Exxon Mobil (NYSE:XOM), Chevron Corp (NYSE:CVX), Royal Dutch Shell (NYSE:RDS-A), ConocoPhillips (NYSE:COP) and BP (NYSE:BP) are ready with the the combination of rapid-response equipment and ships developed to respond quickly to a deepwater oil spill in order to limit the potential damages, according to Clay Vaughn, vice president of deepwater projects at Exxon's development unit.
Vaughn said, "We believe what we provided is sufficient and meets the intent of the regulation and can be included in permit applications today. The ultimate test will be those permit approvals."
The energy group created a nonprofit organization called the Marine Well Containment Company (MWCC), funding it with $1 billion to develop the system.
According to Vaughn, they worked closely with the Interior Department's Bureau of Ocean Energy Management during the process getting the system ready for use.
The system now available will be able to work as deep at 8,000 feet below the surface and channel 60,000 barrels of oil a day to ships on the surface.
A larger system will be ready to go in 2012, which will be able to channel up to 100,000 barrels a day up to the surface, and operate in depths up to 10,000 feet.
Showing posts with label COP. Show all posts
Showing posts with label COP. Show all posts
Friday, February 18, 2011
Friday, July 9, 2010
Appeals Court Rejects Drilling Ban, Good News For Exxon (NYSE:XOM), ConocoPhillips (NYSE:COP), Shell (LSE:RDSA), and BP (NYSE:BP)
The appeals court rejected the drilling ban on deep sea wells, this is good news for Exxon (NYSE:XOM), Conoco Phillips (NYSE:COP), Shell (LSE:RDSA), and BP (NYSE:BP). The Obama administration attempted to put into place a six month moratorium into place. This was decided by a three person panel in New Orleans federal court.
In the ruling, it said that the Interior Department did not prove that the government would suffer "irreparable injury" if the drilling ban was not put into place. The court also decided that it would be harmful and arbitrary where thousands of people depend upon energy companies for their livelihood.
The governments argument is that the moratorium is needed while the Obama administration develops new safety standards. With what has happened with BP being responsible for the worst oil spill in U.S. history, they want to ensure there is ample time to move in more emergency equipment to the Gulf region.
It is expected that the Interior Department will now rewrite the rules and issue a new moratorium. The current ban has stopped the drilling on 33 exploratory wells and put a halt on any new permits.
In the ruling, it said that the Interior Department did not prove that the government would suffer "irreparable injury" if the drilling ban was not put into place. The court also decided that it would be harmful and arbitrary where thousands of people depend upon energy companies for their livelihood.
The governments argument is that the moratorium is needed while the Obama administration develops new safety standards. With what has happened with BP being responsible for the worst oil spill in U.S. history, they want to ensure there is ample time to move in more emergency equipment to the Gulf region.
It is expected that the Interior Department will now rewrite the rules and issue a new moratorium. The current ban has stopped the drilling on 33 exploratory wells and put a halt on any new permits.
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