Oil company BP has announced a major oil discovery at its Gila prospect in the deepwater US Gulf of Mexico on Wednesday along with a $1.08 billion writedown on a failed exploration well offshore Brazil.
"The Gila discovery is
BP is reviewing its biggest new oil project in the Gulf of Mexico, due to rising development costs across the industry, and could delay the $10 billion scheme.
British oil major BP said on Friday that rising costs made the current
BP has reached an estimated $7.8 billion deal with plaintiffs suing over the massive 2010 Gulf of Mexico oil spill, the company said on Friday, but the oil giant still faces claims by the US government, Gulf states and drilling partners.
Brent crude rose above $113 a barrel for the second consecutive day on Wednesday on expectations of lower US crude stockpiles after a storm disrupted production in the Gulf of Mexico.
A Reuters poll ahead of the weekly inventory report fro
On the first anniversary of the Gulf of Mexico oil spill, BP sued Transocean, seeking at least $40 billion in damages and other costs from the owner of the Deepwater Horizon rig.
London-based BP also sued Cameron International Corp f
BP said on Friday that its ruptured Gulf of Mexico well that caused the world's worst marine oil spill will be permanently sealed on Saturday.
The oil company's relief well intersected the blown-out Macondo well on Thursday, and on Friday
BP and its partners in the blown-out Gulf well said on Monday that thousands of fishermen and others may not yet have the right to sue over the spill, according to court papers.
BP and its partners such as Transocean Ltd and Halliburton Co
BP shifted much of the blame for a rig blast that led to the United States' worst-ever oil spill onto its contractors Transocean and Halliburton.
In a report released on Wednesday, BP defended decisions that US polit
Oil fell for a second straight session on Monday as the end of the driving season in the United States and record petroleum stockpiles there fuelled doubt that supplies would drain in the face of tepid economic growth.
US crude for deliver
BP said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was a fortnight away from sealing the well for good.
BP also indicated that there had been no major uptick in the amount of