The CEO of the largest offshore oil and gas firm by capacity, of China named Cnooc Ltd. stated on Monday that the operations of Pan American Energy LLC will remain firm in the times to come even as BP PLC (BP) is selling off most of its stake in the South America-based oil and Gas Company. BP is doing that for helping out to cover the cost of the U. K. firm's oil spill in the Gulf of Mexico.
On Wednesday a federal panel of Scientists reported that BP officials and the contractors of the company who were aboard the rig Named Deepwater Horizon in the Mexican Gulf ,did not pay heed to the warning signs given clearly regarding the dangerous condition of the Macondo well before the well blew apart in the month of April.
Some of the most important news of the oil market is given below. Oil prices had it nearly two-week low with apprehension that there will be less demand for oil in China as the country will step up its monetary measure for cooling its economy.
According to a panel of investigator BP did not show operating discipline before the blow out of its well.
BP PLC (BP) is said to have reported the vending of its sold its fuel marketing businesses in several African countries for $296 million.
This trading is believed to be the most recent one in a program of $30 billion of asset sales which is intended to help the Company in the wake of the Gulf of Mexico oil spill.
On Monday investors have stated that they haven't found any evidence to say that someone had cut corners to save money that have resulted in a bad decision which blew out the Macondo well of BP.
They also stated that there may be enough bad decision taken by workers prior to the blow out that have aggravated the risk.
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