BP just can’t keep out of the news these days.
After hitting the Gulf coast with its Macondo well oil spill last year, the oil major as of Saturday was seemingly involved in another major oil-infrastructure fail — the shutdown of its Trans-Alaska pipeline system due to a leak. Read more
The report into the Gulf oil spill, a chapter of which was released last night, made for pretty grim reading for BP and the other companies involved. Read more
Shares in BP hit a 6-month high this morning after a report that Shell considered an opportunistic takeover bid for the UK oil group in the summer during the Gulf of Mexico spill. Read more
The Times is currently publishing extracts from Loren Steffy’s new book Drowning in Oil, about the BP oil spill, in addition to the extracts on Fuel Fix published earlier this month. Read more
The BP oil spill has harmed the reputation of the entire oil industry, the chief executive of Shell, BP’s closest rival, has said. Read more
The civil suit against BP brought by the US government on Wednesday had been inevitable since we first found out that thousands of barrels of oil were spilling into the Gulf of Mexico. The timing of Wednesday’s announcement, mandated by the judge at the New Orleans court where the trial will be held, was the only surprise. It perhaps did not send the best message about the business-friendly nature of the administration, on a day when President Obama was courting many of America’s top CEOs.
The share price reaction was modest, reflecting the fact that while the headlines are terrible for sentiment, investors always knew this day would come. The news looks bad for BP, but shareholders can still hope for better, as the Lex column points out.
Nevertheless, the Department of Justice’s action is a salutary reminder that, eight months after the fatal accident on the Deepwater Horizon, and three months after the ill-fated Macondo well was sealed for good, BP is still not even close to finding out exactly how much the disaster will cost. Read more
The Obama administration has decide not to grant any new leases in the eastern Gulf of Mexico, off the coast of Florida, for the foreseeable future, as a result of the BP spill. Read more
Our US energy editor Ed Crooks last night won the UK Foreign Press Association’s print and web news story of the year for his story on BP’s response to the Gulf spill.
You can read the story, which judges called a “rigorous and balanced” piece on “one of the biggest stories of the year”, here. Read more
In February, a group of business leaders (including Richard Branson) came together to issue the government a warning: we’ve had the credit crisis, the next crisis will be a peak oil crisis.
Now they have repeated that call, with an additional warning: Macondo has made the situation even more pressing. Read more
Here’s an interesting story from the States with potentially serious political implications.
The US interior department’s inspector general has carried out an investigation into why the government’s moratorium on deepwater drilling in the Gulf of Mexico, implemented in the wake of the BP oil spill, looked like it had been peer-reviewed, when it had not. Read more