP, but also the wider industry that is gearing up for further drilling … Read More
The “Spill Amnesia Bill”
A week, they say, can be a long time in politics. A year, therefore can be a lifetime. And long enough to forget. A year on from the Deepwater disaster, Republicans are acting as if the America’s largest ever oil spill did not in fact happen. It was just a distant bad dream. Yesterday, as … Read More
“I don’t see any daylight at the end of this tunnel”
At 10.00 AM today, BP’s 80,000 employees marked a minute’s silence in memory of those who died on the Deepwater Horizon, exactly a year ago. Meanwhile in the Gulf, relatives of the 11 men who died aboard the Deepwater Horizon are flying over the rig site, back to the epicenter of the disaster. On land, … Read More
BP “wanted control of the science”
This Wednesday is going to be a painful day for many. The first Anniversary of the Deepwater Horizon will be a deeply painful day for many of the workers who were on the fateful rig, and the families of the deceased. We must remember that eleven people died that day. At least 40 workers were … Read More