(AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
Floor hands David Vannapha, left, Mario Ramos, center, and Jose Garza make a pipe connection on the drill string on the Orion Perseus drilling rig near Encinal in Webb County, Texas, U.S., on Monday, March 26, 2012. The Perseus is drilling for oil and gas in the Eagle Ford Shale, a sedimentary rock formation underlying an area of South and East Texas. Photographer: Eddie Seal/Bloomberg *** Local Caption *** David Vannapha; Mario Ramos; Jose Garza

Chesapeake sells Oklahoma oil land for $840 million

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The oil land sold off in the deal covers 250,000 net acres in west Oklahoma near the Texas Panhandle, with about 1,500 wells pumping oil and gas from subterranean reservoirs called the Cleveland, Tonkawa and Marmaton formations that straddle the state border.
An oil pump jacks sits on a Osage County ranch in Oklahoma. (Mayra Beltran/Houston Chronicle)

Crude prices tank after oil supply added nearly 2 million barrels

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Crude oil prices opened lower and continued to fall in Wednesday trading, as the markets parsed new data showing the oversupply of crude isn’t about to evaporate.
A rendering of Shell's planned oil platform for its Appomattox and Vicksburg discoveries in the deep-water Gulf of Mexico. (Shell)

Shell moves forward on major Gulf of Mexico platform

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Shell said it authorized the major project after finding 20 percent in cost reductions and determining that it will produce a profit as long as the global benchmark for oil prices stays above $55 a barrel.
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.
An LNG tanker (Tomohiro Ohsumi/Bloomberg)

Enbridge takes 5 percent stake in planned offshore LNG project

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Houston’s Fairwood Peninsula Energy Corp. said Wednesday the pipeline company had purchased the small stake and agreed to assist in the development of its Delfin LNG project.
A well is drilled at an Apache Energy site in the Permian Basin in Midland, Texas, Feb. 14, 2012. (Jim Wilson/The New York Times)

New data reveals which U.S. fracking wells needed the most water to drill

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The shale plays where hydraulic fracturing, or fracking, dominated the majority of oil and gas drilling were also the same plays where water use was highest, ranging between 2.6 million gallons and 9.7 million gallons of water per well.
Environmentalists want California Gov. Jerry Brown to halt plans for hydraulic fracturing  off Southern California.  (AP file photo/Nick Ut)

Environmentalists want Brown to stop offshore fracturing

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State regulators in June approved nine permits for Long Beach Harbor.
Russ Girling, President and CEO of TransCanada Corporation, speaks at a press event at the pipe yard for TransCanadaƕs Houston Lateral Project in Mont Belvieu, Texas, about 30 miles east of Houston on Wednesday, March 5, 2014. (Bloomberg Photo/Scott Dalton)

TransCanada touts carbon reduction programs in latest Keystone push

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The controversial Keystone XL pipeline, which would directly link the oil sands of Alberta to a midwestern U.S. oil hub, has been awaiting the presidential authorization it needs to cross the border for seven years.
(AP Photo/U.S. Geological Survey, S.A. Sonsthagen)

Obama administration delivers big blow to Shell’s Arctic drilling plans

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The Fish and Wildlife Service said it could not authorize sound from Shell’s planned drilling of wells roughly nine miles apart to disturb walruses in the Chukchi Sea, because a 2013 requirement mandates a 15-mile buffer zone.