May 2010 Archives

The US faces the prospect of oil spewing into the Gulf of Mexico for a further 70 days or more if a last-ditch fix fails this week. This would treble the volume of crude that has so far leaked from the Deepwater Horizon well.

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The extended wait, while BP drills relief wells to siphon the oil away, would exacerbate the environmental disaster and add billions of dollars to the already astronomical cost of the clean-up. Drilling of the relief wells started on May 5 but are not expected to be completed before mid-August at the earliest.

Full Story: Oil well will leak for months if fix fails - Sydney Morning Herald

A senior White House adviser says the blown-out wellhead at the bottom of the Gulf of Mexico could continue to spew oil into the ocean until August.

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Carol Browner, the president's adviser on energy and climate, says the oil spill is the country's biggest environmental disaster.

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BP's latest attempt to stem the leak, the so-called "top kill", failed over the weekend and the company is now working on another approach involving underwater robots and containment domes.

Full Story: US oil nightmare could drag on to August - ABC Online

BP says its new attempt to halt the oil leak in the Gulf of Mexico will take at least four days to set up and there is no guarantee of success.

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It involves undersea robots cutting through a broken pipe on top of the blown-out well to cap it. But BP chief operating officer Doug Suttles said even if it succeeded it would only halt a majority of the leak.

Full Story: 'No guarantee' on new BP oil plan - BBC News

BP has failed to stop the oil leak in the Gulf of Mexico using so-called top kill and junk shot techniques, prompting an exasperated response from Barack Obama.

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After three days of pumping drilling mud over the leak and an attempt to plug the flow by blasting tyres, golf balls and other debris at it, BP admitted defeat last night. In its latest attempt to contain the worst oil spill in US history, it is to launch a four- to seven-day operation that will involve more oil leaking into the Gulf even if it works. Obama described the setback as "enraging" and "heartbreaking", as documents emerged showing that BP engineers were concerned about the safety of the Deepwater Horizon rig months earlier than the company has admitted.

Full Story: Barack Obama 'heartbroken' as BP top kill fails to plug Gulf oil spill - The Guardian

BP has admitted that its attempt to plug the leak caused by the explosion of its Deepwater Horizon rig, the worst oil spill in US history, has failed and it is now considering other methods.

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The manoeuvre is complementary to the heavily scrutinised effort known as a "top kill," which began four days ago and involves pumping heavy mud into the well to counteract the push of the escaping oil. The technician working on the project yesterday said pumping had again been halted and a review of the data so far was under way.

Full Story: US oil spill: 'Top Kill' unsuccessful, BP looking for other options - NDTV.com

WASHINGTON — President Barack Obama keeps reassuring the nation that stopping the Gulf oil spill and limiting the fallout on the region are his top priority.

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Yet so is protecting the country against attack. And getting people back to work.

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Presidencies usually don't allow for a dominant priority — just a list of priorities.

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Full Story: Analysis: Obama's priority? More than an oil mess - The Associated Press

Jonathan Henderson, of Gulf Restoration Network and a small group of environmentalists try to get their message across to President Barack Obama as the presidential motorcade goes by in Grand Isle, Louisiana, on Friday.

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President Obama’s exhortation to the American people is a simple one: Trust government. So far, the President is faring better than both Congress and BP in polls about the handling of a spill that has now surpassed the size of the Exxon Valdez spill in Prince William Sound in 1989.

Full Story: Gulf oil spill: Obama's big political test - Christian Science Monitor

BP chief operating officer Doug Suttles has said the company was continuing to try and avert the flow of oil from a damaged well in the Gulf of Mexico.

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In a visit to Louisiana to assess the damage, US President Barack Obama ordered the tripling of manpower in places where the oil has, or is threatening, to wash ashore.

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Mr Suttles told reporters it was an ongoing operation.

Full Story: BP operation at oil well 'continuing' - BBC News

LONDON: British energy group BP said Friday that its response costs linked to the huge Gulf of Mexico oil spill have risen to about 930 million dollars (753 million euros).

