offshore drilling

Big Oil Reacts to Obama's 'Discriminatory' Proposals

The American Petroleum Institute is taking issue with the president's State of the Union demand to end subsidies and tax breaks for oil producers. While Obama didn't say just which subsidies he'd cut, the industry isn't waiting for specifics to defend itself.

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.

Judge Orders Oil Company to Pay $22.9 Million for Understating Royalties

An oil company was ordered to pay $22.9 million for understating the amount of royalty it owed the federal governments for oil pumped from offshore oil leases. A federal judge ruled that Kerr-McGee Corp. understated the value of the oil and natural gas produced from the leases, allowing it to pay fewer royalties than the government was entitled to, The Wall Street Journal said.

Legal Briefing: More Plead Guilty to Cheating Municipalities

In Friday's legal news, two more people pleaded guilty in a bid-rigging scheme that involved deals with some 160 U.S. municipalities; California public schools are being sued for charging fees for various school essentials; and Alaska is suing the U.S. government for 'banning' offshore drilling.

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.

House Votes to Lift Oil Spill Liability Cap

A bill that passed the House of Representatives on Friday would, among other things, eliminate the $75 million cap on liabilities related to oil spills. The overhaul of the nation's offshore drilling regulations would require oil companies to pay the full cost involved with any spills.

U.S. Government Issues a Revised Drilling Ban

The Obama administration issued a revised moratorium on offshore drilling Monday that's no longer based on drilling depth. The new edict supersedes a previous ban that called for a blanket offshore deepwater drilling moratorium.

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.

Judge Who Nixed Drilling Ban Has Big Oil Investments

U.S. District Judge Martin Feldman, who overturned the Obama administration's temporary ban on deep-water offshore oil drilling, has a lot of his net worth in oil industry companies such as Ocean Energy, Prospect Energy, Peabody Energy, Halliburton and Parker Drilling.

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."

Against the Odds, Analysts Stand By BP's Stock

Most of the 17 analysts who follow the energy giant still urge investors to buy its stock -- and none recommend dumping it. Twelve of the analysts rate BP a buy, and five recommend holding it. Will a federal criminal probe change their opinions?

U.S. Said to Extend Moratorium on Offshore Drilling

Escalating his administration's response to the disastrous Gulf oil spill, President Barack Obama plans to announce Thursday that a moratorium on new deepwater oil drilling permits will be continued for six months while a presidential commission investigates, a White House aide said.

The World Can't Live Without Deepwater Oil

Regardless of the environmental and political fallout from BP's Deepwater Horizon drill-rig disaster, the larger context remains straightforward: The world, and the U.S., increasingly depends on oil and gas produced by deepwater offshore wells

As Oil Spreads, Gulf Fishermen Brace for Disaster

At the rapid rate oil is leaking after the Deepwater Horizon rig accident, the spill will top the Exxon Valdez disaster in two months. With the slick approaching the coast, Gulf fishing businesses in Louisiana, Mississippi, and Florida fear the worst.

The Oil Rig Fire's Costs Are Mounting Fast

The oil rig explosion off the cost of Louisiana that left 11 workers missing could prove very costly for the two companies involved. Their stock prices have already fallen and the first lawsuit from the families of the missing workers was filed on Thursday.