BP will pay up to $18.7 billion in penalties to the US government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in US history.
A US judge has decided that BP Plc was "grossly negligent" and "reckless" in the Gulf of Mexico oil spill four years ago, a ruling that could add nearly $18 billion in fines to more than $42 billion in charges the company too
It could take up to seven years for Gulf waters to recover from any chemical or oil spill, an expert has warned during a workshop designed to ensure Bahrain is ready to cope with an environmental disaster.
Western pressure that forced foreign ship classifiers out of Iran has increased safety risks including the danger of an Iranian vessel spilling oil on another country's coast, the chief executive of Lloyd's Register said.
China has closed the Dalian Xingang oil port in its northeast, home to the country's largest oil reserve bases, after crude pipeline explosions spilt oil into the sea, but the main facilities there are undamaged.
State oil major PetroC
Hurricane Alex hit the Mexican coast south of the US border on Wednesday, flooding towns far inland, but the powerful storm stayed clear of oil fields to the relief of crude markets.
The Category 2 hurricane hampered efforts to control the
Fears oil may continue spewing into the Gulf of Mexico for another two months into the hurricane season wiped $23 billion off BP's market value on Tuesday and sent the cost of protecting its debt soaring.
Once Britain's biggest com
US President Barack Obama has slammed the companies involved in a massive Gulf of Mexico oil spill as BP readied a siphoning system to contain a growing environmental disaster.
Obama applied further pressure on the companies involved in th
Oil edged above $86 a barrel on Monday, gaining for a fourth session, balanced by concerns about the oil spill in the US and doubts about a massive bailout package for Greece.
Financial markets reacted sceptically to the record 110 billion
Two US offshore production platforms in the Gulf of Mexico have been shut down and a third was evacuated as a precaution after a giant oil spill and further shutdowns are possible, the US Minerals Management Service said on Saturday.