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LONDON: British energy group BP said Friday that its response costs linked to the huge Gulf of Mexico oil spill have risen to about 930 million dollars (753 million euros). "The cost of the response to date amounts to about 930 million dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs," BP said in a statement. LONDON: British energy group BP said Friday that its response costs linked to the huge Gulf of Mexico oil spill have risen to about 930 million dollars (753 million euros). "The cost of the response to date amounts to about 930 million dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs," BP said in a statement. "It is too early to quantify other potential costs and liabilities associated with the incident," it added.

Full Story: Oil leak costs rise to $930 m: BP - Economic Times

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British energy group BP said Friday that its response costs linked to the huge Gulf of Mexico oil spill have risen to about 930 million dollars (753 million euros). British energy group BP said Friday that its response costs linked to the huge Gulf of Mexico oil spill have risen to about 930 million dollars (753 million euros). “The cost of the response to date amounts to about 930 million dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs,” BP said in a statement.

Full Story: BP's oil leak costs US$930 million - New Straits Times

BP has slowed the flow of oil and gas from a ruptured well into the Gulf of Mexico, a US official told local media.

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The company's "top kill" effort has "stabilised the wellhead", Coast Guard commander Admiral Thad Allen said. But he cautioned it was too early to declare success. This is the first step in BP's plan to seal the well for good. A leak from the Oval office suggests it did not take Barack Obama long to grasp the enormity of the political disaster washing towards him with the oil spill in the Gulf.

Full Story: BP slows oil leak - Hindustan Times

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Oil gushes from the Gulf of Mexico oil well, in this video grab, taken from... BP said it was making progress on plugging its ruptured Gulf of Mexico oil well on Thursday as U.S. government figures showed the disaster has eclipsed the previous worst U.S. oil spill, the Exxon Valdez.

Full Story: BP wrestles oil spill; scale of disaster increases - Sify

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US warned on risks of tighter oil rules Financial Times The tightening of the offshore oil regulations, due to be announced on Thursday, comes as the predominant concern in Washington has changed from pushing oil ... BP begins attempt to seal oil leak with new procedureNDTV.com BP begins top-kill operation to curb oil leakHindustan Times Assessment of oil spill's effect on marine food websThe Hindu Oneindia -NPR -Calgary Herald all 13,145 news articles »

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Full Story: US warned on risks of tighter oil rules - Financial Times

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Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post. As his administration comes under increasing criticism for its handling of the spreading environmental catastrophe in the Gulf of Mexico, President Obama will hold a White House news conference Thursday, his first since February, in an attempt to retake command of the message. He'll do so as the crisis reaches yet another moment of high risk, both in the Gulf and in Washington.

Full Story: Five questions for Obama on the oil spill - Washington Post

Tide Water Oil has declared its fourth quarter results of FY10. It has reported net profit of Rs 14.4 crore as against Rs 7.7 crore (YoY).

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Net sales jumped to Rs 146 crore from Rs 118 crore (YoY).

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The company's trailing 12-month (TTM) EPS was at Rs 586.35 per share till the December quarter results of 2009. The stock's price-to-earnings (P/E) ratio was 9.12. The latest book value of the company is Rs 1708.58 per share. At current value, the price-to-book value of the company was 3.13. The dividend yield of the company was 0.56%.

Full Story: Tide Water Oil Q4 net profit up at Rs 14.4 cr - Moneycontrol.com

Federal officials responsible for inspecting and licensing offshore oil rigs in the Gulf of Mexico accepted lavish trips from offshore oil companies, according to an official federal report released Tuesday.

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The report contributed to the growing image problem of a Minerals Management Service (MMS) that allowed oil companies like BP to forego environmental reports and safety inspections while keeping a cozy relationship with the industry. The report, which covered violations up to 2008, also found violations of pornography on government computers and illegal drugs use.

Full Story: 'US oil rig inspectors take gifts from company' - Sify

NEW DELHI, May 25 (Reuters) - Oil firms in India are looking at acquiring stakes in onshore gas fields in Turkmenistan, Oil Secretary S. Sundareshan told reporters on Tuesday.

