Not all oil fields are accessible from dry land. When energy companies need to extract oil from underwater fields, they look to offshore drilling techniques.
Articles Tagged "Gulf of Mexico"
Bloomberg reported that Cnooc Ltd. has reported a lower profit for 2012 with a net income of $10.3 billion as the Chinese company focused on reviving output growth.
BP Plc will pay $4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon catastrophe that caused the country's worst oil spill in history, the company said on Thursday.
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.
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.
Reuters reported that a decline in construction spending in July and weak August US manufacturing data led to a drop in oil prices. However, the decrease in price was checked somewhat by the restart of some Gulf of Mexico operations following Hurricane Isaac.
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.
Reuters reported that Hurricane Isaac landed late Tuesday and has caused flooding in Southern Louisiana, though as yet has not damaged refineries or offshore oil and gas platforms. 93 percent of offshore Gulf oil is still out of commission.
The Wall Street Journal reported that oil futures gained following the announcement that the International Energy Agency is unlikely to release strategic oil reserves and news that Hurricane Isaac has shut down most oil output in the Gulf of Mexico.
Enbridge acquire stake in a key Cushing-Gulf Coast pipeline after TransCanada’s Keystone XL pipeline ambitions are dealt a blow.