BP wins first Greenland drilling concession despite chequered record

BP has won permission to drill in the clear waters off Greenland, just three and a half years after abandoning similar plans to apply for a licence in the aftermath of the Deepwater Horizon blowout.

US witnessing biggest oil boom in 40 years

HOUSTON: The United States' average daily oil production is on track to surge by 1 million barrels per day this year, the biggest one-year jump in the nation's history, according to latest official figures.

BP fights to keep fines down in new Gulf of Mexico oil spill trial phase

HOUSTON/LONDON: BP will battle to hold down fines that could hit $18 billion in a new phase of the Gulf of Mexico trial that will rule on how much oil it spilled in 2010 and judge its efforts to plug its well.

WTI Oil Trades Near Two-Week High Amid Unrest in Egypt

West Texas Intermediate crude traded near the highest price in two weeks as an escalating conflict in Egypt fanned concern that oil shipments through the country may be disrupted.

BP says oil spill compensation fund running out

LONDON: British energy giant BP admitted on Tuesday that its $20 billion (15 billion euro) fund to compensate victims of the 2010 US oil spill disaster has almost run out of cash.

BP Still Uncertain Over Spill Cost at Third Anniversary

BP Plc (BP/) faces the third anniversary of the 2010 oil spill in the Gulf of Mexico today with no sure knowledge of how much more it will have to pay government and private plaintiffs over the disaster.

Exxon oil spill cleanup ongoing in Arkansas, pipeline shut

MAYFLOWER, Ark./HOUSTON (Reuters) - Exxon Mobil Corp continued efforts on Monday to clean up thousands of barrels of heavy Canadian crude oil spilled from a near 65-year-old pipeline in Arkansas, as a debate raged about the safety of transporting rising volumes of the fuel into the United States.

BP appeal over 'absurd' Gulf oil spill payouts

Oil giant BP is taking legal action in the US to limit payouts by a fund set up to compensate those affected by the 2010 oil spill in the Gulf of Mexico.

South African Company to Build U.S. Plant to Convert Gas to Liquid Fuels

WESTLAKE, La. — In an ambitious bet that the glut of cheap natural gas in the United States will last for many years, a South African energy company announced on Monday that it would build America’s first commercial plant to convert natural gas to diesel and other liquid fuels.

BP 'to admit criminal misconduct over Deepwater Horizon in plea agreement'

BP is expected to plead guilty to criminal misconduct over the 2010 Deepwater Horizon disaster through a plea agreement it has reached with the US department of justice that may be announced as soon as Thursday, according to two sources familiar with discussions.

Questor share tip: Shell's aggressive strategy makes sense and its dividend is attractive

Royal Dutch Shell has ambitious plans to increase production over the next few years, but some investors fear that the level of investment needed will crimp returns.

Oil Set for First Weekly Drop Since July as Gulf Output R

Oil is heading for the first weekly decline since July in New York as producers work to restore Gulf of Mexico output and refiners prepare to resume operations after Hurricane Isaac passed.

Isaac threatens Gulf oil production

NEW YORK (CNNMoney) -- Tropical Storm Isaac is curtailing oil production along the Gulf of Mexico and threatening refineries, which could send already rising gasoline prices up another 10 cents in the coming week.

Oil rises on stimulus hopes, supply disruption worries

NEW YORK (Reuters) - Oil prices rose a third straight day on Thursday on hints of a third round of monetary stimulus from the U.S. Federal Reserve and persistent worries that tensions in the Middle East could disrupt crude supplies.

Oil futures mixed after surge on U.S. stock draw

NEW YORK (Reuters) - Oil futures turned mixed in late trading on Wednesday after leaping to three-month highs on U.S. government data showing a sharp drawdown in domestic crude stockpiles last week and amid worries about lower North Sea oil production.

Oil slips below $79 on Europe's economic woes

The price of oil fell below $79 a barrel Monday due to concerns over Europe's economic and financial woes. The drop was limited somewhat by a supply disruption from a storm that shut down about a quarter of crude output in the Gulf of Mexico.

Repsol: Exploratory oil well off Cuba comes up dry

HAVANA (AP) — An exploratory oil well off the northern coast of Cuba has proved a failure and will be capped and abandoned, Spanish company Repsol said Friday, a disappointment for a cash-strapped nation hoping for an economic lifeline.

Sabine Pass natural gas plant, the next 'Keystone'

NEW YORK (CNNMoney) -- At the mouth of the Gulf of Mexico along the Texas-Louisiana border, Cheniere Energy could be just weeks away from breaking ground on the first natural gas exporting facility ever built in the lower 48 states.

Accord Reached Settling Lawsuit Over BP Oil Spill

BP and the lawyers for plaintiffs in the trial over the 2010 oil spill in the Gulf of Mexico have agreed to settle their case.Judge Carl J.

Energy companies revisiting gas, oil deposits in NW Ohio

Energy companies are revisiting gas and oil deposits left under ground in past years, when oil pumps were a common sight on northwest Ohio farms.