Mexico

As work continues to plug the leaking BP plc oil well in the Gulf of Mexico (GOM), the American Petroleum Institute (API) said Tuesday the oil and natural gas industry has formed two task forces to address the short- and long-term issues related to offshore equipment and operating practices.

Thousands of responders working to minimize the impact of a growing oil spill in the Gulf of Mexico (GOM) have received what one of their leaders called “a gift of time.”

Anadarko Petroleum Corp. is assisting in the industry-wide effort to contain the massive oil spill in the Gulf of Mexico (GOM), all with an eye on protecting the company and its shareholders, CEO Jim Hackett said Tuesday.

The oil spill in the Gulf of Mexico has “complicated” the passage of an energy bill because one of its “central features” was to be offshore access, Anadarko Petroleum Corp. CEO Jim Hackett said Tuesday.

As work continues to battle the oil spill in the Gulf of Mexico (GOM), Democratic lawmakers representing coastal states have introduced legislation that would raise the cap on an oil producer’s liability for economic damages from a spill to $10 billion from the current $75 million (see Daily GPI, May 4).

Hundreds of thousands of gallons of crude oil were befouling the Gulf of Mexico (GOM) last week far faster than 2,000 emergency responders and hundreds of vessels could contain the mess created by the apparent blowout of a deepwater well just 42 miles southeast of Venice, LA.

BP plc’s positive earnings in the first three months of 2010 were smothered last week by the company’s involvement in the Gulf of Mexico (GOM) oil spill, which threatens to cut into the oil major’s future operational performance for months to come and diminish its reputation for even longer.

The application of oil dispersants 5,000 feet below the surface of the Gulf of Mexico (GOM) was set to begin in a matter of hours Friday afternoon as responders continued to combat oil leaking from the deepwater well ruptured last week 42 miles from shore south of Venice, LA (see Daily GPI, April 27). An attempt to drill a relief well to stop the oil’s flow was to begin Saturday.

While as much as 5,000 b/d of oil leaks into the Gulf of Mexico (GOM), the Obama administration on Thursday did not rule out suspending new deepwater drilling activity while the offshore oil industry garners heightened scrutiny by lawmakers.