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NEW DELHI, May 25 (Reuters) - Oil firms in India are looking at acquiring stakes in onshore gas fields in Turkmenistan, Oil Secretary S. Sundareshan told reporters on Tuesday. "We are looking at some of the blocks...We offered to invest in onshore gas producing fields," Sundareshan told reporters. India's oil minister Murli Deora along with secretary Sundareshan and executives from state-run firms met Turkmenistan President Gurbanguly Berdimuhamedov, who was on a three-day visit to India beginning on Monday.

Full Story: India oil firms eye gas fields in Turkmenistan - Reuters India

It has been 34 days since the first explosion on the Deepwater Horizon rig. The spill’s impact on shore now stretches across 150 miles, from Dauphin Island, Ala., to Grand Isle, La., officials said.

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A blog about energy and the environment. The total cost to BP to date is about $760 million, or $22 million a day, compared with an initial estimate of $6 million a day last month, the company said.

Full Story: The Latest on the Oil Spill - New York Times

BP has pledged $500m (£346m) to study the impact on the Gulf of Mexico of the oil spill, as top US officials flew over the area to assess BP's response.

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A BP official said a bid to plug the leaking well with heavy mud and cement stood a 60-70% chance of success.

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He said the company shared widespread public frustration with its inability to stem the leak.

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Full Story: BP pledges $500m to study oil spill's impact on gulf - BBC News

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Full Story: U.S. Was Not Ready For Major Oil Spill - Wall Street Journal

Oil firm BP may be "pushed out of the way" if it fails to perform in the Gulf of Mexico oil disaster clean-up, a top US official has warned.

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Interior Secretary Ken Salazar said the British company had missed "deadline after deadline" in its efforts to seal a blown-out oil well.

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But he said BP had agreed to pay clean-up costs beyond the current US $75m (£52m) liability limit.

Full Story: US warns it may 'push BP aside' on Gulf oil clean-up - BBC News

The oil is dense with methane gas that dissolves in water and can be measured empirically. From that figure the volume of oil could be derived, UC Santa Barbara geochemist David Valentine says in the British journal Nature.

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A Santa Barbara scientist has proposed computing the size of the oil spill in the Gulf of Mexico, but by measuring its cousin, natural gas, which is spewing into the gulf along with it. In an article published in the British journal Nature this week, UC Santa Barbara geochemist David Valentine said that dragging gas sensors through the waters near the spill could provide data on how much methane is lurking in the ocean. From that figure, the volume of oil could be derived, he said.

Full Story: UC scientist floats idea on gauging amount of oil spilling into gulf - Los Angeles Times

May 23 (Bloomberg) -- The head of the U.S. Environmental Protection Agency will visit Louisiana today as the government continues to monitor BP Plc’s use of chemicals to try to stem the impact of oil leaking from a Gulf of Mexico well.

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Administrator Lisa Jackson is scheduled to visit the oil- spill command center in Robert, Louisiana, as well as Venice and New Orleans, the EPA said in a statement yesterday. The agency said it is working with BP over the choice of chemicals, known as dispersants, that have been used in the Gulf to break up the oil and minimize its impact on the coasts. Interior Secretary Ken Salazar and Homeland Security Secretary Janet Napolitano plan to be in Louisiana tomorrow with a group of senators to inspect the spill response. President Barack Obama yesterday named Democrat Bob Graham, a former Florida governor, and Republican William Reilly, a former EPA administrator, to lead a commission to investigate the spill.

Full Story: EPA Administrator Goes to Louisiana as BP Battles Oil Spill - BusinessWeek

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Full Story: Obama Creates Oil-Spill Panel - Wall Street Journal

NEW YORK (CNNMoney.com) -- Oil prices fell around $70 a barrel, as investors remained wary that Europe's debt crisis and growing oil stockpiles will cut demand for fuel.

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Crude for July delivery, which becomes the active contract Friday, slipped 76 cents, or 1.07%, to settle at $70.04 a barrel.

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Full Story: Oil falls to $70 - CNNMoney

LONDON: US crude oil prices fell below $65 a barrel this week, hitting the lowest level since July last year, pressured by concerns about the impact of the European fiscal crisis on fuel demand. Oil, which had recovered to around $70 on Friday, is more than double a low of $32.40 reached in December 2008 but remains less than half the record high of nearly $147.27 hit in July that year.

