Oil boom: BP announced Tuesday a $1.3 billion expansion at one of its oil projects in the Gulf of Mexico off the coast of Louisiana and discovered an additional 1.4 billion barrels at two of them. BP is already the Gulf’s largest oil producer, and officials say the latest discoveries will help it grow output to about 400,000 barrels a day within the next decade. Read the full story.
In the pipeline: South Louisiana Methanol plans to pursue a $2.2 billion capital investment in a new methanol complex in St. James Parish. To secure the methanol project in St. James Parish, LED renegotiated incentive terms with South Louisiana Methanol, which has not yet received incentives from the State of Louisiana for the project. South Louisiana Methanol will be eligible for a $5 million performance-based grant. Read the full announcement.
Down to the wire: A bankruptcy judge is giving Sears Chairman Eddie Lampert one more chance to buy the department store chain out of bankruptcy and save roughly 50,000 jobs, CNBC reports. Sears on Tuesday had planned to tell the bankruptcy court it had rejected Lampert’s $4.4 billion offer to buy the retailer after it fell short of covering its bankruptcy expenses. Read the full story.