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Oil Giants Go After Moratorium With Oil Spill Response System

A drilling moratorium seemed inevitable after the oil spill within the Gulf of Mexico 2010. The oil industry has loudly criticized the ban. But a group of four oil companies are really doing something that may help lift the drilling moratorium. A rapid oil spill response system is being funded by $1 billion committed by Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell. Meanwhile, BP could try an operation by this weekend called a “static kill” to permanently seal the BP oil leak. Nevertheless, the procedure might be delayed, depending on the arrival of an approaching tropical storm. Resource for this article – Will oil spill response system lift the gulf drilling moratorium? by Personal Money Store.

Oil spill response system technology catching up

The oil spill in the Gulf of Mexico 2010 and the drilling moratorium have been a wakeup call for the oil industry. oil spill response and cleanup technology hasn’t advanced in decades, while billions have been spent on drilling for oil in deeper waters. The New York Times reports that the first $1 billion can be spent developing the equipment for underwater systems to contain deep water well accidents. 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 expect system will end 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 the system BP developed over 3 months by trial and error is the model for the system . The Marine Well Containment Company is a non-profit venture set up to develop the system, which could be ready to deploy within 18 months.

Approaching storms increase urgency of oil spill containment

The BP oil leak could possibly be sealed permanently this weekend with a tactic called a “static kill”. CNN reports the static kill consists of forcing oil back into 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 comparable approaches have failed. BP officials are nevertheless working on the permanent fix: a relief well that is scheduled to be in place by the end of July. Because of a tropical storm heading for the gulf that could delay operations for upto two weeks, timing of the static kill is crucial.

More information available at these sites

nytimes.com

wsj.com

cnn.com