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The following lists the main bullish and bearish factors in the oil markets. 1) Greece has been forced to impose drastic spending cuts after an EU bailout intended to prevent the economic turmoil spreading across Europe with Spain and Portugal seen as the markets' next potential targets. The latest economic crisis has pushed the euro to four-year lows, making oil priced in dollars more expensive for European buyers and raising the prospect of reduced demand.

Full Story: Bullish and bearish factors behind oil price - Economic Times

COIMBATORE: With the auction for 3G spectrum finally over and oil prices hitting a new low, telecom and oil and gas stocks gained momentum on the bourses on Thursday.

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The oil and gas pack was the second biggest gainer among sectoral indices, rising 1.7% in the day. Upstream oil behemoth ONGC gained the most among frontline stocks, surging 8.7% even as oil prices hit $69 a barrel on Thursday due to concerns about the crisis in Eurozone. Oil prices later rallied to $71.

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Indian Oil Corporation (up 4%), HPCL (3.2% rise), BPCL (up 2.8%) and GAIL India (2.3% increase) were among the top gainers.

Full Story: Telecom, oil stocks lead the show - Times of India

MUMBAI: Shares of leading oil and gas companies surged to nearly 9pc on the BSE, a day after the government more than doubled the prices of natural gas to reduce the losses suffered by these companies.

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Shares of ONGC settled up nearly 9 per cent at Rs 1,118.20 after surging more than 11 per cent intra-day while Oil India closed at Rs 1,259.80, up 9.09 per cent on the Bombay Stock Exchange. This massive rally took the BSE Oil& gas index up 1.79 per cent. Shares of ONGC settled up nearly 9 per cent at Rs 1,118.20 after surging more than 11 per cent intra-day while Oil India closed at Rs 1,259.80, up 9.09 per cent on the Bombay Stock Exchange. This massive rally took the BSE Oil& gas index up 1.79 per cent. "The oil and gas stocks reacted in line with news of the price rise in natural gas. This was much awaited by the oil producing and marketing companies which will help to recover their resources," CNI Research chairman and managing director Kishor P Ostwal said.

Full Story: Gas price hike has ONGC, Oil India gaining 9pc - Economic Times

NEW DELHI: The government has doubled the price of natural gas produced by ONGC and Oil India from nomination blocks that will make the fuel used in automobiles and households in Mumbai and National Capital Region of Delhi costlier by 20-35%.

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The government raised administered price mechanism (APM) gas price to $4.20 per unit at par with Reliance Industries’ KG-D6 gas price, discovered on the basis of market principles. The $4.2 per unit price is already approved by an empowered group of ministers. APM gas is a term used for gas blocks awarded to state-run energy firms on nomination basis. The government raised administered price mechanism (APM) gas price to $4.20 per unit at par with Reliance Industries’ KG-D6 gas price, discovered on the basis of market principles. The $4.2 per unit price is already approved by an empowered group of ministers. APM gas is a term used for gas blocks awarded to state-run energy firms on nomination basis. “The price of compressed natural gas (CNG) may increase by 20%, but will depend from city to city,” said joint secretary in the ministry of petroleum & natural gas Apurva Chandra.

Full Story: Govt doubles price of gas by ONGC and Oil India; price of CNG may rise - Economic Times

Offshore drilling was banned for decades after a 1969 spill off the Santa Barbara coast. If the same happens after the BP spill in the Gulf of Mexico, oil prices could shoot through the roof.

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Development Drillers float beside Discoverer Enterprise drill ship in the waters of the Gulf of Mexico at the site of the BP oil spill approximately 42 miles off the coast of Louisiana on May 18. The spill could mean the end of cheap oil in the US for years. Why surging gold prices can only mean trouble “Following the Gulf disaster…it will be a long time before any new permits are issued for drilling for oil in the Gulf…” said Rick Rule, at the Family Office get-together this weekend.

Full Story: Does the BP spill mean the end of cheap oil? - Christian Science Monitor

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New videos from deep underwater show more dramatic footage of oil and gas gushing from the broken blowout preventer on the floor of the Gulf of Mexico. Scientists are anxious to get their hands on this and other video in order to make a better estimate of the oil spill.

