Energy Biz Recap: BP Liable For FINES, InterOil PROCRASTINATES
Clean Energy Fuels (NASDAQ:CLNE) shares pop on word that it has begun supplying additional trucking fleets that transport products for several large and well-known brands, with natural gas fuel, quickening the trucking industry’s conversion to that fuel. Capstone initiated coverage Thursday with a Buy.
Optimism grows regarding the three-way talks between the Justice Department, BP (NYSE:BP) and Transocean (NYSE:RIG) aiming at a resolution of the Deepwater Horizon disaster. BP might be subject to civil fines for violating the Clean Water Act, that vary between $5.4 billion and $21 billion, and it could be liable for an additional $28 billion in fines if the U.S. alleges criminal violations.
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New delays for the final investment decision that must be made by InterOil (NYSE:IOC) on the condensate stripping project element of its complex Gulf LNG liquefied natural gas project in Papua New Guinea, which has drawn much criticism from the local government lately. It now seems that IOC is looking for a partner in the project.
Statoil (NYSE:STO) reports that the work stoppage in Norway’s oil industry might soon be going away, as the Oil Industry Association announces that it’s open to new talks, and unions suggest new solutions to a pension dispute after deciding not to accelerate the strike. Oil and gas production could resume in a couple of days, if a resolution is reached.
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