Prudhoe Bay News
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"Bear with me,” Al Gore said to a rapt crowd of about 200 last Monday night at the fourth annual U.S.-India Energy Partnership Summit in Washington. He was asking the audience’s indulgence as he offered a scientific analogy to describe his investment philosophy.
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Oil production from Alaska’s North Slope dropped 5.8 percent in April, a faster pace than its March decline, as a problem at BP Plc’s Central Gas Facility curtailed crude output at Prudhoe Bay.
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Pioneer Natural Resources Co., the second-biggest oil producer in the Permian Basin of Texas, rose the most in more than two years after first-quarter profit beat forecasts and the company accelerated drilling plans in what it estimates may be the biggest crude find in U.S. history.
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BP Plc didn’t violate a plea agreement in a criminal case over a 2006 spill in Alaska’s Prudhoe Bay, a judge ruled, rejecting a request by federal prosecutors to revoke the company’s probation.
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Alaska North Slope oil production increased 11 percent in October from a month earlier as fields in Prudhoe Bay ramped up production.
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The trial that will determine the extent of any liability London-based BP Plc and its partners must face for the April 2010 Gulf of Mexico oil spill is set to begin today in federal court in New Orleans.
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BP Plc, still facing fallout from the 2010 explosion of its Macondo well in the Gulf of Mexico, is fighting a U.S. bid to revoke its probation over a five-year-old spill in Alaska following a more recent pipeline rupture.
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BP Plc may have to sell some of its most-valued assets, including a stake in the biggest U.S. oil field, to pay cleanup costs, fines and legal damages from the largest offshore spill in U.S. history.
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BP Plc’s talks to sell half its stake in Alaska’s Prudhoe Bay oil field to Apache Corp. stalled twice over the weekend, raising doubts about whether the deal will be completed, said a person with knowledge of the matter.
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The following is a selection of the most important news affecting the oil market.
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