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Sens. Bill Nelson (D-FL) and Barbara Boxer (D-CA) had asked BP for all its underwater spill videos; they got their first batch Tuesday.

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Full Story: New Video Could Provide More Answers On Oil Spill - NPR

It looked for a while on Tuesday that the two-week slide in oil prices that dragged crude down to its lowest price of the year would end. It didn't.

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Benchmark crude for June delivery fell 54 cents to $69.54 a barrel on the New York Mercantile Exchange shortly before the close of trading. Oil was as high as $72.52 earlier in the session. The contract dropped $1.53, or 2.1 percent, to $70.08 on Monday. Analysts say fresh worries about the European debt crisis and the declining euro pulled the rug out from Tuesday's early rally. The question now is whether the slide will continue, or if prices will rise again. Twice since January oil prices approached $90 a barrel only to slide back to $70. Crude dropped about 20 percent after hitting $87.15 a barrel on May 3, the highest point since October 2008.

Full Story: Oil gives up early gains, heads down again - The Associated Press

COCODRIE: Energy giant BP has said it had "turned the corner" in a weeks-long effort to contain an oil spill in the Gulf of Mexico even as the company faced fresh questions about its industry safety record.

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London-based BP Plc said its latest "quick fix" -- a mile-long siphon tube deployed by undersea robots down to the leaking well-- was capturing about a fifth of the oil leaking from the ruptured well.

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Officials cautioned that the tube is helping contain the oil but will not stop the flow.

Full Story: BP says turns corner in oil spill - Economic Times

LONDON: World oil prices tumbled on Monday to their lowest levels so far this year on concerns about future oil demand and the strong dollar, analysts said.

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New York's main contract, light sweet crude for delivery in June, fell USD 1.88 to USD 69.73 per barrel, after earlier hitting 69.27, which was the lowest level since October 5, 2009. London's Brent North Sea crude for July dived USD 2.56 to USD 75.37 a barrel.

Full Story: Oil prices slide under $70 - Economic Times

NEW ORLEANS – After more than three weeks of efforts to stop a gushing oil leak in the Gulf of Mexico, BP engineers achieved some success on Sunday when they used a mile-long pipe to capture some of the oil flow and funnel it to a drill ship on the surface about 5,000 feet above the wellhead, company officials said.

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Millions of gallons of crude are already in the water, however, and researchers said the black ooze may have entered a major current that could carry it through the Florida Keys and around to the East Coast. After two false starts, engineers remotely guiding robot submersibles successfully inserted a narrow tube into the damaged pipe from which most of the oil is leaking.

Full Story: BP reports some success at using pipe to capture leaking oil - Dallas Morning News

Oil giant BP says it has taken an "important step" in containing an oil spill in the Gulf of Mexico and may be able to stop the flow permanently within a week.

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Crude oil has been gushing unchecked into the sea from a ruptured undersea well about a mile under the water's surface, threatening environmental disaster along the US Gulf Coast. After other failed attempts to contain the leak, BP has now succeeded in inserting a tube into the leaking well and captured some oil and gas, according to a statement posted on its website.

Full Story: BP: 'New Oil Spill Fix Working As Planned' - Sky News

Bp boss Tony Hayward warned last night that the disastrous Gulf of Mexico oil spill could take a long time to fix if current tactics fail.

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They plan to suck the slick out of the sea with a giant metal "straw" or break it up with chemicals. The broken undersea pipe has pumped more than four million gallons of crude oil into the sea since an oil rig explosion three weeks ago.

Full Story: Fail alert by oil spill boss - Mirror.co.uk

Barack Obama has blasted oil giant BP and demanded it step up efforts to stop the Gulf of Mexico leak which is threatening an environmental catastrophe.

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Full Story: Obama Blasts 'Finger-Pointing' Oil Firms - Sky News

MUMBAI: Reliance Industries chairman Mukesh Ambani, who runs one of the world's largest refineries, has said that the petroleum industry should be ready for oil prices to rebound to $100 a barrel or more on growing consumption in Asia.

