MarineLink News Search

Oil Majors to Invest $1B in GOM Oil Containment System

Today four oil majors – Chevron, ConocoPhillips, ExxonMobil and Shell – announced a plan to build and deploy a rapid response system that will be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico. Significantly, the companies have already committed $1 billion to fund the initial costs of the system, and the four will form a non-profit organization…