Category Archives: Oil and Gas

The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.

Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization itself, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world’s largest industry in terms of dollar value.

Governments such as the United States government provide a heavy public subsidy to petroleum companies, with major tax breaks at virtually every stage of oil exploration and extraction, including for the costs of oil field leases and drilling equipment.

Gulf of Mexico Oil Spill Blog BP Criminal Charges Largest Fine In History

BP Criminal Charges Largest Fine In History BP to get record US criminal fine over Deepwater disaster BP is set to receive a record fine of between $3bn and $5bn (£1.9bn-£3.2bn) to settle criminal charges related to the 2010 Deepwater Horizon … Continue reading

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Gulf of Mexico Oil Spill Blog MOEX Offshore 2007 LLC

MOEX Offshore 2007 LLC AP A minority partner in BP’s blown-out well in the Gulf of Mexico has agreed to pay $US90 million ($A84 million) in a settlement with the US government and Gulf states over the 2010 oil spill. It … Continue reading

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Gulf of Mexico Oil Spill Blog Storm Season Tar Mats

Storm Season Tar Mats As crews remove one giant oil glob, more tar mats could be exposed during storm season By David Ferrara GULF SHORES, Alabama — During hurricane season, with storms thrashing about, the Gulf of Mexico is like a … Continue reading

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Gulf of Mexico Oil Spill Blog Alaska BP Lisburne Oil Field

Alaska BP Lisburne Oil Field Spill BP’s new oil spill in Alaska: ‘Reckless’? The beleaguered company that was pummeled over its massive Gulf oil disaster is grappling with another (arguably preventable) spill. BP, the petroleum giant responsible for last year’s … Continue reading

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Gulf of Mexico Oil Spill Blog BP Bight Basin Australia

BP Bight Basin Australia BP wins right to explore the Bight Siobhain Ryan The Australian OIL giant BP has secured its first permits in its own rights to explore for petroleum off Australia’s coast, nine months after its Macondo well … Continue reading

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Gulf of Mexico Oil Spill Blog Class Action Oystermen BP

Class Action Oystermen BP Oystermen File Class Action Against BP By SABRINA CANFIELD  BELLE CHASSE, La. (CN) – Oystermen say in a class action that BP, the oil-spill defendants and Louisiana destroyed their oyster beds by diverting fresh water into … Continue reading

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Gulf of Mexico Oil Spill Blog Carnival Cruise Lines Sues BP

Carnival Cruise Lines Sues BP Carnival sues BP and others over Gulf of Mexico oil spill-related expenses Cites loss of revenue and bookings, and added vessel cleaning costs among other items By Arlene Satchell One major cruise line is seeking … Continue reading

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Gulf of Mexico Oil Spill Blog Florida BP $1 billion Environmental Cleanup

Florida BP $1 billion Environmental Cleanup   NAS Barrancas Beach BP promises Florida $100M Written by Jim Ash TALLAHASSEE – A day after the first anniversary of the Deepwater Horizon oil spill disaster, rig operator BP has agreed to give … Continue reading

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Gulf of Mexico Oil Spill Blog BP Health Claims

BP Health Claims BP hit by health claims over Gulf of Mexico clean-up By Richard Blackden, US Business Editor BP must compensate the crews of boats and residents who were allegedly harmed by chemicals used cleaning up last year’s oil … Continue reading

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Gulf of Mexico Oil Spill Blog BP Denies Compensation Alabama Cities Mexico States

BP Denies Compensation Alabama Cities Mexico States BP Denies Oil Spill Claims by Alabama Cities, Mexico States By Laurel Brubaker Calkins and Allen Johnson Jr. (Updates with BP lawyer’s argument in fourth paragraph.) March 28 (Bloomberg) — BP Plc denies … Continue reading

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