• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 3 hours Could oil demand collapse rapidly? Yup, sure could.
  • 14 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 18 mins U.S. Withdraws From U.N. Human Rights Council
  • 10 hours What If Canada Had Wind and Not Oilsands?
  • 4 hours EVs Could Help Coal Demand
  • 17 hours Sell out now or hold on?
  • 25 mins WE Solutions plans to print cars
  • 3 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 4 hours Gazprom Exports to EU Hit Record
  • 18 hours Nopec Sherman act legislation
  • 17 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 12 hours Australia mulls LNG import
  • 6 hours Lloyd's of London excludes coal
  • 12 hours Oil and Trade War
  • 13 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 13 hours Oil prices going down
Oil Markets On Edge For OPEC Meeting

Oil Markets On Edge For OPEC Meeting

Oil markets saw moderate volatility…

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Fintech, alongside blockchain, has been…

Creating Artificial Reefs from Old Oil Rigs

One problem that oil companies suffer from, and which most people may not have actually considered before, is what to do with old drilling rigs and platforms.

Once upon a time they were just abandoned, but with federal regulators bearing down on the energy companies and ensuring that drill rig equipment is not abandoned, the operators must look for new solutions.

One such solution that is becoming popular in some states is the Rigs-to-Reef program, where parts of old gas and oil rigs are placed underwater in certain designated sites in the Gulf of Mexico.

Related article: Deeper & Smarter: The Subsea Oil & Gas Growth Outlook

Conservationists have said that the underwater rigs act as artificial reefs and provide good homes for fish, corals, mussels, and other underwater creatures. Drew Hunger, the decommissioning manager for Apache Corporation (NYSE: APA), who also runs the company’s rigs-to-reefs program, said that the rigs “will last in underwater reefs for a very long time.”

The program provides an option to the energy companies that will rid them of the unwanted rig equipment whilst at the same time saving them money, and has no negative environmental impact. The Texas Parks and Wildlife Department has been running a similar program since 1990 and estimates that companies involved have saved as much as $400,000 per rig.

By. Joao Peixe of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News