The biggest U.S. and European oil companies may not assemble a fleet of spill-response vessels that can handle a disaster like BP Plc’s Macondo blowout until March, three months after the deep-water drilling ban in the Gulf of Mexico is scheduled to expire.
Oil & Natural Gas Corp. , India’s biggest energy explorer, rose in Mumbai trading after the government said the company submitted a binding bid for Exxon Mobil Corp. ’s 25 percent stake in Angola’s Block 31.
BP Plc may reach an agreement as soon as next week to sell assets including half its stake in Alaska’s Prudhoe Bay field to Apache Corp . for $10 billion to $11 billion, according to two people familiar with the matter.
Exxon Mobil Corp., the largest U.S. oil company, plans to build factories that produce ethylene and plastics in Texas, joining a growing group of competitors racing to use U.S. natural gas to make chemicals.