LONDON (Reuters) – BP (BP.L: Quote, Profile, Research) is likely to agree to pay the U.S. Department of Justice $20-$25 billion to settle all charges around the Gulf of Mexico oil spill, according to a leading analyst, a prediction that is at least twice what the company has set aside.
Martijn Rats, head of European oil research at Morgan Stanley, said he saw a 70-80 percent chance that the two sides would agree a deal on civil and criminal charges surrounding the 2010 disaster sometime between BP’s full year results on February 7, and the scheduled start of legal hearings in New Orleans on February 27.
LONDON (Reuters) – Oil giant BP will likely agree to pay the U.S. Department of Justice $20-$25 billion next month to settle all civil and criminal charges around the Deepwater Horizon rig blast and Gulf of Mexico oil spill, a leading industry analyst predicted on Thursday.
Martijn Rats, head of European oil research at Morgan Stanley said in a research note that he saw a 70-80 percent chance that the two sides would agree a deal sometime between BP’s full year results on February 7, and the scheduled start of legal hearings in New Orleans on February 27.
LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) is enlisting the help of expert independent explorer Tullow Oil Plc (TLW.L: Quote, Profile, Research) to find major new oil fields in the Atlantic in a nod to the poor record of big oil companies in striking gushers.
Tullow said on Wednesday the partnership would seek “transformational” discoveries in “underexplored frontier basins”.
LONDON, Jan 18 (Reuters) – Royal Dutch Shell
is teaming up with independent explorer Tullow Oil to
explore for oil in the Atlantic, in a sign the biggest oil
companies accept dramatic measures are needed to turn around
their weak record on finding oil.
Tullow said on Wednesday the planned partnership would focus
on making “transformational” discoveries in “underexplored
LONDON, Jan 17 (Reuters) – Dublin-based San Leon
Energy said on Tuesday it was inviting bids for a stake
in its Albanian exploration licence, which it said could hold
over a billion barrels of oil, after receiving a number of
The company said in a statement it had opened a data room
for prospective bidders and was in talks with “several large E&P
LONDON, Jan 16 (Reuters) – Rockhopper Exploration
expects to find a partner to invest in its politically
sensitive oil discovery offshore the Falkland Islands within
three months and might sell a majority stake in the $2 billion
Rockhopper executives told a conference last week that seven
or eight companies were interested in bidding, according to
investment bank Morgan Stanley.
LONDON, Jan 13 (Reuters) – UK oil explorer Cairn
Energy is talks about the possible sale of a stake in
its Greenland exploration interests, according to an analyst
Cairn’s exploration boss Mike Watts told an industry
conference organised by investment bank Macquarie on Monday
about the talks, according to a research note published by the
bank on Thursday.
LONDON (Reuters) – Shares in Royal Dutch Shell (RDSa.L: Quote, Profile, Research) fell on Thursday, with traders citing market talk that the oil giant was telling analysts their forecasts for its fourth-quarter earnings were too optimistic.
Shell’s London-traded “A” shares were down 2 percent at 2,280 pence at 12:10 p.m., underperforming a 0.3 percent drop in the STOXX Europe 600 oil and gas sector index .
LONDON/NEW YORK, Jan 3 (Reuters) – BP has
opened 2012 with a new legal move in its battle to force
contractor Halliburton to help pay the costs and
expenses it incurred to clean up the 2010 Gulf of Mexico oil
spill, which the oil major previously put at around $42 billion.
Halliburton, the company that cemented the doomed
well, had asked a court to force BP to recognise a contractual
agreement that protected Halliburton against possible spill
LONDON (Reuters) – Explorer Gulf Keystone Petroleum (GKP.L: Quote, Profile, Research) said it was not in talks with U.S. oil major Exxon Mobil Corp (XOM.N: Quote, Profile, Research) about a 7 billion pounds sale, scotching a newspaper report that sent the Kurdistan-focused group’s shares 24 percent higher.
The Independent on Sunday newspaper reported Exxon was considering making an estimated 800 pence per share bid — five times Gulf Keystone’s closing share price on Friday.