President Barack Obama banned new offshore oil and gas drilling in more than 100 million acres of the U.S. Arctic and undersea canyons in the Atlantic Ocean, a move certain to provoke a fight with the Republican-led Congress and his successor in the White House. In an announcement coordinated between two of the world’s biggest oil producers, Canadian Prime Minister Justin Trudeau also committed to freeze new offshore leasing in his nation’s Arctic waters and review the matter every five years.
Category: Oil Spill
BP Piles Up Oil Assets as CEO Dudley Says Worst Over for Company
BP Plc is piling up assets with more than $3 billion of deals in three days as Chief Executive Officer Bob Dudley sees the company emerging from the doldrums after a two-year price slump. Since Saturday, BP has announced a $2.2 billion expansion of output in Abu Dhabi and a $916 million investment in fields in Mauritania and Senegal.