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Projects of $5 billion will be a routine in petro-chemicals, Ambani said here on Friday at the Asia Petrochemical Industry Conference. Global oil demand is forecast to increase 2 % this year amid growth in emerging markets, stemming two years of declines. Oil prices peaked at a record $147.2 a barrel on July 11, 2008, before plummeting to $32.4 on December 19 that same year. According to a study by International Energy Agency, China and India, the emerging economies are leading the recovery of oil prices. Their appetite for oil is expected to outgrow the world average by more than three times to 2030, the study added. Similarly, a Merril Lynch report had recently predicted that prices could exceed $100 a barrel.

Full Story: Oil may cross $100 on Asian demand: Mukesh - Times of India

Environmental damage caused by the massive oil leak in the Gulf of Mexico should, one would think, bolster the case for the climate change bill in the United States. And it does. Except when it doesn’t.

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It is easy to see the supporting arguments. Oil spills are bad. Really bad. Therefore, legislation designed to drive down oil consumption should be good. And the clean energy bill is suppose to do just that: it proposes a cap-and-trade system with greenhouse gas reduction targets; and renewable energy targets are also part of the deal.

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What’s not to love about that in the face of an oil spill where some of the smartest people in the world are considering attempting to plug the leaky well with Titleists and shredded Goodyear tires? Republicans, that’s who.

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Full Story: Gulf oil spill may have killed climate change bill - Financial Post

AN AGREEMENT:Venezuelan President Hugo Chavez (left) has a word with Union Minister for Petroleum and Natural Gas Murli Deora at the headquarters of Petroleos de Venezuela SA in Caracas on Wednesday.

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NEW DELHI: In a big-ticket investment aimed at giving a boost to its holding of oil and gas assets abroad, the Oil and Natural Gas Corporation Videsh Limited (OVL), along with its partners, entered into an agreement with the Venezuelan government on Thursday to develop a $20-billion oil project in that country. The project is expected to give India 3.6 million tonnes of crude a year. OVL and its partners signed the agreement with Petroleos de Venezuela SA (PdV) for development and production of hydrocarbons from the Carabobo project in the Orinoco region.

Full Story: India, Venezuela ink pact to develop $20-billion oil project - The Hindu

A steel dome designed to cap the damaged oil well polluting the Gulf of Mexico will hopefully be operational later on Thursday, BP says.

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The latest bid to plug the gushing well comes after previous efforts to stem the flow failed.

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An attempt to use a larger containment dome failed on Sunday when it became clogged with ice and gas.

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Full Story: BP readies dome to stem Gulf of Mexico oil spill - BBC News

BP.L ), operator of the blown-out oil well in the Gulf of Mexico, decided to finish work on its Deepwater Horizon rig last month despite tests suggesting combustible gas had seeped into the well, the Wall Street Journal reported on its website on Wednesday.

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The report, citing documents as well as testimony released by congressional investigators, said the company's move to start withdrawing heavy fluid that prevents gas from escaping the well raised questions about judgments made on the rig just before the April 20 explosion that killed 11 workers. There is not enough money to compensate for the idiot that continued to work despite the issues. He is obviously not college educated…enough. BP doesn’t have enough money to compensate for all the problems this is causing in the WORLD. With the terrorism, recession which is really a depression and everything else, we did not need this. We, at the pumps, will be paying for this for many years to come. This is not living anymore. It is survival everyday of the fittest.

Full Story: Gas tests ignored in massive BP oil spill -report - Reuters

May 12 (Bloomberg) -- Crude oil declined in New York after a U.S. government report showed that inventories climbed for the 14th time in 15 weeks.

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Supplies of crude oil gained 1.95 million barrels to 362.5 million, the Energy Department said. Stockpiles at Cushing, Oklahoma, where the New York-traded West Texas Intermediate oil grade is stored, rose to a record. The price of oil for prompt delivery dropped further than contracts in future months.

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Crude oil for June delivery fell 89 cents, or 1.2 percent, to $75.48 a barrel at 12:16 p.m. on the New York Mercantile Exchange. Oil traded at $76.53 a barrel before the release of the supply report at 10:30 a.m. in Washington.

