Private oil companies soon could partner with Mexico's Pemex on operations like this in the Bay of Campeche. (Susana Gonzalez photo/Bloomberg)

Big Oil to battle for Mexico’s deep crude after auction snub

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International energy producers that sat out Mexico’s historic oilfield auction this week will be among the fiercest competitors for potentially massive deepwater prospects that go up for sale as soon as next month.
A worker from Oceanografia SA walks down a set of stairs on a section of the Petroleos Mexicanos (Pemex) Pol-A Platform complex, located on the continental shelf in the Gulf of Mexico, 70 kilometers offshore from Ciudad del Carmen, Mexico, on Friday, March 28, 2014. "Production is stable and we foresee production reaching our target levels above 2.5 million barrels per day,? Pemex chief executive officer Emilio Lozoya said in an interview last week. Photographer: Susana Gonzalez/Bloomberg

Oil majors shun Mexico offshore auction as blocks go unsold

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Exxon Mobil Corp., Chevron Corp. and Total SA all passed on the first 14 shallow-water oil blocks auctioned by Mexico today in the country’s first-ever sale of territory in the Gulf of Mexico. Only one of Mexico’s first five oil blocks auctioned received a qualifying bid.
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

New Orleans accepts $45 million from BP in oil spill settlement

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Mayor Mitch Landrieu’s office announced in a news release Thursday the money will be used for “resilience initiatives, including water management and coastal and ecosystem restoration.”
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has struck a deal to settle all federal, state and local claims against it for its role in the Deepwater Horizon oil spill for $18.7 billion. It would pay out that sum over 18 years, BP said Thursday.
A jackup rig works on an Energy XXI project in the Main Pass complex of the Gulf of Mexico, located in about 100 feet of water near the mouth of the Mississippi River. (Martin L Vargas / Energy XXI)

Energy XXI sells off oil-rich shallow water field for $21 million

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The Houston firm sold its East Bay Field, about 89 miles southeast of New Orleans, to an undisclosed private buyer for $21 million, the company announced Wednesday.
Deepwater Horizon

BP’s Gulf spill toll could run up to $68.2 billion

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The cost estimate means the remaining legal aftermath of the Deepwater Horizon oil spill, which includes impending environmental fines and settlement payments, could run up another $16 billion to $24 billion as the tangle of litigation around the spill unfolds for the next few years.
In this Thursday April 2, 2015, handout photo provided by Petroleos Mexicanos (Pemex), emergency boats works to put out a fire at the Abkatun-A Permanente shallow-water oil platform in the Campeche Sound. Three workers are missing following the huge blaze on the platform in the Gulf of Mexico that killed four workers and burned for hours, Mexico's state oil company said Thursday. (AP Photo/Pemex)

Fire, oil leak reported at Pemex offshore oil rig

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The accident at the Akal-H platform is Pemex’s third since April 1, when seven people died in a fire at the Abkatun A- Permanente platform. Two other workers died last month when a jack-up rig operated by Typhoon Offshore SAPI de CV collapsed in the Campeche Bay.
(Simon Dawson/Bloomberg)

Transocean’s June drilling contracts come in at year high

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It’s the first time since December that Transocean has drawn more than $100 million in contracts this year, well above the monthly average of $22 million it saw in the first five months of 2015.
(Jason Alden/Bloomberg)

Gulf spill debt could hit BP hard over next few years, says ratings agency

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A federal judge in New Orleans could rule at any time on BP’s oil spill penalties, which could rise as high as $13.7 billion. BP has set aside just $3.5 billion for the fines, but Fitch said its rating adjustment assumes the judge will hand down the highest-possible penalty.
An artist rendering of Cheniere Energy's proposed LNG export terminal in Corpus Christi.

Kinder Morgan LNG export project applies for FERC approval

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Kinder Morgan is seeking Federal Energy Regulatory Commission to build the $8 billion LNG export project near Pascagoula, Mississippi. The applicants are seeking FERC approval no later than June 17, 2016.