Siemens Energy settles with US over gas turbine contract dispute
Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment, as well as servicing, to Dominion Energy Inc. in 2019.
DoJ Drops Shell Investigation
Royal Dutch Shell said on Wednesday that it had been informed by the U.S. Department of Justice that it had closed its inquiry into Shell over the 2011 $1.3 billion acquisition of a Nigerian offshore oilfield.Shell and Italy's Eni are both currently on trial in Milan on graft allegations revolving around the acquisition of the OPL 245 oilfield."The U.S. Department…
DOE Chief Perry: OPEC Bill Could Spike Oil Prices
The United States needs to be cautious about pending legislation that would allow the Justice Department to sue OPEC and other oil producers over supply cuts because it could result in higher prices in the long term, U.S. Energy Secretary Rick Perry said on Thursday."We need to be really careful before we pass legislation that may have an impact that goes way past its intended consequences…
Sunoco Pipeline to Pay $5.4 mln for Oil Spills
Pipeline operator Sunoco Pipeline LP has agreed to pay roughly $5.4 million to settle claims over crude oil spills from 2013 to 2015 in three U.S. states, the U.S.
Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws
U.S. demands documents on business in Nigeria, DRC, Venezuela; Glencore shares fall as much as 13 percent. U.S. authorities have demanded the U.S. arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10 percent. The Swiss-based commodities trader and miner said its subsidiary had received a U.S.
GE Profit Tops Estimates
General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results.
Shell Targets Former Senior Executive in Nigeria Graft Complaint
Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal. Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They…
U.S. DoJ to Prosecute Energy Activist Vandals
The U.S. Department of Justice on Friday pledged to prosecute protesters who damage energy infrastructure in a move that could escalate tensions between climate activists and the administration of President Donald Trump. The DOJ said it was committed to vigorously prosecuting those who damage "critical energy infrastructure in violation of federal law." Attempts to "damage or shut down" pipelines deprive communities of services…
SBM Offshore: The Cost of Corruption Rises
Marine engineering group SBM Offshore said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Monday to cover costs from an unexpected U.S. inquiry. The Dutch company has also been forced to suspend its involvement in tenders with Brazilian oil company Petrobras , a major customer.
Corruption Cases Weigh on SBM Offshore Bottom Line
Marine engineering group SBM Offshore said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Monday to cover costs from an unexpected U.S. inquiry. The Dutch company has also been forced to suspend its involvement in tenders with Brazilian oil company Petrobras , a major customer.
U.S. Coal Miner Peabody eyes April Bankruptcy Exit
Peabody Energy Corp , the world's largest private sector coal producer, said on Thursday it expects to exit its Chapter 11 bankruptcy in early April after a U.S. judge said he would approve its plan to slash over $5 billion of debt. U.S. Bankruptcy Judge Barry Schermer said he was ready to sign an order to approve Peabody's bankruptcy emergence once language regarding a late settlement of certain U.S.
US Judge to Approve Peabody Ch. 11 Plan, Subject to DOJ Talks
A U.S. bankruptcy judge said on Thursday he would approve a plan by Peabody Energy Corp , the world's largest private sector coal producer, to exit Chapter 11 bankruptcy subject to discussions with the U.S. Department of Justice. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)
Company to Pay $9.5 Mln for Actions Leading to US Gulf Explosion
Wood Group PSN Inc., a Nevada corporation headquartered in Houston, was ordered to pay $9.5 million in two separate cases involving its conduct in the Gulf of Mexico. Specifically, Wood Group PSN was ordered to pay $7 million for falsely reporting over several years that personnel had performed safety inspections on offshore facilities in the Gulf of Mexico in the Western District of Louisiana…
79,000 Acres Offshore New York Auctioned for Wind Energy Development
Furthering President Obama’s comprehensive Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper today announced the completion of the nation’s sixth competitive lease sale for renewable energy in federal waters.
PDVSA Seeks Compensation in 'Staggering' US Bribe Case
A unit of Venezuela's state-run oil company PDVSA has asked a U.S. court to order two businessmen to compensate it for carrying out a "staggering" bribery scheme that cost the company $600 million in losses. A motion filed last Wednesday in federal court in Houston marked the first time PDVSA had formally intervened in the case, part of a U.S. Justice Department investigation into bribery of company officials.
Braskem in Talks With U.S. DOJ in Graft Case
Brazil's Braskem SA, Latin America's largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015. Braskem said in a securities filing that it planned to begin a parallel process with Brazilian authorities and an eventual deal could result in "material financial obligations" and other possible sanctions.
Chesapeake Receives DoJ Subpoena on Accounting for Asset Purchase
Chesapeake Energy Corp said it received a subpoena from the U.S. Department of Justice seeking information on the accounting methodology for the acquisition and classification of oil and gas properties. Shares of the company fell as much as 9.3 percent in morning trading. The No. 2 U.S. natural gas producer said in May that it had received subpoenas and demands…
Lawyer accused of fraud in BP Spill is Acquitted
A prominent Texas lawyer was acquitted on Thursday of charges he made up thousands of fake clients to sue BP Plc for damages that the oil company caused in the 2010 Gulf of Mexico spill, court records show. Mikal Watts was among five defendants found not guilty by a Mississippi federal jury of charges related to an alleged scheme to defraud a program set up by BP to compensate people who suffered economic losses from the spill.
Tesoro Settles Pollution Cases with US DOJ, EPA
U.S. oil refiner Tesoro Corp said on Monday it has reached a $10.4 million settlement with the United States for air quality violations at refineries in six Western states. Under the settlement, Tesoro will also invest $400 million in technology to better control air emissions at operations in Alaska, Northern California, North Dakota, Utah, Hawaii and Washington.
AEP: Spinoffs Not Impacted by McClendon's Firm Closure
The closure of American Energy Partners after the sudden death of founder Aubrey McClendon will not affect companies it formed and spun off with Texas-based private equity firm Energy & Minerals Group, according to a statement from AEP. McClendon, a U.S. fracking pioneer, started AEP to make a comeback after being ousted as chief executive officer of Chesapeake Energy Corp in 2013.
