gulf of mexico

Why the Latest Oil-Rig Fire Is No BP Oil Spill Repeat

The news of a fire on a Mariner Energy-owned oil-rig platform in the Gulf drew instant comparisons with the Deepwater Horizon rig that exploded in April and caused the huge BP oil spill. But stark differences exist between the two incidents.

Another Oil Rig Explosion in the Gulf of Mexico

Still reeling from the devastation caused by the explosion of BP's Deepwater Horizon rig, the U.S. got another scare Thursday as the U.S. Coast Guard responded to another rig explosion in the Gulf of Mexico.

BP May Decide Today to Move Ahead With Bottom Kill

BP (BP) and U.S. authorities may make the decision today to move ahead with the so-called bottom kill operation to finally seal the ruptured Macondo oil well in the Gulf of Mexico. The bottom kill would be a four-day process of pumping cement into the well from below, closing it off from the reservoir of oil that feeds it. The well has already been sealed from the top.

BP Puts First $3 Billion Into Gulf Escrow Fund

BP made the first installment earlier than scheduled, and it will make an additional $2 billion deposit in the fourth quarter. Thereafter, it add $1.25 billion to the fund per quarter until the total reaches $20 billion.

Mexico Delays Drilling Country's Deepest Oil Well

Mexico%u2019s state-owned oil company will delay drilling its deepest-ever well in the Gulf of Mexico while it tests new equipment. Petroleos Mexicanos, known as Pemex, will try out a new exploratory deepwater rig on a prospect that%u2019s 700 meters (2,300 feet) deep, Bloomberg News reported. Once the company is satisfied, the rig will be used to drill the 2,600 meter deep Maximino well by April. That%u2019s five months later than originally scheduled.

BP Oil Spill Could Lower Gulf Coast Home Prices By $56,000

The decline in property values could total $3 billion over five years, Bloomberg reported, citing real estate data company CoreLogic. The BP oil spill could wipe out the premium that buyers normally pay to be near the ocean. The total losses along the Gulf coast could total $3 billion over five years, Bloomberg reported, citing real estate data company CoreLogic Inc. The spill could wipe out the premium that buyers normally pay to be near the ocean.

BP Delays Crucial Test of New Cap on Gulf Oil Well

BP (BP) delayed a crucial test that will determine if it can close a new cap on the leaking oil well in the Gulf of Mexico. The London-based oil giant delayed tests that were meant to assess whether the well can handle the pressure of closing the cap at the wellhead, Reuters reported. The test was scheduled for Tuesday.

Legal Briefing: House Acts to Aid BP's Widows and Orphans

The House of Representatives has passed the "SPILL Act," which -- if also passed by the Senate -- will allow families of men killed in the Deepwater Horizon accident to sue BP for normal damages. Under current maritime law, BP might get away with payments as low as $1,000 per death.

Really Green Energy: Could Algae Fuel Our Cars?

As oil continues to gush into the Gulf of Mexico from BP's damaged well, the federal government is pouring a bit more money into alternative energy sources with a grant to groups working on turning algae into a commercially viable fuel.

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 CEO Hayward to Meet Putin's Deputy in Russia

BP CEO Tony Hayward is traveling to Moscow to meet with Igor Sechin, a top deputy to Russian Prime Minister Vladimir Putin. The meeting comes as Russian President Dmitry Medvedev is calling for a levy on oil companies to finance a fund to pay for cleaning up the industry's environmental disasters.

BP's Oil Spill Is Fouling Public Pension Funds

The drop in BP's share price has erased more than $1.4 billion in fund value at 42 state retirement accounts. This comes at a time when pension funds are still struggling to recover from last year's market losses.

Oil Spill: MyCelx May Have a Cleanup Solution

The huge volume of crude BP spilled in the Gulf makes it very tough to clean up, but MyCelx, an oil-removal technology provider, hopes to help. It has patented a molecule that bonds with oil and deployed it on a range of clean-up products that have been used in previous oil spills.

Obama on the BP Meeting: 'This Is About Accountability'

BP Chairman Carl-Henric Svanberg and Chief Executive Tony Hayward met with the president at the White House and agreed to several points aimed at ensuring compensation and claims from the oil spill are handled quickly and fairly.

Legal Briefing: Transocean's Ineffective Move to Slow Litigation

Accused Gulf oil spill villain Transocean recently invoked an 1851 law to try to limit its liability in the disaster. A U.S. District Court has ruled that the statute's damage cap doesn't apply, but the settlement of personal injury and wrongful death claims will be slowed down by the maneuver.

Congress to Oil Execs: Can We Trust You?

Executives from the nation's largest oil companies will be on Capitol Hill on Tuesday morning to testify before lawmakers about the safety of offshore oil drilling and future U.S. energy policy.