NEW YORK/LONDON (Reuters) – The estimated $7.8 billion deal struck by BP Plc with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill could speed up payments to thousands of claimants and offers lawyers a potential windfall in legal fees.
London-based BP announced the deal on Friday with the Plaintiffs’ Steering Committee (PSC), which represents condominium owners, fishermen, hoteliers, restaurateurs and others who say their livelihoods were damaged by the April 20, 2010 explosion of the Deepwater Horizon drilling rig and subsequent oil spill.
March 2, LONDON (Reuters) – A Credit Suisse executive set off an email chain seeking donations from subordinates for Republican presidential candidate Mitt Romney that ended up in the hands of non-U.S. citizens, prompting concerns that it could violate laws barring foreign contributions, according to bank sources.
The email seeking support for a Romney fundraising breakfast later made its way from New York to the bank’s London office, where recipients — including some who were not U.S. citizens — were upset by the solicitation, the sources said.
March 2, LONDON (Reuters) – A Credit Suisse executive
set off an email chain seeking donations from subordinates for
Republican presidential candidate Mitt Romney that ended up in
the hands of non-U.S. citizens, prompting concerns that it could
violate laws barring foreign contributions, according to bank
The email seeking support for a Romney fundraising breakfast
later made its way from New York to the bank’s London office,
where recipients — including some who were not U.S. citizens –
were upset by the solicitation, the sources said.
LONDON/NEW ORLEANS, Feb 26 (Reuters) – BP Plc
has delayed by one week the start of a massive trial to decide
who should pay for the 2010 Gulf of Mexico oil spill, to allow
more time to cut a deal with tens of thousands of businesses and
individuals affected by the disaster.
In a statement on Sunday, BP said the start date
for the trial in New Orleans federal court has been pushed back
to March 5 from Feb. 27.
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.