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Gulf

Oil & Gas

Ex-BP engineer avoids prison in plea tied to 2010 Gulf oil spill

A former BP Plc engineer pleaded guilty to deleting text messages in what the US said was an attempt to hide spill rate estimates during the biggest offshore oil disaster in US history. Kurt Mix faced as long as 20 years in prison if convicted at trial. Instead, he was sentenced to probation and community service Friday as part of a plea deal with federal prosecutors. Mix was the first of four men charged with crimes tied to the 2010 catastrophe and its aftermath.

Other News

Change-of-plea hearing for ex-BP engineer in Gulf oil spill case

A former BP engineer is having a change-of-plea hearing in New Orleans, where he has been fighting a charge that he obstructed an investigation into the deadly 2010 Gulf of Mexico oil spill. Kurt Mix was indicted in early 2012 on two criminal counts arising from allegations that he deleted text messages about the amount of oil that spewed into the Gulf after the Deepwater Horizon offshore rig explosion that killed 11 workers. He has been in an up-and-down legal battle ever since. He was acquitted on one criminal charge in a 2013 trial and convicted on an obstruction of justice charge at the same hearing.

Oil & Gas

ConocoPhillips plans to stop searching for oil and gas in deepwater fields by 2017

ConocoPhillips said the company will stop searching for oil and gas in deepwater fields by 2017 as well as selling offshore leases it doesn’t intend to drill. The company said the move will help free up $800million in capital, the same amount which has been estimated for exploration next year. Earlier this week Conoco revealed its capital budget for the year would be cut to $10.2billion, in response to continued low oil prices.

Oil & Gas

Chevron completes appraisal of “significant” discovery in Gulf of Mexico

Oil major Chevron said it has made a “significant discovery” after the appraisal of the Anchor discovery in the Gulf of Mexico. The original discovery well, which is located 140 miles off the coast of Louisiana, was drilled in late last year to a depth of 33,750feet and encountered 690feet of net oil pay. The appraisal drilling began in June this year and Chevron said complete appraisal of the field will require further delineation wells and technical studies.

Markets

BP continues strong stock performance on third quarter results

Oil giant BP reported a 40% drop in quarterly earnings after it was impacted by low crude prices, but still came in ahead of analysts’ forecasts. The firm’s underlying replacement cost profit for the third quarter was 1.819 billion US dollars (£1.185 billion), compared with 3.037 billion US dollars (£1.979 million) a year ago. However, the FTSE 100 Index was down 17.4 points to 6400.1, led lower by miners and uncertain prospects for global trade.

Other News

Transocean reaches $20million settlement deal with Alabama over Deepwater Horizon

Transocean has reached an agreement with the state of Alabama for a $20million settlement following the 2010 Deepwater Horizon disaster. The decision was announced earlier this month by Governor Robert Bentley who said the region had suffered “tremendous” losses since the spill five years ago. He said the agreement with Transocean was a “positive” step forward as the state continued to recover.

Oil & Gas

Gulf stocks set for best streak in four months on China, oil gains

Gulf Arab stocks were poised for the longest winning streak since April following a surge in Asian equities and oil’s biggest gain this month. The Bloomberg GCC200 Index, a gauge of 200 of the region’s biggest and most-liquid shares, rose 1.9 percent as of 1:20 p.m. in Riyadh. That put it on track for a fifth-day gaining and the highest close in almost three weeks. The measure climbed above its 20-day moving average for the first time since July 27.