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Sep 2014

  • ‘Worst case’ BP ruling on Macondo means billions more in fines

    NEW ORLEANS (Bloomberg) -- BP Plc faces billions more in potential penalties after a judge found it acted with gross negligence in the 2010 Gulf of Mexico oil spill, dealing a blow to the company’s efforts to expand its drilling program as costs rise and production slips. In a turning point after four years of legal wrangling over responsibility, U.S. District Judge Carl Barbier’s ruling laid the bulk of the blame on BP for the explosion, which killed 11 men and caused the largest offshore oil spill in U.S. history. Acting with gross negligence means BP will be exposed to as much as $18 billion in additional government fines and penalties. The London-based company has spent more than $28 billion on the accident so far.

    Industry Overview, Offshore, Deepwater, North America Read More

Jul 2014

  • ‘Illegitimate’ sanctions won’t stop investments, Rosneft says

    MOSCOW (Bloomberg) -- OAO Rosneft, the world’s biggest publicly traded oil producer by volume, said U.S. sanctions over the Ukraine conflict were “illegitimate” and wouldn’t change the company’s strategy. The financial position of Russia’s largest oil producer is “robust” and operating cash flow will allow current projects to continue while maintaining dividend payments, the Moscow-based company said in a statement July 18.

    Industry Overview, Europe, North America Read More

Jul 2014

  • 'Energetic Bear’ hackers targeting energy firms, Symantec warns

    MOUNTAIN VIEW, California (Bloomberg) -- A group of hackers known as “Energetic Bear” is targeting energy companies in the U.S. and Europe with malware that’s capable of disrupting power supplies, security company Symantec Corp. said. The hackers, also called “Dragonfly,” appear to have the resources, size and organization that suggest government involvement. It’s unclear whether a state is directly involved or if the group is trying to sell to a government, said Eric Chien, chief researcher at Symantec’s Security Technology and Response Team.

    Industry Overview, Europe, North America Read More

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