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US Accuses BP of ‘Gross Negligence’ in Deadly 2010 Oil Spill

Posted September 5th, 2012 at 12:40 pm (UTC-5)
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The U.S. is accusing the oil giant BP of “gross negligence” in the 2010 explosion of an oil rig in the Gulf of Mexico that killed 11 workers. The British oil company has already agreed to pay nearly $8 billion to settle damage claims made by fishermen and other private interests in the aftermath of […]

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Ban Welcomes Oil Deal Between Sudans

Posted August 6th, 2012 at 12:00 pm (UTC-5)
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United Nations chief Ban Ki-moon is hailing the oil deal between Sudan and South Sudan, calling it an important milestone for building good relations between the countries. After months of negotiations, the countries agreed South Sudan will pay Sudan just under $9.50 a barrel to ship oil through northern pipelines. South Sudan shut down all […]

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As World Economy Slows, Oil Prices Drop

Posted June 21st, 2012 at 3:50 pm (UTC-5)
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With the world economy slowing, the price of oil on the New York market has dropped below $80 a barrel for the first time since October. Oil has traded at well over $100 a barrel in the last year. But on Thursday the price for the West Texas Intermediate crude sold on the U.S. market […]

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Oil Prices Falling Sharply

Posted May 16th, 2012 at 3:25 pm (UTC-5)
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The price of oil on world markets continued to fall Wednesday, reaching levels not seen in months. In New York, the price for the West Texas Intermediate crude drilled from U.S. oil rigs dipped to as low as $91.81 a barrel — the lowest point since last November — before edging higher again. In London, […]

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OPEC: Global Oil Supply Outpacing Demand

Posted May 10th, 2012 at 3:15 pm (UTC-5)
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The oil cartel OPEC says the global supply of oil is exceeding demand and that member countries are pumping oil at the fastest rate in nearly four years. The Organization of the Petroleum Exporting Countries said Thursday that its 12 member countries produced more than 32 million barrels of oil in March, up more than […]

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China’s First Deep-Water Oil Rig Starts Drilling

Posted May 9th, 2012 at 2:50 am (UTC-5)
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Chinese state media say the country’s first deep-water oil drilling rig has begun operations in the South China Sea. The official Xinhua news agency says the rig began drilling for oil Wednesday at a depth of 1,500 meters in an area located about 320 kilometers southeast of Hong Kong. The state-owned China National Offshore Oil […]

Tags: , , , Posted in East Asia Pacific

Estimate of Kenyan Oil Discovery Increases

Posted May 7th, 2012 at 1:35 pm (UTC-5)
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A British company says it has found more oil at an exploration well in northwestern Kenya. In March, Tullow Oil said it had discovered a 20-meter oil deposit in Kenya’s Turkana region. On Monday, the company said further drilling had increased that amount to more than 100 meters. Tullow said it found the additional oil […]

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Iran Says Cyberattack on Oil Industry Had Little Impact

Posted April 24th, 2012 at 11:05 pm (UTC-5)
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Iran says a suspected cyberattack on its state-run oil industry had little impact on operations thanks to rapid measures taken by experts to limit the spread of the virus. Iranian state news agency IRNA quotes an Oil Ministry official as saying there was “no damage” to the ministry’s computer data from the virus, which authorities […]

Tags: , , , Posted in Economy, Middle East

Iran Says Cyberattack on Oil Industry Had Little Impact

Posted April 24th, 2012 at 10:10 pm (UTC-5)
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Iran says a suspected cyberattack on its state-run oil industry had little impact on operations thanks to rapid measures taken by experts to limit the spread of the virus. Iranian state news agency IRNA quotes an Oil Ministry official as saying there was “no damage” to the ministry’s computer data from the virus, which authorities […]

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Engineer Arrested in BP Oil Spill Case

Posted April 24th, 2012 at 5:50 pm (UTC-5)
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The U.S. Justice Department says a former engineer for the oil giant BP has been arrested on charges of intentionally destroying evidence related to the massive 2010 Gulf of Mexico oil spill. Authorities said in a statement that 50-year-old Kurt Mix from Texas was arrested Tuesday and charged with two counts of obstruction of justice. […]

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