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Full Story: Crude Oil Declines in New York After US Stockpiles Increase - BusinessWeek

WASHINGTON/PORT FOURCHON, La., May 12 (Reuters) - Top oil executives face a second day of grilling by U.S. lawmakers on Wednesday over a deadly well rupture that unleashed a huge oil slick and the specter of environmental disaster in the Gulf of Mexico.

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HAL.N ) are all in the hot seat for their roles in what could be the worst oil spill in U.S. history. A desperate race is on to contain the catastrophe, with BP readying a potential subsea fix and troops and prisoners rushing to limit damage to the coast, where crude has started to reach shorelines. Investors have driven the value of BP shares down more than $30 billion, far exceeding even the worst estimates of the spill's cost, reflecting uncertainty about how the calamity will play out, with an unprecedented and shifting situation.

Full Story: Big oil to get more grilling as oil gushes in Gulf - Reuters

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BP will try again to contain oil gushing in the Gulf of Mexico, this time with a far smaller funnel than it tried before, as the massive slick threatened Louisiana shores. The company was braced for a grilling in the US Senate on Tuesday over its failure to contain the massive spill.

Full Story: BP to try again to cap oil gushing into Gulf of Mexico - Telegraph.co.uk

BP engineers were yesterday desperately exploring options to control oil gushing from a ruptured Gulf of Mexico well after a setback with a huge containment dome fueled fears of a prolonged environmental disaster.

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BP was considering its options after a buildup of crystallised gas in the dome forced engineers to suspend efforts to place the chamber over the rupture, the company's best short-term solution to the spill. At least 5,000 barrels of oil a day are gushing into the Gulf since the Deepwater Horizon rig exploded on 20 April, killing 11 crew members and rupturing the well.

Full Story: Dome fails to stop Louisiana oil leak - Independent

BP.L ) could be spending as much as $10 million a day on clean-up efforts after a giant oil spill in the Gulf of Mexico, exceeding initial estimates, the Sunday Telegraph quoted Chief Executive Tony Hayward as saying.

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Deepwater Horizon, a drilling rig contracted to drill a well for BP exploded and caught fire last month, causing a massive leak. The well is still pumping oil into the Gulf, generating a slick which is threatening wildlife, fishing and tourism. Hayward was quoted as saying it could still be weeks or months before the leak is brought under control.

Full Story: BP spends $10 mln/day on oil spill clean-up -paper - Reuters

The four-storey oil-containment dome, weighing 100 tonne, is to try to cap the oil leaking from the sunken Deepwater Horizon rig and then funnel the oil to connecting pipes leading to the surface.

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On Friday, operator British Petroleum (BP) said the capping technique had never been tried at such a depth — 5,000 feet — and there were no guarantees that it would work. If all goes well, BP hoped to begin sucking the first crude oil through the upside-down funnel and into a waiting tanker on the surface by early next week.

Full Story: 'Containment dome in place over Gulf of Mexico oil leak' - The Hindu

NEW YORK, May 6 (Reuters) - A bill of more than $10 billion to clean up oil gushing from BP's U.S. Gulf well could be small compared to costs the disaster adds to producing oil offshore in coming years, enough to push world oil prices higher.

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As regulators, oil companies and insurers plot their response to the U.S. Gulf disaster, few experts expect offshore drilling to be halted or sharply cut, given its importance to global oil supply. Deepwater output accounts for around 9 percent of the world's oil, or double its contribution a decade ago, according to industry estimates.

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As drilling procedures go on trial and rules are tweaked to hold the oil industry accountable for disasters, the economics of future deepwater drilling will be at stake.

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Full Story: ANALYSIS - Spill backlash could lift drilling cost, oil price - Reuters India

BATON ROUGE, La. — With remote-controlled robots a mile underwater unable to seal the gushing well, and with the drilling of relief wells that would allow crews to plug the spouting cavity months away from completion, it is time for the big box.

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The 98-ton, four-story container that BP hopes will take care of the main oil leak was loaded onto a barge in Port Fourchon, La., on Wednesday in preparation for its journey to the well.

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The end of the oil spill , or at least the end of much of the oil leaking into the Gulf of Mexico, may soon be delivered by a 98-ton steel box standing four stories tall, with a fresh coat of white paint.

