Oil companies launch oil spill response system to lift moratorium

The oil spill in the Gulf of Mexico 2010 has triggered a federal drilling moratorium in deep-sea waters in the Gulf. The drilling ban has been loudly criticized by the oil industry. But the drilling moratorium could eventually be canceled because of the cooperative effort of four oil companies. A $1 billion fund has been set up by Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell to develop a rapid oil spill response system for the gulf. Elsewhere within the gulf, BP could try to permanently seal the ruptured well this weekend with a tactic called a “static kill”. But the procedure may be delayed by an approaching tropical storm.

Latest drilling risks overwhelm obsolete response technology

The oil industry got a loud wakeup call from the oil spill in the Gulf of Mexico 2010 and the drilling moratorium. Billions of dollars are spent figuring out how to drill deeper and deeper wells, when cleanup of the oil spill technology has languished on the shelf. 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. Participating oil companies expect the system could be able to operate as deep as 10,000 feet and capture 100,000 barrels of oil a day.

A step within the right direction to end drilling moratorium

The oil spill response initiative is the oil companies’ best hope to get the six month ban on deep water drilling lifted as soon as possible. The Wall Street Journal reports that BP provided the model for the new system by muddling through three 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.

Approaching storms increase urgency of oil spill containment

A procedure called a “static kill” could permanently seal the BP oil leak this weekend. CNN reports that the static kill involves pumping mud to the well to force oil back into the reservoir below. Similar approaches have failed, but BP officials say the static kill could work because pressure in the well is lower than they expected. Meantime, work on the relief well that is intended to be the permanent fix at the end of the month continues. Because of a tropical storm heading for the gulf that could delay operations for upto two weeks, timing of the static kill is crucial.

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