Bloomberg reported that the oilfield of the future could be found 2 miles underwater as major oil companies are now investing more and more money to operate undersea. Spending on valves, cables, and pipelines for subsea use could reach up to $13.9B and equipment makers are positioned to gain from it.
Bloomberg reported that BP Plc has asked US District Judge Carl Barbier to stop some payments under the $8.5B oil spill settlement saying that the administrator is misinterpreting damage claims thus exposing the company to hundreds of millions of dollars worth of fictitious losses.
The death of Hugo Chavez and the prospect of a regime change in Venezuela are likely to attract investor interest in the short term.
Bloomberg reported that BP Plc won a bid to access the $750M insurance of Transocean Ltd to pay the costs of the 2010 oil spill in the Gulf of Mexico.
Reuters reported that trial of BP Plc for the Deepwater Horizon spill has begun on Monday. Government agencies, businesses, and individuals have blamed the company for the worst offshore oil spill in US history, which killed 11 oil rig workers and spilled 4 million barrels of oil.
A brief overview of oil price developments, supply and demand and significant market movers.
BP Plc (BP/) shut down a system associated with its Chicap pipeline near Mokena, Illinois, yesterday after a spill.
An oil company's track record on spills—and whether it is adjusted for future accidents—has become progressively more important to investors now that oil exploration and extraction is moving offshore and into hazardous areas like the Arctic or South America.
The architects of a proposed class-action settlement of claims brought forth by the BP oil spill in the Gulf of Mexico are confident it will not be derailed by thousands of businesses and individuals opting out of the deal.
Bloomberg reported that the trial regarding BP plc's (LSE:BP,NYSE:BP) liability for the 2010 Gulf of Mexico oil spill has been moved from January 14 to February 25.
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