Bloomberg reported that BP plc (LSE:BP) is pushing a federal judge to okay a $7.8-billion settlement for owners of homes and businesses who sued the company for the economic damage they incurred after the 2010 oil spill in the Gulf of Mexico.
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The Wall Street Journal reported that Russia's Rosneft (LSE:ROSN) is set to buy a 50 percent stake in TNK-BP Ltd. from BP plc (LSE:BP) for about $25 billion. It is also looking to buy out BP's partners for up to $28 billion, and has signed a preliminary agreement to that effect.
Reuters reported that BP plc (LSE:BP) closed its Norwegian Ula field following a potentially dangerous leak last week. BP will not resume production until it knows what caused the problem.
Reuters reported that Plains Exploration & Production Co. (NYSE:PXP) plans to borrow $7 billion so that it can purchase BP plc's (LSE:BP) stake in some deepwater wells in the Gulf of Mexico. Since the announcement, PXP shares have dropped over 10 percent due to investors worrying about how the company will deal with the debt load it has taken on.
Reuters reported that Hurricane Isaac, the first hurricane to touch down on the United States this year, has moved on, allowing major offshore oil drillers to bring staff back to oil platforms in the Gulf of Mexico.
After BP-Rosneft deal falls through, Exxon score a major coup with partnership that grants them access to untapped reserves that could top 110 billion barrels of oil equivalent.
Oil companies are hoping this latest major find will provide further justification for speeding up the permit issuing process for deepwater drilling in the Gulf of Mexico.
A brief look at 3 oil exploration hotspots, all of which have already produced multi-billion barrel finds of recoverable crude in the last few years, and that may still hold much more.
Oil prices gained as much as 1 percent with analysts offering further support; expecting a decline of 1 million barrels of U.S. oil supplies from 363.2 million last week. Oil inventories have not fallen nationwide for two consecutive weeks since January.
BP Plc, Europe’s second-biggest oil company, announced a 53 percent dip in profit as the recession dragged down energy prices and cut demand for fuel. For full story, click here