The Brazilian billionaire Gradin family is spending $500 million on three offshore vessels to help Petroleo Brasileiro SA (PETR3), the biggest oil producer in deep waters, reverse declining output at its biggest production zone.
Norway may see a series of Arctic oil finds after a well produced crude from a previously unproductive layer of rock, explorer Lundin Petroleum AB said. More »
Chevron Corp. (CVX) began returning workers to shuttered Gulf of Mexico operations and Anadarko Petroleum Corp. said it expected to follow suit as Tropical Storm Karen weakened off Louisiana. More »
U.S. District Judge Carl Barbier is scheduled to hear three weeks of testimony from dueling experts to help him calculate how much oil spilled into the Gulf — a key factor in determining how much more money BP and its contractors owe for their roles in the deadly disaster. More »
Chevron Corp. began returning workers to shuttered Gulf of Mexico operations and Anadarko Petroleum Corp. said it expected to follow suit as Tropical Storm Karen weakened off Louisiana.
What happens when a tropical storm and a government shutdown collide? As Tropical Storm Karen heads toward the Gulf of Mexico and some oil companies evacuate platforms in the area, federal agencies are navigating a government shutdown to respond. More »
Falkland Oil & Gas Ltd. (FOGL)’s 61 million-pound ($99 million) bid for Desire (DES) Petroleum Plc will accelerate exploration off the Atlantic archipelago, said Falkland Oil Chief Executive Officer Tim Bushell.
Anadarko Petroleum Corp. is removing non-essential workers from operated facilities in the central and eastern Gulf of Mexico, including the Independence Hub, Neptune, Constitution and Marco Polo platforms. More »
Cyprus’ energy minister says that a gas field off the country’s southern coast contains between 3.6 and 6 trillion cubic feet (0.1-0.17 trillion cubic meters) of natural gas, noticeably less than an earlier estimate. More »
A federal court official in Rio de Janeiro Tuesday said that judge Raffaele Felice Pirro decided to dismiss the case on Friday after Chevron agreed to pay the equivalent of about $150 million in “compensatory activities.”
Top Obama administration officials and senators on Tuesday touted the promise of a long-stalled international treaty to unleash oil drilling along the U.S.-Mexico in the Gulf and warned that international relations between the companies could be harmed if America fails to enact the pact. More »
The nation’s top offshore drilling regulator said he hopes to unveil new requirements for blowout preventers by Dec. 31, nearly four years after the Deepwater Horizon disaster revealed vulnerabilities in the emergency devices. More »