A federal drilling moratorium was proposed as a result of oil spill within the Gulf of Mexico 2010. The oil industry has loudly criticized the ban. But a group of four oil companies are actually doing something that may help lift the drilling moratorium. Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell are committing $1 billion to set up a rapid oil spill response system in the Gulf of Mexico. Meanwhile, BP could try an operation by this weekend called a “static kill” to permanently seal the BP oil leak. However, the procedure could be postponed, depending on the arrival of an approaching tropical storm. Post resource – Will oil spill response system lift the gulf drilling moratorium? by Personal Money Store.
Deep water oil spill response system
The oil industry got a loud wakeup call from the oil spill within the Gulf of Mexico 2010 and also the drilling moratorium. Billions of dollars have been spent figuring out how to drill deeper and deeper wells, while cleanup of the oil spill technology has languished on the shelf. The New York Times reports that the original funding for the rapid response system can be used to build containment equipment, including underwater systems and pipelines, that can be able to deal with deep water mishaps. The four oil companies putting up the money said the oil spill response system can be effective down to 10,000 feet and contain 100,000 barrels of oil daily.
Oil companies proactive on drilling moratorium
Oil companies hope the oil spill response initiative will help persuade government regulators to lift the six-month ban on deep water drilling as soon as possible. The Wall Street Journal reports that BP provided the model for the new system by muddling through 3 months of trial and error during the disaster . A non-profit venture called the Marine Well Containment Company will develop the system in the next 18 months.
Tropical storm adds urgency to latest containment attempt
A procedure called a “static kill” could permanently seal the BP oil leak this weekend. CNN reports the static kill consists of forcing oil back to the reservoir by pumping mud to the well. Because pressure within the well is lower than expected, BP officials say the static kill could work where similar approaches have failed. BP officials are still working on the permanent fix: a relief well that is scheduled to be in place by the end of July. The timing of the static kill is crucial because operations could be disrupted for up to two weeks by a tropical storm headed for the gulf.
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nytimes.com
wsj.com
cnn.com
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