Six months after BP’s Macondo well disaster, the deepwater drilling industry is still finding its way forward. While no other countries followed the US and imposed moratoriums on drilling in the deepwater, many, like the European Commission, are reviewing the process in their patch and wondering if they should tighten regulations.
PFC Energy, the consultancy, describes how countries have reacted to the accident in a new report:
Shares in Cairn Energy are up 2.95 per cent to 439.40p this afternoon in London after the Edinburgh-based oil and gas explorer said it had found oil off the shores of Greenland. The company, led by founder Sir Bill Gammell, has been drilling there since early summer.
Cairn said its Alpha-1S1 well in Baffin Bay, between Greenland and Canada, “observed oil intermittently over a 400m section” and initial analysis of various hydrocarbon samples recovered from the well confirms the presence of two oil types.
“The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign for the Sigguk block and the entire area,” said Sir Bill in a statement.