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The oil and gas company offering the highest up-front payment to the government (called a bonus) wins the lease. The government also receives a fixed annual rental based on the area for non-producing leases, and a percentage of the market value of any oil or gas produced and sold (royalty). The leases expire after a set number of years, or ...
The issue of allowing oil and gas exploration offshore Florida became a hotly contested topic in the 2008 US elections. In a column published 5 June 2008, syndicated columnist George Will wrote that a Chinese oil company was then drilling in Cuban waters 60 miles (97 km) from the Florida coast, a claim that was repeated by candidates in favor ...
The Deepwater Horizon oil spill began on April 20, 2010 when an explosion struck the rig, it occurred in the Gulf of Mexico on the BP-operated Macondo Prospect.Killing eleven people, it is considered the largest marine oil spill in the history of the petroleum industry and sources estimated that between 134–206 million barrels of oil was released into the gulf.
On 25 May 2010, BP gave Florida $25 million to promote the beaches where the oil had not reached, and the company planned $15 million each for Alabama, Louisiana, and Mississippi. The Bay Area Tourist Development Council bought digital billboards showing recent photos from the gulf coast beaches as far north as Nashville, Tennessee and Atlanta ...
In a surprise, the Palm Beach County Commission voted 4-2 Thursday on first reading against a plan by Commissioner Sara Baxter that would have allowed each of the more than 30,000 lots there to ...
Drilling in deep waters can be performed by two main types of mobile deepwater drilling rigs: semi-submersible drilling rigs and drillships.Drilling can also be performed from a fixed-position installation such as a fixed platform, or a floating platform, such as a spar platform, a tension-leg platform, or a semi-submersible production platform.
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