Oil Operators and Contractors Nailed with Harsher Regulations
Oil and gas exploration and production rules seem to be getting harsher and harsher as time goes on. Recently oil operators and contractors have seen the brunt of increased regulations. Where is all this coming from? It could be remaining effects of the Gulf oil spill, considering drilling will begin there again soon. Reuters gives some more detail one who is going to be effected by these new rules.
"The agency is responsible for overseeing the development of energy and mineral resources off the coast of the United States as the successor of the much criticized Minerals Management Service.
During last year’s BP[BP 36.56 1.14 (+3.22%) ] oil spill in the Gulf of Mexico, the role of contractors Halliburton[HAL 31.295 0.785 (+2.57%) ], in charge of the cementing in the Macondo well, and Transocean[RIG 45.52 0.46 (+1.02%) ], which operated the Deepwater Horizon rig, came into sharp focus in addition to the role the BP played as operator.
Under current practice U.S. regulators turn mainly to the operator as the company accountable for all offshore operations."
Find additional research here: http://turnkeyoil.com/2011/10/12/oil-operators-and-contractors-nailed-with-harsher-regulations/