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Chevron Corp. said it would spend $4 billion to develop its Big Foot project in the Gulf of Mexico, even as tougher rules and higher costs loom for deepwater operators.
Chevron, the second-largest U.S. oil company behind Exxon Mobil, has continued to invest in the Gulf of Mexico even as uncertainty over costs and the U.S. government’s new safety regulations linger after the BP Plc oil spill. Get the full story »
Former BP chief Tony Hayward has acknowledged that the company was unprepared for the disastrous Gulf of Mexico oil spill and the media frenzy it spawned, and said the firm came close to financial disaster as its credit sources evaporated. Get the full story »
An offshore oil rig exploded in the Gulf of Mexico on Thursday, west of the site of the April blast that caused the massive oil spill.
From The Wall Street Journal | In his first interview after agreeing to step down from the top spot at oil giant BP this week, Tony Hayward defended his choices during the oil spill crisis, saying he ” became a villain for doing the right thing.” Get the full story »
BP was forced to defend its chief executive on Monday after Russia’s deputy PM said he expected Tony Hayward to resign soon, while a tropical storm threatened oil spill cleanup efforts in the Gulf of Mexico.
BP said Hayward remained CEO and no change was under discussion after Igor Sechin said he expected Hayward to resign and that Russian officials would be told the name of his successor in Moscow on Monday. Get the full story »
BP said Monday it has spent about $2.65 billion responding to the massive oil disaster in the Gulf of Mexico. The price tag includes “the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs,” the company said on its website.
