Showing posts with label New Orleans. Show all posts
Showing posts with label New Orleans. Show all posts

Tuesday, June 22, 2010

Deepwater Drilling Ban Lifted by New Orleans Federal Judge

A New Orleans federal judge lifted the six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in U.S. history. Drilling services shares jumped on the news.

Obama temporarily halted all drilling in waters deeper than 500 feet on May 27 to give a presidential commission time to study improvements in the safety of offshore operations. More than a dozen Louisiana offshore service and supply companies sued U.S. regulators to lift the ban. The U.S. said it will appeal the decision.

U.S. District Judge Martin Feldman today granted a preliminary injunction, halting the moratorium. He also “immediately prohibited” the U.S. from enforcing the ban. Government lawyers told Feldman that ban was based on findings in a U.S. report following the sinking of the Deepwater Horizon rig off the Louisiana coast in April.

“The court is unable to divine or fathom a relationship between the findings and the immense scope of the moratorium,” Feldman said in his 22-page decision. “The blanket moratorium, with no parameters, seems to assume that because one rig failed and although no one yet fully knows why, all companies and rigs drilling new wells over 500 feet also universally present an imminent danger”.....Read the entire article.


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Wednesday, December 17, 2008

Crude Oil Market and OPEC Headline News


"OPEC Cuts Deep, Trims Production Again"
OPEC agreed to trim an additional 2.2 million barrels of oil a day in order to help stabilize tumbling commodity prices and waning consumer demand....Complete Story

"Eni Starts Up Production from Pegasus Field in Gulf of Mexico"
Eni has started production from the Pegasus field located in Green Canyon Area, Block 385, offshore Gulf of Mexico, approximately 110 miles southeast of New Orleans....Complete Story

"Mexico to Benefit from OPEC Oil Cuts without Chipping in"
Oil-exporting Mexico stands to benefit from OPEC's 2.2-million-barrels-a-day oil cut without turning off its own spigots....Complete Story
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