Leases for Gulf of Mexico gas exploration sold online

Oil and gas leases for nearly 24 million acres of ocean in the Gulf of Mexico are to be sold in an online auction. Abigail Ross Hopper, Director of the US Bureau of Ocean Energy Management (BOEM) announcing the auction said: “The Gulf of Mexico continues to be one of the most productive basins in […]

BP to pay investors $175m over oil spill claims

BP has agreed to pay out $175 million (£121.5m) to its shareholders over claims the oil giant misled them about the severity of the Gulf of Mexico oil spill in 2010. The Deepwater Horizon rig explosion spewed millions of barrels of oil onto the shorelines of several states and killed 11 workers. The settlement relates […]

Gulf of Mexico oil production ‘to reach record high in 2017’

Crude oil production in the Gulf of Mexico (GOM) is estimated to increase to record high levels next year. That’s despite oil prices forecast to remain low, according to the US Energy Information Administration (EIA). Production is expected to average around 1.63 million barrels per day (b/d) this year and 1.79 million b/d in 2017, […]

$38m to study oil effects in Gulf of Mexico

Almost $38 million (£24.32m) has been invested to study the effects of oil in the Gulf of Mexico. A total of 22 research projects will use a share of the grant from the Gulf of Mexico Research Initiative (GoMRI), an independent 10-year programme established following the Deepwater Horizon incident. Five years ago BP’s oil rig explosion […]

BP to pay $20bn for Gulf of Mexico oil spill

UK oil company BP has agreed to pay more than $20 billion (£13bn) to resolve all claims from the Gulf of Mexico oil spill in 2010. The US Department of Justice made the announcement, of what is said to be the largest settlement with a single entity in American history. Five years ago an explosion on the Deepwater Horizon oil […]

Shell to build its ‘largest’ oil platform in the Gulf of Mexico

Oil giant Royal Dutch Shell will build its eighth and largest oil platform in the Gulf of Mexico. The Appomattox deep water project will be located 80 miles off the coast of Louisiana. It is expected to produce an average peak of 175,000 barrels of oil equivalent per day and to be completed by the end of […]

BP to sell stakes in Gulf of Mexico oil fields

BP is to sell around half of its current stakes in two oil fields in the Gulf of Mexico. Chevron will buy the equity interests in the Gila and Tiber fields, which are also co-owned by ConocoPhillips and Petrobras. BP, Chevron and ConocoPhillips are also joining forces to explore 24 jointly-held offshore leases in the […]

Italian oil giant starts production in Gulf of Mexico

An Italian oil and gas giant has started production in the Gulf of Mexico, it announced. Eni, which has an 8.5% stake in the field operated by Anadarko Petroleum, said the Lucius field includes six subsea wells. The company’s share of daily production is expected to be around 7,000 barrels of oil equivalent per day […]

BP’s Gulf of Mexico oil spill fine cut by billions

Energy giant BP could face a maximum fine of up to $13.7 billion (£9bn) for the 2010 Gulf of Mexico oil spill, smaller than initially feared. The amount was previously estimated at around $18 billion based on the US Government’s estimates that 4.19 million barrels of oil were released following the accident. However, US federal […]

US Supreme Court rejects BP’s oil spill appeal

The US Supreme Court has refused to review BP’s multi-billion dollar settlement over the 2010 Gulf of Mexico oil spill. Earlier this year the energy giant asked the court to consider whether it must pay some businesses for economic damages without proof the oil spill caused such losses. The Supreme Court’s rejection means BP will […]