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Other News

Lawyer sends BP execs lotto tickets to help pay out oil spill claims

A Houston lawyer has sent the senior management team of oil major BP in a US lottery tickets for an upcoming draw with a record jackpot prize of $1.4billion in the hope of reimbursing Macondo oil spill claimants. In a letter to the company, Coon said he represents “several thousand clients” who have filed claims against BP following the 2010 Macondo Gulf of Mexico oil spill.

Other News

Study finds oil from BP spill could still be on sea floor

A chemical used to help clean-up BP’s oil spill off the Gulf of Mexico may not have helped get rid of the slick caused by the 2010 incident. A study found half of the oil could still be on the sea floor even after a chemical dispersant called Corexit 9500 was applied in a bid to dissipate the oil. It was also used to try and help aid natural microbes in the water to eat the oil at a quicker rate.

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.

Oil & Gas

Public perception will be key in innovation of new deepwater technologies

Public confidence in technologies being used in deepwater will be one of the key components to the success of the Subsea Systems Institute (SSI), according to its director. The institution was set up earlier this year with funding from the RESTORE Act on the back of the Deepwater Horizon disaster in 2010. The federal statute was signed into law by President Barack Obama in 2012 after the incident which killed 11 workers and caused significant environmental, ecological and economic damage in the Gulf of Mexico.

Oil & Gas

The $12billion reason BP isn’t worried about a hostile deal

Oil giant BP Plc, which was said to be readying defenses for potential takeover offers, has a little- known ace in the hole: a disclaimer in its Macondo spill settlement that could tack $12.6 billion onto the price tag. A potential buyer might be forced to accelerate the payment of as much as two-thirds of the $18.7 billion in penalties the company agreed to pay the U.S. and several states, according to company filings. As it stands, BP has more than 15 years. An option that gives the federal government and some states the ability to demand faster payment in a takeover effectively hands them a veto over any deal. Together with the company’s exposure to Russia amid sanctions and the worst oil crash in decades, it amounts to a powerful deterrent to suitors, said William Arnold, a former banker and executive at Royal Dutch Shell Plc.

Offshore Europe

Offshore Europe 2015:Deepwater subsea oil spill response ; a dangerous dilemma

I travelled to Houston just days after the Macondo blowout; not to join the media horde that was out to pillory BP and its chief executive of that time, Tony Hayward, but to attend OTC. Needless to say, the 2010 show became dominated by the disaster as vitriol spilled forth via a host of news media bent on crucifying “Briddish Petroleum”. The industry was in shock ... absolutely caught on the back foot; so were government agencies in charge of the US Gulf, notably the MMS (Minerals Management Service), which was rapidly dismantled and replaced by a new regulatory and safety system that included the Bureau of Ocean Energy Management. GoM operators came under massive pressure to get their act together and to develop adequate countermeasures. In July 2010, Shell, Chevron, ConocoPhillips and ExxonMobil committed to providing a deepwater containment response capability for the US Gulf.