Long-Time BP Chairman Svanberg to Retire

By Amanda Jordan (Bloomberg) -- BP Plc said Chairman Carl-Henric Svanberg will retire after overseeing the London-based oil giant through some of the most tumultuous years in its history. Svanberg, 65, joined BP just months before the April 2010 Deepwater Horizon explosion -- a disaster that killed 11 people and triggered the worst offshore oil spill in U.S. history. It was … [Read more...]

BP Won’t Face Moratorium Claims Over Oil Spill, Judge Says

By Margaret Cronin Fisk and Laurel Brubaker Calkins (Bloomberg) -- BP Plc won total dismissal of claims by energy and oilfield service companies for losses they blamed on the U.S. offshore drilling ban following the 2010 Gulf of Mexico oil spill. BP has denied liability for potentially billions of dollars in claims by companies that had to shut down drilling operations … [Read more...]

BP Settlement Leaves Oil Major Open to Growth… Or Takeover

  By Karolin Schaps and Ron Bousso LONDON, July 2 (Reuters) - BP's $18.7 billion settlement over the 2010 Gulf of Mexico spill draws a line under years of uncertainty to allow it to focus once again on growth but could make it an acquisition target. The British energy giant, whose shares are still some 35 percent below their value before the largest offshore spill … [Read more...]

BP Pays Record $18.7 Billion to Settle Gulf Oil Spill Claims

  By Margaret Cronin Fisk, Laurel Calkins and Del Quentin Wilber (Bloomberg) -- BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as 18 years, according to the preliminary agreement. A record $5.5 billion will cover federal … [Read more...]

NASA Tests New Oil Spill Detection Equipment During Live Drill Off Norway

  Scientists from NASA joined in on Norway's annual oil spill cleanup exercise in the North Sea this year to test out some new oil detection equipment that could significantly help cleanup in the case of a major spill. During the exercise held this month, NASA equipped one of its research aircraft with a specialized Uninhabited Aerial Vehicle Synthetic Aperture … [Read more...]