Posts Tagged ‘Deepwater Drilling Rig’

Deepwater Drilling Companies in the Media

Thursday, July 22nd, 2010

deepwater drilling companiesDeepwater drilling companies exist to harvest the oil off the coasts of the shores of the United States as well as many other countries. These companies use deepwater drilling rigs to find oil and natural gas offshore. Many times the drilling takes place in water thousands of feet deep. This presents some interesting challenges for deepwater drilling companies when they are drilling many miles from the nearest shore.

Deepwater drilling companies have come into the spotlight recently due to the Deepwater Horizon gulf drilling disaster. Deepwater Horizon is a semi-submersible drilling rig that was operated by BP in the Gulf of Mexico. On April 20, 2010 it experienced an explosion. Two days later it sank. Eleven workers were killed and many others were seriously injured. Oil started spewing out of the well. The well was equipped with a blowout preventer that unfortunately failed. A blowout preventer is a series of valves placed over the well that can be closed in the event of an emergency to prevent oil from gushing out of the hole. Normally when something like this occurs, a blowout preventer will stop the flow of oil from causing too many problems. Now BP is faced with cleanup and trying to solve the problem of the continued gushing.

As a result of the accident and spill, a drilling moratorium has been placed on other deepwater drilling companies in the region. This has caused a great impact on the economy because of the lost jobs and revenue. Workers are upset at the moratorium and are suffering in light of its effect. BP has pledged to pay reasonable claims as a result of the spill. Unfortunately the entire oil industry has taken a hit because of the accident. The accident has caused increased scrutiny toward the oil industry and has also exposed the United State’s dependence on oil. However, offshore drilling accounts for more than 30% of the country’s consumption and simply turning off the supply could be further devastating to an already weakened economy. Oil is used for plastics, petro chemicals, asphalt, and of course cars and trucks. Continued moratorium could severely hurt many aspects of citizens’ lives.

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