BP Drilling First Producing Wells at Atlantis Since Moratorium

(Bloomberg) -- BP Plc, whose Macondo blowout in the Gulf of Mexico caused the biggest offshore oil spill in U.S. history, is drilling the first producing wells at the region’s Atlantis field since a moratorium on deepwater operations was lifted almost two years ago. The Atlantis and Mad Dog hubs are working again after months of repairs and maintenance, partner BHP … [Read more...]

ATP Bankruptcy: Company Lost $1.1 Million Per Day For Past 3 Years

(Bloomberg) -- ATP Oil & Gas Corp., the Gulf of Mexico oil producer that filed for bankruptcy last week, was given preliminary approval by a judge for $618 million in financing. U.S. Bankruptcy Judge Marvin Isgur in Houston yesterday gave interim approval to the financing from Credit Suisse Group AG and other lenders after requiring changes to some terms. “What … [Read more...]

Drilling Moratorium Leads ATP to Chapter 11

ATP Oil & Gas Corp. (ATPG) filed for Chapter 11 bankruptcy protection Friday, hit by the rising costs associated with its deep-water drilling projects in the Gulf of Mexico. The company listed assets of $3.64 billion and liabilities of $3.49 billion in papers filed with the U.S. Bankruptcy Court in Houston. ATP, which has 75.9 million barrels of crude oil in reserve, … [Read more...]

OMSA President slams Interior Department, Salazar over drilling permits

Jim Adams, president and CEO of the Offshore Marine Service Association (OMSA), said that BOEMER's late day announcement that it has issued an additional permit for deepwater drilling is misleading. "There were 32 deepwater drilling operations already permitted when the President imposed his moratorium last year. Interior Secretary Salazar is merely allowing existing permit … [Read more...]