Steve Rinehart News
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Alaskan crude production dropped 5.5 percent in February from a year earlier after a fire forced BP Plc to shut an oil-gathering center and as yield from wells in the North Slope shrank.
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BP Plc, the largest producer of oil and natural gas in the U.S., suspended construction of a drilling rig at its Liberty project in Alaska to “take time to evaluate the safety systems” on the rig, Steve Rinehart , a company spokesman, said in a telephone interview.
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A group of institutional investors including BlackRock Inc. persuaded a federal appeals court to consider its request to return an $8.5 billion bond settlement with Bank of America Corp. to state court for a judge’s approval.
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The growing oil slick fed by an underwater leak in a BP Plc well in the Gulf of Mexico may threaten production, shipping and refining of oil and natural gas in Mississippi, Alabama, and Louisiana.
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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 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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BP Plc’s highest-ranking U.S. executive, BP America Inc. Chairman and President Lamar McKay, was subpoenaed to testify at the February trial that will determine liability for the 2010 Gulf of Mexico oil spill.
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The U.S. Department of Justice may pursue claims against other lenders after suing Deutsche Bank AG for more than $1 billion, alleging the firm lied while arranging federal insurance on faulty mortgages.
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BP Plc , owner of the Gulf of Mexico Macondo well that has been spewing oil 5,000 feet below the water’s surface since April 20, outlined a battery of techniques it will use to attempt to stem the leak.
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Operators of the Trans-Alaska Pipeline System, shut Jan. 8 while a leak is repaired, can’t say when the pipeline that carries 15 percent of U.S. crude oil output will be flowing again.
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