Oil companies are now developing a system that could cap deepwater wells in the Gulf of Mexico in a hurry
WITH 500 barrels of hard-set cement now gumming up the Macondo well, a number of inquiries are looking back at the loss of the Deepwater Horizon rig and the subsequent spilling of 5m barrels of oil. How much of the fault is found to lie with the well’s design, how much with the way the design was implemented and how much with the way the rig was run will determine how such ventures will be regulated from now on. It will also settle whether BP, the well’s operator, was grossly negligent—a finding that could be worth well over $10 billion in fines and liabilities.
Meanwhile, the oil industry is already getting to grips with the question of what to do if such a thing should happen again. This is in part prudent politics: credible assurances that a future blowout could be better dealt with will be vital to restoring the industry’s fortunes in the Gulf of Mexico. It is also a matter of economic self-interest. The costs facing BP would have been far smaller if it had been possible to shut the well down a lot quicker. …
Leave a comment