City welcomes BP’s Arctic exploration deal
The market welcomed BP's £10billion deal with Russian oil giant Rosneft yesterday following Friday's news of an Arctic exploration alliance.
Russian oil firm takes 5% stake in BP
BP announced a "historic" agreement with the Russian government last night in a £10billion deal which will open up unexplored reserves in the Arctic.
US giant reveals deal to buy UK’s Wellstream Holdings
American giant General Electric revealed yesterday a deal worth nearly £800million to buy British oil and gas services firm Wellstream Holdings.
Weir teams up with Highland for gas flow-control venture
SCOTTISH engineering company Weir Group has teamed up with a Far East firm to provide high-pressure well-service pumps and related flow-control equipment to China's developing shale gas industry.
SSE reports 6% slump in its profits
The first UK energy supplier to increase gas prices this year announced yesterday a 6% fall in half-year profits amid "challenging" trading conditions.
BP ‘rushed’ too much Gulf rig work
Oil giant BP too often operated in a rush during the closing days of work on its doomed Gulf of Mexico well, a US presidential inquiry said yesterday.
US panel backing for BP version of oil spill
The US presidential commission investigating the BP Gulf oil spill yesterday challenged claims made in Congress that the British oil company and others sacrificed safety to cuts cost.
BP goes into ‘recovery mode’ as it posts profits of £1.1bn
Oil giant BP announced a return to profit yesterday despite a further hit of £4.8billion from the Gulf of Mexico disaster.
Weir upgrades profits fuelled by oil demand boost
Scottish engineering company Weir Group upgraded its profit forecast yesterday as it reported a continuation of the progress that helped it to break into the FTSE 100 recently.
Tests warned of cement troubles prior to BP blowout
Tests performed before the deadly BP oil well blowout in the Gulf of Mexico should have raised doubts about the cement used to seal the well, investigators with Barack Obama's oil spill commission are claiming.
Shell benefiting from production lift
Royal Dutch Shell said yesterday its profits jumped in the third quarter after it benefited from higher oil prices and a 5% rise in production.
Wellstream stock sinks after GE takeover offer rejected
Energy service firm Wellstream saw its shares come under pressure yesterday after it emerged the group rejected a £755million approach from US giant General Electric (GE).
Coast guard defends oil rig response
The fact that more than 100 people escaped the Gulf of Mexico rig explosion alive is a sign the evacuation effort went fairly well, a US Coast Guard official said yesterday.
EU to vote on deepwater drilling ban
Members of the European Parliament will be asked to vote on controversial proposals for an immediate ban on deepwater drilling for oil next week.
Scottish firm becomes first to strike oil near Greenland
Scottish oil exploration company Cairn Energy has struck oil near Greenland, becoming the first company to make a find in the area.
Pumped cement finally lays to rest BP’s leaking well
A leaking well which spewed millions of barrels of oil into the Gulf of Mexico was finally sealed yesterday, American officials said.
Deep-water drilling off Scotland ‘less risky’
Offshore giant BP insisted last night that deep-water drilling in the huge oil and gas fields west of Shetland would be less risky than similar exploration in the Gulf of Mexico.
Blown-out gulf well to be sealed by Sunday
The US government's incident commander for the Gulf of Mexico oil spill said yesterday that BP's blown-out well is expected to be permanently sealed and declared dead by Sunday, nearly five months after the rig explosion that triggered the disaster.
Spill ‘mechanical and human failure’
A "complex and interlinked" series of events involving mechanical failures and human judgments led to the Gulf of Mexico oil disaster, a report by oil company BP said yesterday.
Gulf of Mexico disaster well safe as failed valve hauled to surface
The ruptured well that pumped almost 5million barrels of oil into the Gulf of Mexico has been secured and no longer constitutes a threat, it has been confirmed.
Blowout preventer removed from BP well
A BLOWOUT preventer which failed to stop oil from spewing into the Gulf of Mexico has been removed from BP's well.
Cairn Energy back in pioneering mode with Greenland campaign
Scottish oil explorer Cairn Energy was in pioneering mode again as set its sights fully on Greenland, chief executive Sir Bill Gammell said yesterday.
KNOC claims backing of big investors for Dana bid
South Korea's national oil company has launched a £1.7billion hostile takeover bid for one of the UK's biggest oil and gas explorers.
Cairn investors set to reap rewards from Indian success
Investors in explorer Cairn Energy were toasting the prospect yesterday of a £5.5billion windfall from the Indian oil fields it bought control of more than a decade ago for only £4.7million.
Talks over acquisition of Dana stall on valuation issue
Talks on Korea National Oil Corporation's plans to (KNOC) buy Dana Petroleum have ground to a halt.