Oil and Gas

oil post session carouselMore than a week after the regular session adjourned, Louisiana’s oil and gas industry is still capping off what has arguably been its biggest initiative in years.

The U.S. Supreme Court says BP must continue paying claims from a fund established after the 2010 Gulf of Mexico oil spill while the company appeals terms of its settlement with some businesses.

With the stroke of a pen Friday morning Gov. Bobby Jindal signed Senate Bill 469, which retroactively quashes a lawsuit filed by the Southeast Louisiana Flood Protection Authority - East against 97 oil and gas companies over their role in cutting the Louisiana coast to ribbons and failing to restore it to its original state as required by exploration and drilling permits.

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That Senate Bill 469 — which aims to kill the New Orleans levee board’s lawsuit against 97 oil and gas companies for coastal damages — could absolve BP from paying billions worth of damages claims raises an even bigger question: What role did BP play in the passage and drafting of the legislation?

A federal board investigation into the 2010 BP oil spill concludes that a last-ditch safety device on the underwater well had multiple failures, wasn't tested properly and still poses a risk for many rigs drilling today.

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