bp oil spill update

BP Weighs Sale of North Sea Assets to Cover Gulf Costs

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.

Obama Temporarily Bans Some New Offshore Drilling

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.

Exxon Mobil Rumor Moves BP Stock Up and Down

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.

Halliburton Responds to Cement Test Claims

Halliburton (HAL) defended itself against claims that it was aware of test results showing that the cement to be used as a plug for the bottom of the Macondo oil well was unstable.

BP Names Assets as Collateral For Compensation Fund

BP (BP) named the U.S. oil assets that will help finance its $20 billion compensation fund for victims of the Gulf oil disaster. Revenue from oil fields including Thunder Horse, Atlantis and Mad Dog will be tied to compensation payments, the oil giant said in a statement.

Gulf Oil Spill Fund to Speed Up Payments to Victims

The $20 billion fund established to compensate victims of BP's Gulf oil spill has been criticized for processing claims too slowly. Kenneth Feinberg responded to those accusations Saturday, and said was implementing changes to make payments more quickly, and more generous.

BP Relief Well Reaches Macondo Well

BP's (BP) relief well reached intercepted the Macondo well, putting engineers in a position to permanently plug the well that spewed out millions of barrels of oil into the Gulf of Mexico.

Where's the Oil From the BP Spill? Look Down Below

Nearly five months since the start of the massive BP oil spill, many questions are still unanswered. More than 200 million gallons of oil were released between April and August. And now a team of marine scientists thinks they know where a large portion of the oil from the BP spill has gone.

BP Says Barring it From Drilling in the Gulf Endangers Payouts

BP (BP) warned that any legislation that stops it from drilling for oil in the Gulf of Mexico could prevent the oil giant from paying out compensation related to this year%u2019s oil spill. Congress is currently considering legislation that would bar any company from receiving offshore drilling permits if more than 10 fatalities had occurred at its offshore or onshore facilities, The New York Times reported. The bill also forbids permits to companies that have paid fines of $10 million or more under the Clean Air or Clean Water acts over a seven-year period.

A Tough First Day for Oil Spill Claims Czar Feinberg

Kenneth Feinberg, who was jointly selected to be the new oil spill claims czar by the White House and BP, spent his first official day on the job Monday taking heat over the guidelines he has established for claims against the fund BP set up for victims of the Gulf of Mexico disaster.

BP Begins Cementing Gulf Oil Well

BP (BP) has started pumping cement into its ruptured Macondo well in the Gulf of Mexico, the next step in the process to permanently end the disastrous oil spill.

BP Says Gulf of Mexico Oil Well in 'Static Condition'

BP (BP) said its ruptured well in the Gulf of Mexico reached a "static condition", with the well pressure brought under control. The pressure was stabilized by the so-called static kill process of pumping in mud, which began Tuesday, BP said in a statement.

BP Sells Operations in Colombia for $1.9 Billion

BP, which needs to raise funds to help clean up the worst oil spill in U.S. history, said Tuesday it will sell its operations in Colombia for $1.9 billion to Ecopetrol and the Canadian company Talisman. Ecopetrol is the largest oil company in Colombia.

Gulf Disaster Is Largest Accidental Spill Ever, Research Shows

The oil spill in the Gulf of Mexico has spewed nearly 5 million barrels of oil into the ocean, making it he largest accidental spill into marine waters in history, new research shows. The spill from BP (BP)%u2019s ruptured Macondo well easily outstrips the previous record of 3.3 million barrels released into the Bay of Campeche by Mexico%u2019s Ixtoc I rig in 1979, The New York Times reported.

Engineers in Gulf Ready 'Static Kill' Operation

Crews working to plug BP's ruptured oil well in the Gulf of Mexico aim to begin an operation to pour mud and cement into the well by Monday evening, a step toward fixing the leak permanently.

What BP Might Look Like a Year From Now

Will there even be a BP as we now know it? The answers rest on several variables, most notably: continued asset sales, future litigation and efforts to restore the company's now-tattered public image. Its problems are only beginning.

Is Bob Dudley the Guy to Remake BP's Culture?

BP's board appears to be saying yes. They're betting the American who has become the face of BP's Gulf Oil spill cleanup has the right stuff to not only end that nightmare but to lead an overhaul of BP's corporate culture to one that stresses safety as well profits.

Bad Weather Brings BP Gulf Operations to Near Standstill

Authorities suspended operations around the ruptured oil well in the Gulf of Mexico and prepared to evacuate workers as a tropical storm threatened to enter the area. Bad weather in the Caribbean will likely enter the Gulf this weekend, and there is a 40% chance of it becoming a tropical depression or tropical storm by Friday, the Associated Press reported. Efforts to plug the ruptured oil well were brought to a near standstill.

U.S. Allows Another 24 Hours to Study BP's Capped Oil Well

The U.S. authorized another 24-hour period to collect information and review all of its options before moving ahead with a plan to seal BP's damaged Deepwater Horizon well in the Gulf of Mexico or to reconnect it to surface collection ships.

BP's Oil Spill Costs May Be Up to $33 Billion

The oil spill in the Gulf of Mexico is taking a bigger bite out of BP's bottom line, according to a report issued Wednesday by analysts for Sanford C. Bernstein that hikes the oil company's cost to $33 billion.

BP's Hayward: 'I Wasn't Involved' in Rig Decisions

The embattled CEO stuck to his script Thursday, expression contrition and offering empathy. But when pressed for details and explanations, he wouldn't go beyond: "I think it's too early to reach conclusions."

BP's Hayward Offers Few Answers to Congress

"I understand people want a simple answer about why this happened and who is to blame," BP CEO Tony Hayward said in his prepared remarks. "The truth, however, is that this is a complex accident, caused by an unprecedented combination of failures."