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March 7, 2013
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News for the oil and natural gas industry

  Top Story 
  • Dudley notes BP's progress in improving safety after Gulf spill
    BP has made significant progress in enhancing safety nearly three years after the Gulf of Mexico oil spill, CEO Robert Dudley said. "We alone stepped up from the outset, acknowledging our role, waiving the liability cap and committing ourselves to help restore the environment and economy of the Gulf Coast region," Dudley said during the IHS CERAWeek conference in Houston. "We are honoring our commitments." Bloomberg (3/6) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Expert claims BP, Transocean misinterpreted key test before Gulf spill
    Transocean and BP managers aboard the Deepwater Horizon rig misinterpreted key pressure tests before the rig suffered a blast and spilled oil in the Gulf of Mexico in 2010, Richard Heenan, an oil drilling expert, said during a civil trial over the incident. "I couldn't believe, based on what I saw, that the people on the rig came to the conclusion that this was a successful test," Heenan said. The test's handling "was a gross and extreme departure" from conventional industry standards, he added. Bloomberg Businessweek (3/6) LinkedInFacebookTwitterEmail this Story
  • Former BP Macondo well site chief testifies: A former BP Macondo well site chief said he was never pressured to put cost savings ahead of safety even though the project suffered from cost overruns and was behind schedule. "I don't believe in pushing people to keep schedules. I'm just not going to do it, especially if safety is involved," Ronnie Sepulvado said during a civil trial over the incident. Sepulvado left several days before the 2010 Gulf of Mexico oil spill because his well control certificate neared expiration. The Washington Post/The Associated Press (3/6) LinkedInFacebookTwitterEmail this Story
  • ExxonMobil plans $190B investment in energy projects
    ExxonMobil plans to spend approximately $190 billion during the next five years on energy projects, Chairman and CEO Rex Tillerson says. "I never would have dreamed I'd be spending at this level," he said. Exxon's output of oil and other liquids is expected to increase an average 4% annually through 2017 as major projects come online, Tillerson says. Rigzone/Dow Jones Newswires (3/6) LinkedInFacebookTwitterEmail this Story
  Exploration & Production 
  Policy Watch 
  • Rep. Hastings urges feds to support more energy development
    Rep. Doc Hastings, R-Wash., accused the Obama administration of blocking the U.S. energy revolution that could spur economic growth. His remarks came in light of mandatory budget cuts, which could impact domestic energy development projects. "The United States has yet to reach its full energy potential but it can if the Obama administration would simply get out of the way and allow the people's energy resources to be harnessed," Hastings said. United Press International (3/6) LinkedInFacebookTwitterEmail this Story
  • Canadian minister promotes benefits of Keystone XL pipeline
    TransCanada's Keystone XL pipeline "would deliver more than oil to the United States," said Joe Oliver, Canada's natural resources minister. The project, if approved, would generate "tens of thousands of high-quality jobs" and "enhance energy security," Oliver said during the IHS CERAWeek energy conference in Houston. He also slammed critics of the pipeline, saying they "engage in misrepresentation and hyperbole" about the project's impact on the environment. The Wall Street Journal (3/6) LinkedInFacebookTwitterEmail this Story
  • Sen. Landrieu urges EPA to lift BP federal contract suspension
    The Environmental Protection Agency should lift its order temporarily barring BP from gaining new federal contracts, said Sen. Mary Landrieu, D-La., arguing the action could "have a chilling effect" on other firms' plans to explore in the Gulf of Mexico. "I'm furious and strongly opposed to the EPA's authority for suspension and disbarment," Landrieu said. "I'm angry that this agency would put a business in a situation of what amounts to double jeopardy." The News-Star (Monroe, La.) (3/5) LinkedInFacebookTwitterEmail this Story
  API News 
  • 79th Annual API Federal Tax Forum, April 29 and 30
    The forum is one of the only legal conferences focusing on federal oil and gas taxation and is consistently praised by participants as an excellent learning opportunity. It is open to private lawyers and accountants interested in this area and attracts speakers who are leading authorities in their fields. The topics covered at the forum are usually selected to address both basic and advanced issues on the U.S. taxation of domestic and international oil and gas operations. Learn more. LinkedInFacebookTwitterEmail this Story
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