The delivery of a Chinese-built, Spanish-backed offshore oil rig to Cuban waters has been delayed until summer. But when drilling does begin 90 miles off the Florida coast, it could mean a host of problems -- and opportunities -- on the energy and the political fronts.
The U.S. has approved the first permit to resume deepwater drilling in the Gulf of Mexico since the BP oil spill a year ago. The Noble Energy project, 70 miles southeast of Venice, La., is slated to be deeper than the blown out BP well.
Oil industry practices and government rules must be subjected to substantial reform to prevent future accidents similar to BP's Deepwater Horizon oil rig disaster in the Gulf of Mexico last April, said a report released Tuesday by the presidential panel probing the incident.
Facing widespread calls for boycotts, owners responded by hammering home the message that the U.K. oil company doesn't own most of the retail locations that bear its name. Now as anger fades, business is coming back, and few owners ditched the brand.
Stephen Baldwin has sued fellow actor Kevin Costner over the sale of technology used to help clean the BP oil spill in the Gulf of Mexico. Baldwin says Costner owes him a share of an $18 million deposit that BP made as part of a larger purchase.
BP is apparently considering the $1 billion sale of some of its assets in the North Sea as it tries to cover cleanup costs from the Gulf of Mexico oil spill. The company's Macondo well in the Gulf of Mexico exploded in April, leading to the most massive oil spill in U.S. history.
The Obama administration will temporarily ban the sale of new offshore oil drilling leases in the eastern Gulf of Mexico and off the Atlantic coast, Interior Department Secretary Ken Salazar said Wednesday, a policy change made in response to lessons learned from BP's horrific Deepwater Horizon oil spill.
The U.S. Interior Department has accused the White House of misrepresenting scientists' views to imply they were in favor of an oil-drilling ban. In actuality, the scientists hadn't been asked for their opinions on whether the ban would do any good, according to a department report.
The lead investigator for the presidential panel's investigation of April's Deepwater Horizon oil-spill disaster that killed 11 workers refuted previous reports that the rig's majority owner BP Plc and contractor Halliburton Co. compromised safety by cutting corners during the rig's construction, the New York Times reported.
Earlier Friday in London trading, shares of BP gained on rumors the largest oil company in the world, Exxon Mobil, is considering a bid for the oil company responsible for the largest oil spill in the U.S., Reuters reported.