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The first strictly offshore oil field in California was the Belmont Offshore Field, discovered in 1948 1.6 miles (2.6 km) from the shore of Seal Beach; production did not begin until 1954 when a man-made island was built in 40 feet of water for drilling and production equipment. [9]
The federal government has had no new lease sales for offshore California since 1982. Offshore drilling has continued from existing platforms in state and federal waters. State offshore seabed in California produced 37,400 barrels (5,950 m 3) of oil per day, and federal offshore tracts produced 66,400 barrels (10,560 m 3) of oil per day in ...
In relation to companies and similar entities which are incorporated in offshore jurisdictions, the use of both the words "offshore" and "company" can be varied in application. The extent to which a jurisdiction is regarded as offshore is often a question of perception and degree. [ 3 ]
Crude Politics: The California Oil Market, 1900–1940 (U of California Press, 2005). Tompkins, Walker A. Little Giant of Signal Hill: An Adventure in American Enterprise (1964) * Welty, Earl M, and Frank J Taylor. The 76 bonanza: The fabulous life and times of the Union Oil Company of California (1966) 351pp
This year, Sable Offshore Corp., a Houston-based energy company, purchased the mothballed equipment and announced plans to restart oil extraction by the end of the year — including the failed ...
Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development. The tidelands controversy involve the limits of state ownership. Although oil and gas laws vary by state, the laws regarding ownership prior to, at, and after extraction are nearly universal.
Offshore oil well drilling platform, Continental Oil Co., Gulf of Mexico, 1955. Around 1891, the first submerged oil wells were drilled from platforms built on piles in the fresh waters of the Grand Lake St. Marys in Ohio. The wells were developed by small local companies such as Bryson, Riley Oil, German-American and Banker's Oil. [2]
Shutting down an offshore platform is costly, and there's a big gap between the projected decommissioning costs, how much companies have posted in bonds and other financial assurances.