BP is preparing for a legal decision in January regarding the company’s penalty under the Clean Water Act for oil spilled as a result of the Macondo well blowout and tragic Deepwater Horizon accident that occurred in the Gulf of Mexico 2010. BP is seeking to cap the amount of the civil penalty at $12.3… Keep reading →
The United States District Court for the Eastern District of Louisiana found BP was grossly negligent with regard to the accident and its activities in conjunction with the Macondo well in the Gulf of Mexico. BP said it “strongly disagrees” with the finding and will immediately appeal. The number of barrels spilled remains in question and… Keep reading →
Citing pressure from stakeholders and legal proceedings, the EPA said Thursday it’s moving forward with an endangerment finding regarding aircraft emissions that account for an estimated 11% of US greenhouse gas emissions. Proving pollutants from aircraft engines are a danger to the public is the first step in crafting enforceable limits to regulate those emissions.… Keep reading →
The Federal Gulf of Mexico is one of the fastest-growing offshore markets with yet-to-be-discovered potential of about 48 billion barrels of oil, according to various US data. The latest EIA data allocate 17% of US crude oil production in 2013 to the federal offshore Gulf of Mexico. Could the future of the US oil industry… Keep reading →
In a rare move, the UK government has come out in defense of BP regarding the US EPA’s decision to suspend the company from new government contracts. Members of the UK government filed a midnight brief on Monday saying the EPA’s decision could negatively impact jobs and pension funds invested in the UK super major.… Keep reading →
A disrupted planting schedule and unusually wet weather has increased demand for propane used to dry corn, creating shortages exacerbated by transportation bottlnecks. “A lot of guys are being rationed at 300 to 500 gallons a day, and it’s just not enough,” said John Plathe, 49, a corn farmer in west-central Minnesota. “If this were… Keep reading →
US energy policy is on hold for now, but several top-tier energy issues issues will be front and center when the House and Senate return to Capitol Hill after the August recess, according to Frank Maisano, Senior principal in law firm Bracewell Giuliani’s Government Relations and Strategic Communications Practice. Energy watchers should be on the… Keep reading →
BP displayed a lack of caution in agreeing to a rather lax set of standards regarding payment for Macondo oil spill claims. “The level of compensation was never capped and the settlement didn’t require proof that losses were caused by the spill.” [Bloomberg] Walgreens is building its first “net-zero energy” store in Illinois. Adding generation capacity… Keep reading →
The global fleet of ultra-deepwater oil rigs was increasing steadily until April 2010, when regulatory aftershocks from BP’s Macondo disaster slowed its overall growth rate. But now, two years after the Gulf spill, there are indications that drilling in the ultra-deep could be poised for a long-term surge.
One of the key indicators is rig demand. And a Barclays equity research report says oil companies are clamoring for rigs designed to operate in water depths of 7,500 feet or more – the generally accepted threshold for the ultra-deep space. Keep reading →
