Oil giants to create $1bn spill squad
FOUR oil giants have pledged $1bn (£659m) for a rapid response unit to battle future spills in the Gulf of Mexico, in a bid to regain America’s trust following the BP disaster.
Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell will contribute equally to create the non-profit Marin Well Containment Company (MWC). BP, whose Macondo well leaked millions of barrels of crude into the sea around Louisiana over three months, will not immediately be involved.
The independent joint venture will be able to react to a spill within 24 hours and capture up to 100,000 barrels of oil flowing 10,000 feet below the sea, according to a document released last night. It will be equipped with a containment vessel, a shuttle tanker and an array of high-tech underwater tools.
“Its primary objective is to fully contain the oil with no flow to the sea,” the document said.
The move is designed to encourage Washington to lift the moratorium on deepsea drilling it re-imposed on 12 July. Rex Tillerson, chief executive of Exxon, which is leading the project’s engineering, said it “clearly would address” concerns over the industry’s capacity to contain huge slicks.
The four oil majors last night announced the MWC will be operational within 18 months.