deepwater drilling

3 Reasons Oil Prices Are Headed Higher in 2012

Americans have grown used to oil at $100 a barrel and paying more than $3 per gallon for gas at the pump. But don't get too comfy -- the price of filling up is probably going up in 2012.

Why Oil Services Stocks Are Starting to Get Hot

As rapid economic development and a population boom take place in the developing world, oil will play an increasingly vital role, no matter what its drawbacks. That puts the likes of Schlumberger, Weatherford and Baker Hughes in a sweet spot.

Rig Fire Shows Gulf Oil Spill's Lessons Are Being Ignored

No one died in the second major Gulf of Mexico oil rig mishap this year, and the fire aboard the Mariner Energy platform didn't lead to a spill. But that doesn't make it a win for America: More like a wake-up call that safety is still being given short shrift by the oil industry.

Second Oil Rig Explosion Reopens Drilling Ban Debate

Another oil rig explosion in the Gulf of Mexico Thursday gave fresh urgency to the debate over the Obama administration's moratorium on deepwater oil drilling. Environmental groups renewed their calls to maintain or expand the ban; advocates for removing it were more circumspect.

BP Investigation Says Engineers Misread Deepwater Horizon Data

BP%u2019s (BP) investigation into the Deepwater Horizon rig oil disaster accepts that the company is at least partly responsible for the disaster, with employees misinterpreting data that suggested a blowout was imminent, Bloomberg News said. BP managers on the rig misinterpreted a test of Macondo well%u2019s stability, Bloomberg News said. Workers then began replacing drilling fluid in the well with seawater, which led to natural gas shooting up the pipe to the rig, where it exploded.

BP to Begin Libya Deep-Water Exploration by October, Official Says

BP (BP) will likely start drilling deep water wells in Libya by October, the country%u2019s top oil official said. "They are delaying because of technical problems, they want to be assured that all the instruments are working well and they don't want a repeat of Macondo%u2014it may take another two months at most," Shokri Ghanem, Chairman of Libya's National Oil Corp., or NOC said, according to The Wall Street Journal.

Noble to Acquire Frontier Drilling in a $2.16 Billion Deal

Noble is looking to strike it rich with a $2.16 billion acquisition of FDR Holdings, also known as Frontier Drilling. Noble, an offshore drilling contractor, is seeking to expand its footprint in the mid- and deepwater drilling zones.

BP's CEO Should Get No Pay This Year

BP CEO Tony "I'd like my life back" Hayward should cough up his 2009 compensation -- awarded for hitting safety and cost-reduction targets -- and be paid nothing this year. And the oil giant's board should go for failing to manage Hayward and hold him accountable.