offshore

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...

The news of a fire on Vermillion, 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.

A federal judge strikes down the Obama administration's six-month ban on deepwater oil drilling in the Gulf of Mexico, calling the move "overbearing." Interior Secretary Ken Salazar says a new moratorium is on the way.

If you've secretly been holding money offshore and haven't reported it on your taxes, you must do so by Thursday, Oct. 15. That's when the IRS ends its current tax amnesty program, so if you wait any longer, you could face huge fines and jail time. Furthermore, UBS (UBS), Switzerland's largest...

If you've been hiding funds in offshore accounts, you now have until Oct. 15 to apply to the IRS for amnesty and avoid stiffer penalties. That's an additional 22 days from the original deadline of Sept. 23. So far, the amnesty program in 2009 has enticed 3,000 taxpayers to voluntarily admit they...