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Agency Regulating Oil Rigs Has 'Spotty' Record

Interior Department's MMS doesn't inspire confidence

(Newser) - As the oil spill off Louisiana threatens to become one of the biggest in US history, Pro Publica would like to remind everyone that the federal agency charged with preventing such accidents "has had a spotty record over the past few years." That would be the Department of...

Todd Palin Quits Oil Job
 Todd Palin Quits Oil Job 

Oct 3, 2009 6:28 AM CDT

Todd Palin Quits Oil Job

(Newser) - Another Palin calls it quits: Two months after Sarah stepped down as governor of Alaska, Todd has resigned from his oil field job on the North Slope. Todd Palin's resignation as a production operator for oil giant BP PLC was apparently effective September 18. As Palin fans await the release...

BP Discovers Huge Oil Store in Gulf of Mexico

Firm drills world's deepest oil well, finds 3B barrels

(Newser) - BP discovered a massive oil cache under the Gulf of Mexico after drilling the world’s deepest exploration well, Bloomberg reports. The discovery at Tiber Prospect may hold reserves equivalent to 3 billion barrels. In order to find it, BP engineers drilled to a total depth of 35,055 feet—...

Big Oil Takes Big Hit in Stocks' Dive

Demand slows, but company coffers plenty full ... for now

(Newser) - Oil companies’ stocks are plummeting, but the majors are comfortable with long-term plans and bulging coffers, the Wall Street Journal reports. The global economy is pushing crude prices down, and analysts think measures are necessary to keep share prices up. But larger outfits like Exxon made investments based on lower...

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

(Newser) - The Iraqi government opened six oil fields to bidding today, without mention of expected no-bid contracts with big Western oil companies, the AP notes; it had been reported that several big companies were close to signing short-term deals with Iraq's government. "There is no preferential treatment for anyone, no...

BP Strike Shuts Down Top UK Oil Refinery

London urges drivers not to hoard gas as prices rise

(Newser) - Britain is facing an oil pinch after workers walked off a Scottish oil refinery today over pension issues, the AP reports. The 48-hour BP strike will halt 700,000 barrels of UK oil a day, nearly one-third of its North Sea supply. But 10 Downing St. is urging drivers not...

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

(Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the...

BP Pleads Guilty in '05 Texas Blast, Settles Price-Fixing Suit

Struggling oil company also faces civil actions

(Newser) - BP has agreed to plead guilty to criminal charges and pay a fine in a 2005 Texas refinery explosion that killed 15 and injured 180, the Houston Chronicle reports. It's a tough moment for London's oil colossus, as the Washington Post reports that it simultaneously settled a $303 million price-fixing...

OPEC Members May Seek More Foreign Funding

Soaring world demand breaks down resistance to international deals

(Newser) - OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage...

BP Snags Libyan Gas Fields
BP Snags Libyan Gas Fields
May 30, 2007 10:00 AM CDT

BP Snags Libyan Gas Fields

North Africa is looking more attractive to big business—especially the oil business

(Newser) - The deal BP made with Libya this week for rights to huge gas fields demonstrates the new attraction North Africa has for investors. Once controlled by what Business Week calls "pariahs and basket cases," the area now looks stable (compared to the Middle East, that is) and is...

London-Moscow Relations Frigid Over Spy Flap

Russia won't extradite accused assassin; Downing St. talks tough

(Newser) - Relations between Russia and the UK have dipped to a post-Cold War nadir, the Times is reporting. The Kremlin refused yesterday to extradite Andrei Lugovoy, whom Britain has accused of murdering a former Russian spy in London last year. Investigators suspect that Moscow ordered the assassination of Alexander Litvinenko, an...

Tabloid Paid BP Chief's Gay Lover
Tabloid Paid
BP Chief's
Gay Lover
May 3, 2007 9:02 AM CDT

Tabloid Paid BP Chief's Gay Lover

$80,000 primed tell-all that led to Lord Browne's resgination

(Newser) - There is growing sympathy in London's financial community for Lord Browne, the CEO of energy giant BP who resigned Monday after being caught lying to a court about how he met his gay lover. The Guardian reports that the British tabloid, Mail on Sunday, paid Browne's lover Jeff Chevalier, about...

BP Chief Resigns Over Lies On Gay Lover

CEO met 27-year-old on gay fetish site, not a walk in the park

(Newser) - The chief executive of U.K. energy giant BP stepped down unexpectedly today, after a court ruled he had lied about details of his relationship with a 27-year-old man, and the House of Lords decided he couldn't keep a tabloid from printing them. Lord Browne of Madingley lavished the student...

Big Oil Shut Out Of Iraq Deals
Big Oil Shut Out
Of Iraq Deals
Apr 6, 2007 8:24 AM CDT

Big Oil Shut Out Of Iraq Deals

First new oil contracts go to China, India—even Vietnam and Indonesia

(Newser) - U.S. oil companies are far from first in line as Iraq doles out its initial oil contracts.   China, India—even Vietnam and Indonesia—have the inside track instead, thanks to contracts and infrastructure dating back to the Saddam regime, and more positive Iraqi sentiment. "They have...

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