Shallow-Water Drilling Permits Rescinded

Friday, June 04, 2010

According to a June 4 report from The Wall Street Journal, federal regulators rescinded drilling permits issued on June 2 to companies for new oil and gas wells in the Gulf of Mexico, prompting market confusion and a spike in oil prices. An administration spokeswoman said the government had told companies seeking permits to drill in shallow water to wait "a day or two" until regulators issued guidelines for new permit requirements for shallow-water drilling projects. Offshore drilling in water less than 500 ft deep wasn't being banned, the spokeswoman said. The government had earlier issued a six-month moratorium on deepwater drilling. Oil prices rose Thursday, June 3, over worries that a wider government ban would result in tighter supplies. The oil and gas industry had won a victory last week when the Obama administration said new shallow-water drilling would be allowed, provided companies meet certain safety and environmental standards.

(Source: Wall Street Journal)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2572 sec (4 req/sec)