The oil giant has now lost its bid for the coverage of $750 million toward the Transocean spill. The Texas Supreme Court has now made a ruling that brings devastating insurance news to BP, which has learned that the Transocean Ltd. policies for the 2010 disaster in the Gulf of Mexico will not be providing the company with the $750 million that it had been seeking from them to cover the costs of the spill. The decision against BP directly conflicts with one that had been made last year by…
Read MoreTag: BP
Oil insurance payout of $750 million for Transocean sought by BP
The company is attempting to use a technicality to convince a court to permit them access to policies. BP, which has paid over $28 billion in order to cover the costs of the oil spill disaster in the Gulf of Mexico, which occurred in 2010, is now attempting to receive $750 million of that amount back again by working to convince a court in Texas that it should be able to access oil insurance that covered Transocean Ltd. BP is hoping that a missing comma would show that it is…
Read MoreTotal SA natural gas leak births insurance nightmare as the industry tackles yet another man-made environmental disaster
Trouble is brewing in the North Sea where a major natural gas leak is causing problems for Total SA, a multinational oil company. The leak began at one of the companies abandoned platforms, dubbed the “well of hell” by environmentalists. Total is claiming that it will take at least six months to shut off the flow of natural gas due to high pressures within the reservoir beneath the platform. The company now faces serious backlash from the insurance industry for being at the heart of yet another man-made environmental disaster.…
Read MoreTropical Storm Don Advances Toward Texas Coast Past Oil Platforms
BOSTON, July 28, 2011- According to catastrophe modeling firm AIR Worldwide, Tropical Storm Don is moving across the southern Gulf of Mexico toward the Texas coast near Corpus Christi, where it is expected to make landfall sometime late Friday or early Saturday. The storm will pass near several areas where offshore oil production is conducted, and several petroleum companies have begun evacuating support workers. A tropical storm warning is in effect for the Texas coast from Port Mansfield north to San Luis Pass. Tropical Storm Don officially became a tropical…
Read More