LONDON (Reuters) – Oil major BP has delayed the start of hearings in litigation related to its Gulf of Mexico oil spill for a week to allow more time to cut a deal with individuals and businesses affected by the disaster.
The Deepwater Horizon Multi-District Litigation (MDL) trial, which was due to start on Monday, will now begin on March 5, BP said in a statement on Sunday.
LONDON, FEB 24 – LONDON, Feb 24 (Reuters) – Thai
state-controlled oil and gas group PTT has trumped Shell’s
bid for Mozambique-focused Cove Energy Plc
with a 220 pence-a-share bid worth 1.12 billion pounds ($1.76
News of the offer sent Cove shares 23 percent higher to
240.25 pence by 1530 GMT as investors bet on a bid war.
LONDON, Feb 22 (Reuters) – Royal Dutch Shell Plc
has made an agreed 992.4 million pounds ($1.6 billion)
bid for Mozambique-focused Cove Energy, offering a full price to
open up a new gas frontier for the Anglo-Dutch oil major in East
Shell has offered 195 pence per share in cash, which Cove’s
directors said on Wednesday they would recommend to
LONDON, Feb 20 (Reuters) – U.S. oil group Exxon Mobil
sought to cool predictions of a European shale gas
revolution, saying commercial production was at least five years
away and dismissed forecasts offered by other industry players
as “highly speculative”.
Kevin Biddle, Exxon’s exploration director for Europe, also
downplayed the prospects for Poland — believed by many to have
the continent’s largest reserves — leading the shale gas
charge, saying on Monday that Germany was more likely to be the
first shale gas producer.
LONDON/WASHINGTON (Reuters) – BP (BP.L: Quote, Profile, Research) and its Gulf of Mexico Macondo well partners and contractors face tens of billions of dollars of possible damages and liabilities from the historic oil spill, in a major legal battle due to kick off in New Orleans on February 27.
The following are possible outcomes from the litigation.
BP SETTLES ALL CASES AGAINST IT
BP has said it is keen to settle the claims ahead of the start of hearings. This could prevent some of the dirty laundry associated with the spill from being aired in a courtroom as well as spare BP and its partners lengthy and costly litigation.
LONDON, Feb 9 (Reuters) – Gas producer BG Group
is to cut back shale gas drilling activity by almost 80 percent
because weak gas prices are making its relatively low-grade
The move, announced along with a 40 percent rise in fourth
quarter profits on strong oil prices and a lower tax rate, will
mean its 2015 output will be some 110,000 barrels of oil
equivalent per day lower than earlier indicated.
LONDON, Feb 9 (Reuters) – British gas producer BG
Group predicted continued strong growth in production and
earnings as it unveiled a forecast-beating 40 percent rise in
underlying fourth-quarter profit, helped by higher oil prices
and a lower-than-expected tax rate.
BG again raised the profit and production outlook for its
liquefied natural gas (LNG) sales division on Thursday, helped
by strong demand in Asia as economies expand rapidly and as the
Japanese nuclear accident at Fukishima last year prompts a shift
to gas-fired power generation.
LONDON (Reuters) – BP ratcheted up the rhetoric around multi-billion dollar claims from the Gulf oil spill by warning it would “vigorously” contest lawsuits over one of the world’s worst environmental disasters.
While reiterating BP’s “bias for settling” at hearings scheduled later this month, CEO Bob Dudley said he would only do so “on fair and reasonable terms.”
LONDON, Feb 6 (Reuters) – BP said it was
preparing “vigorously” for lawsuits related to its Gulf of
Mexico oil spill, which are due to start later this month, as it
unveiled a rise in fourth-quarter earnings boosted by higher oil
prices and one-off gains.
Chief Executive Bob Dudley said on Tuesday BP was ready to
settle on “fair and reasonable terms” but added he was also
ready to fight.
LONDON, Feb 2 (Reuters) – Royal Dutch Shell
said it was targeting aggressive growth in the coming years,
with the start-up of big new projects and higher investments set
to drive a 50 percent rise in cashflow and a 25 percent rise in
oil and gas production.
However, weaker-than-expected results for the fourth
quarter, partly due to dismal industry-wide refining margins,
and an anaemic dividend hike, raised the question of whether
Shell was simply running faster to stand still, with investments
offering ever-dwindling returns.