Money Matters - Simplified

Gulf of Mexico

High Risk Investing - The New Trend in Energy: Interview with Andrew McCarthy

High Risk Investing - The New Trend in Energy

Risk perception isn't what it used to be. Ask the swelling ranks of Canadian junior oil and gas companies braving high-risk venues like Sudan, Iraq and even Yemen.

BP oil trickle and chilly waters, may have a say in dolphin deaths?

The smash up of the food web and the chilling waters of the Gulf of Mexico may have led to the untimely deaths of hundreds of dolphins swimming lazily in the region says a report published in Journal PLoS One.

How is the Keystone XL Pipeline Progressing?

Four and a half years of studies and five failed votes in the House later, exactly where are we with the Keystone XL pipeline? Stuck on the US-Canadian border where it is likely to remain until mid-2013 despite the headline-grabbing issuance of one of three permits to begin construction in Texas for the smaller and much less controversial portion of the pipeline.

BP asks Halliburton to pay for oil spill damages

Oil giant BP has asked Halliburton to pay for the damages that occurred from oil spill in the Gulf of Mexico.

BP to receive $1bn from partner in blown-out well

BP announced in London Friday that one of its minority partners in the blown-out well in the Gulf of Mexico has agreed to pay $1 billion. The money is being paid as a part of the cleanup costs owed by the BP’s partner, MOEX Offshore.

Seahawk Drilling files for bankruptcy

Seahawk Drilling, Inc. filed for bankruptcy in the U.S. Bankruptcy Court in Texas. The company plans to sell its assets to its rival company Hercules Offshore Inc. for about $100 billion in cash and stock.

33 endangered turtles released into waters of Gulf of Mexico

Rescuers on Thursday released 33 endangered young turtle into the waters of Gulf of Mexico; approximately 40 miles southwest of Grand Isle, Louisiana after a survey confirmed that the water is safe for creatures.

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, 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.

BP fund administrator assures of speedier claims settlement

Kenneth Feinberg, administrator of the fund set up to help victims of the Gulf of Mexico oil spill, has promised to expedite the process of payments to the affected.

Computers predicted Gulf oil movement

Santa Barbara, Calif. -- Scientists in California say they were successful in predicting the spread of oil from the Gulf of Mexico spill and when and where it would wash ashore.

Researchers at the University of California, Santa Barbara, used computer models to describe how slicks of oil tend to be stretched into filaments by motion at the sea surface, a university release said.

To produce predictions of oil movement after the Deepwater Horizon explosion, Igor Mezic, a professor of mechanical engineering at UCSB who studies fluid dynamics, utilized forecasts of sea surface conditions from a U.S. Navy model.

"We predicted where the oil was going to go," Mezic said. "We were able to do three-day predictions pretty accurately."