News Archive for: February 2013

The move reduces the potential fine under the Clean Water Act by $3.4bn.

BP is prepared for a court fight with US authorities over civil penalties for its role in the Gulf of Mexico oil spill, arguing that the fine it should face should be less than a quarter of…

Leo Koot, the managing director at TAQA’s UK oil and gas business, said: “This discovery proves that the North Sea still has great potential and that it is possible to unlock opportunity and produce growth through the use of cutting-edge technology and focused investment. This is an exciting and…

Britain’s BG Group has agreed to sell natural gas producing assets and acreage in east Texas and north Louisiana for $132.5 million.

The UK-based gas outfit said that the assets covered around 54,165 net leasehold acres of the Cotton Valley formation across the two states.

The British explorer said the “shallow,…

During the long-delayed and high-profile trial, which is due to start in New Orleans on February 25, US government prosecutors will try to pin the blame for the 2010 spill on BP and secure a fine that could reach $20bn (£13bn).

Despite the unwelcome publicity the trial is expected to…

Global shale oil production has the potential to reach up to 14 million barrels per day by 2035, or 12 percent of the world’s total oil supply, according to a new report from accountants PwC released Thursday.

PwC’s report “Shale oil: the next energy revolution” stated that the firm estimates…