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Shell bid starts race for African gas fields

Royal Dutch Shell Plc (RDSA)’s $1.6 billion bid for Cove Energy Plc (COV) starts a race to develop natural-gas fields off Mozambique’s Indian Ocean coast that may hold more than Norway’s entire reserves.  More »

Obama urged to resist calls to use oil reserves amid Iran risks

President Barack Obama should resist calls to combat rising gas prices with oil from U.S. reserves, which must be available in the event Iran blocks a pathway for a fifth of the crude heading to market, Republicans say.  More »

BP, Anadarko ruled liable for pollution law violations

“BP and Anadarko are liable for civil penalties under the act because they are both owners of the offshore facility from which oil discharged,” Judge Carl Barbier said.  More »

Shell bids $1.6 billion for oil explorer Cove Energy

Royal Dutch Shell Plc (RDSA), Europe’s largest oil company, offered to buy African explorer Cove Energy Plc (COV) for 992.4 million pounds ($1.6 billion) to gain a foothold in Mozambique.  More »

Judge upholds New York town’s fracking ban

A central New York town can block natural-gas drilling after a state judge, in the first test of local laws, upheld the Town of Dryden’s ban on hydraulic fracturing.  More »

Transocean employee hurt in BP blast asks for separate trial

Buddy Trahan, a Transocean Ltd. (RIG) rig supervisor who barely survived the BP Plc (BP/) Deepwater Horizon rig disaster, asked a federal judge to free his stalled personal- injury lawsuit from the oil-spill litigation set for trial in New Orleans on Feb. 27.  More »

Fukushima disaster left U.S. agency in confusion

Relying on information from Japanese officials, U.S. Nuclear Regulatory Commission Chairman Gregory Jaczko told Congress that a spent-fuel pool at Japan’s crippled Fukushima plant was dry. It wasn’t true.  More »

Enterprise draining 2.3 million barrels of oil into Cushing

The companies are preparing to reverse the Seaway pipeline’s flow to take oil to U.S. Gulf Coast refiners.  More »

Weatherford shares fall on tax issues, restated earnings

The company last year identified “material weaknesses” in its accounting system and cut earnings by $500 million.  More »

BP settles with injured Deepwater Horizon worker

BP Plc (BP/), Transocean Ltd. (RIG) and others involved in the operation of the Deepwater Horizon rig that exploded in the Gulf of Mexico in 2010 agreed to settle a lawsuit filed by a worker injured in the blast.  More »

Anadarko says Jupiter-1 well off Sierra Leone finds oil

Anadarko Petroleum Corp. (APC) said the Jupiter-1 exploration well off Sierra Leone found oil and gas.  More »

Oil profits slide fastest since Lehman collapse on gas

Profits for the biggest U.S. energy producers including Exxon Mobil Corp. (XOM) are poised to decline the most since the financial meltdown of 2008-09 as the drilling technique known as fracking collapses natural gas prices.  More »

BP spill deal possible this week after Mitsui, analyst says

BP Plc (BP/), operator of the Macondo well that caused the U.S.’s worst oil spill, may reach a settlement for the disaster this week after a partner agreed on fines, an Oppenheimer & Co. analyst said.  More »

BP fire at refinery in Washington state is out

A fire at BP’s Cherry Point oil refinery in Washington state that forced some process units shut and prompted a partial evacuation of the plant has been extinguished, according to a company spokesman.  More »

BP won’t face questions about post-spill probe

Lawyers suing BP (BP/) Plc over the 2010 Gulf of Mexico oil spill won’t be able to cross-examine witnesses at this month’s trial about a post-incident investigation, a judge said.  More »