Oil giant BP saw profits double in the last three months of 2016 on the back of slightly higher oil prices and more cost-cutting. He said in a statement that the costs and liabilities from the Deepwater Horizon oil platform disaster were “now substantially behind us”.
Category: Offshore Drilling
Obama Said to Use 1953 Law to Restrict Offshore Oil Drilling
President Barack Obama is preparing to block the sale of new offshore drilling rights in most of the U.S. Arctic and parts of the Atlantic, a move that could indefinitely restrict oil production there, according to people familiar with the decision. Obama will invoke a provision in a 1953 law that gives him wide latitude to withdraw U.S. waters from future oil and gas leasing, said the people who spoke on condition of anonymity because the decision had not been announced.
Obama Said to Use 1953 Law to Block Drilling in Arctic, Atlantic
President Barack Obama is preparing to block the sale of new offshore drilling rights in much of the U.S. Arctic and parts of the Atlantic, a move that could indefinitely restrict oil production there, according to two people familiar with the decision. Obama will invoke a provision in a 1953 law that gives him wide latitude to withdraw U.S. waters from future oil and gas leasing, said the people who spoke on condition of anonymity because the decision had not been announced.