Full Story: Giant Container to Collect Leaking Oil - New York Times

MOSCOW, May 5 (Xinhua) -- A Russian oil tanker was hijacked off the coast of Somalia Wednesday morning, a source at Russian Foreign Ministry said.

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All 23 crew members of the captured "Moscow University" are Russian nationals, he said. The pirates remained aboard the Liberian-flagged vessel, which was heading east with a final destination of China, a spokesman of the EU Naval Force said in a statement.

Full Story: Russia confirms oil tanker captured by Somali pirates - Xinhua

May 5 (Bloomberg) -- Crude oil traded little changed before a government report forecast to show U.S. supplies increased amid concern that Europe’s debt crisis may threaten the recovery in fuel demand.

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Crude oil for June delivery traded for $82.54 a barrel, 20 cents lower, in electronic trading on the New York Mercantile Exchange as of 10:18 a.m. London time. It earlier fell to $81.85, the lowest in a week. Brent oil for June settlement was 7 cents lower at $85.60 a barrel on the London-based ICE Futures Europe exchange.

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Yesterday, June oil in New York lost $3.45 a barrel, or 4 percent, to $82.74, the biggest drop since Feb. 4. The American Petroleum Institute report showed U.S. crude inventories gained 2.95 million barrels last week.

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Full Story: Oil Little Changed Before Supply Report Forecast to Show Gain - BusinessWeek

NEW YORK (Reuters) - The oil gushing unchecked from an undersea well in the Gulf of Mexico could permanently scar coastal lands and bring down some of the energy companies tied to the accident if efforts to control the spill are unsuccessful, experts said on Tuesday.

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The financial impact from the oil well blowout on April 20 that killed 11 workers and created a massive slick remains difficult to measure precisely, but the estimates of the damage continue to grow.

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The financial impact from the oil well blowout on April 20 that killed 11 workers and created a massive slick remains difficult to measure precisely, but the estimates of the damage continue to grow. "This is going to be protracted and consume years, and the liability will have to measured in the billions of dollars. The only question is it in the tens of billions or hundreds of billions," said David Kotok, chairman of money management firm Cumberland Advisors.

Full Story: Oil spill costs mount for US economy, companies - Reuters

WASHINGTON, May 2 (Reuters) - The U.S. government will keep a "boot on the neck" of BP Plc, as it responds to a huge oil spill in the Gulf of Mexico that threatens to become an economic and ecological catastrophe, Interior Secretary Ken Salazar said on Sunday.

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Stocks   |   Bonds   |   Global Markets "Our job basically is to keep the boot on the neck of British Petroleum to carry out the responsibilities they have both under the law and contractually to move forward and stop this spill," Salazar told CNN's "State of the Union" program.

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He said there was "no doubt" that a mechanism that prevents oil from blowing out of the BP well was defective, adding that 100,000 barrels or more of oil could leak per day in a worst case scenario.

Full Story: US to keep heat on BP to stop oil leak - Salazar - Reuters

The US government pressured energy giant BP to avert an environmental disaster as a huge, unchecked oil spill reached coastal Louisiana, imperiling fish and shrimp breeding grounds and vulnerable wetlands teeming with wildlife.

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With oil gushing unchecked from a ruptured deepwater well in the Gulf of Mexico off Louisiana, President Barack Obama 's administration piled pressure London-based BP Plc, the owner of the blown-out well, to do more to shut off the flow and contain the spreading slick.

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Obama sent Interior Secretary Ken Salazar and Homeland Security Secretary Janet Napolitano to Louisiana to assess the situation.

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Full Story: US pressures BP as Gulf oil slick spreads - Moneycontrol.com

Efforts to contain a massive oil leak in the Gulf Coast were again hampered by rough seas Saturday just as experts estimated the spill has nearly tripled in size.

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After viewing satellite images of the scene, experts at the University of Miami said the spill has expanded from the size of Rhode Island to about the size of Puerto Rico.

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The executive director of the university's Center for Southeastern Tropical Advanced Remote Sending, Hans Graber, said Saturday the spill measured about 3,000 square kilometres on Thursday, but had grown to nearly 9,900 square kilometres by the end of day Friday.

Full Story: Oil spill cleanup hampered by rough seas - CTV.ca