BP received final approval from a U.S. Judge to pay $18.7 billion in fines to the U.S. government and five states affected by the 2010 oil spill. The agreement requires BP to pay at least $12.8 billion to the Clean Water Act and $4.9 billion to local communities. The payment will be drawn out over the next 18 years.
By David Wethe
The University of Texas owns 2.1 million acres of land, which are considered some of the richest oil fields in the world, and is now looking into new ways to cash in. The school acquired the land through land grants dating back to the early 1900s. The University of Texas claims they may own closer to 6 to 8 million acres of land depending on depths of the shale formations.
By Christopher Malcolm
Schlumberger’s CEO, Paul Kibsgaard, expressed his worries about the huge gains shale producers have boasted since the oil collapse of 2014 at the Howard Weil energy conference. He claims shale is a still a high cost commode and the producers haven’t become more efficient. Until then, the industry won’t see any permanent gains, Kibsgaard said.
By Patti Domm
The recent oil rally could calm down if major producers don’t reach an agreement on an oil freeze later this month. Oil prices have rose over the past weeks due to a weaker dollar. As of right now, all indicators point to an agreement to hold current oil output levels.