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Latest Deepwater Horizon news and updates

Money Matters - Simplified

Deepwater Horizon

Anadarko to pay BP $4bn to settle oil spill claims

Anadarko Petroleum Corporation (NYSE: APC) is set to pay BP PLC (NYSE: BP) $4 billion under an agreement struck between the two to settle all claims among them relating to last year's Gulf of Mexico oil spill.

Study: Microbes helping in gulf spill

Cambridge, Mass. -- Microbes in the Gulf of Mexico may be consuming more of the gases spewed from the Deepwater Horizon oil spill than previously thought, researchers say.

Research carried out before the oil rig exploded and gushed more than 200 million gallons of crude into the gulf measured the anaerobic oxidation of methane, a major component of the spill, by microbes living in brine pools on the sea floor, ScienceDaily.com reported Thursday.

"Because of the ample oil and gas reserves under the Gulf of Mexico, slow seepage is a natural part of the ecosystem," Peter R. Girguis, a professor of biology at Harvard University, says.

Permit delays in gulf raising costs

New York -- Oil companies said the Deepwater Horizon oil spill, set off by a platform explosion April 20, has led to higher costs due to delays in obtaining U.S. permits.

The Wall Street Journal reported Friday that Total SA Chief Executive Officer Christophe de Margerie said: "People are talking about 20 percent more in delays. (Consequently), it will cost you 20 percent more to drill a well."

Chuck Davidson, CEO of Noble Energy Inc., said permits for well completion were also running into roadblocks, even though well completion was not a step included in a six-month U.S. moratorium on exploration drilling.

"The first completion permit had to be submitted nine times; the second one, six times," he said in reference to two separate projects.

BP to proceed with relief well for a permanent fix

After Herculean efforts spread over more than three months, BP Plc has finally succeeded in plugging the busted well, stopping the oil from leaking into the water.

Oil spill to have long term impact

After over 3 months of intense struggle trying to stem the spewing oil in the Gulf of Mexico, BP has finally succeeded.

Debris delays initiation of ‘static kill’

The ‘static kill’ process, which entails pumping mud and cement into the busted well to stem the oil from leaking, is expected to start late Monday night or Tuesday.

'Scale back' in clean up operation initiated as slick recedes

It has taken some time and indefatigable effort from all concerned to reach a stage where the discernible oil slick on the surface of the Gulf of Mexico is, thankfully, conspicuous by its absence.

BP’s embattled CEO to quit

The oil spill is the Gulf of Mexico, which is amongst the worst environmental disasters in the history of the U.S, has prompted Tony Hayward, chief executive officer of BP Plc, to leave the company.

Storm 'Bonnie' threatens to halt work in the Gulf

The approach of a major storm on Saturday has led BP Plc, owner of the ruptured well in the Gulf of Mexico, to temporarily halt efforts to plug the spewing oil.

Dark clouds hover over relief efforts in Gulf

The weather has played spoilsport again in the Gulf of Mexico. Work on efforts to plug the busted well had to be put on hold as climatic conditions deteriorated in the eastern Caribbean.