• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 37 mins Oil prices going down
  • 13 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 2 hours Sell out now or hold on?
  • 3 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 22 mins Oil and Trade War
  • 12 hours Two Koreas Agree To March Together At Asian Games
  • 4 hours When will oil demand start declining due to EVs?
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 2 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 4 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 4 hours venezuala oil crisis
  • 2 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 13 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 40 mins Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 22 hours No LNG Pipelines? Let the Trucks Roll In
  • 22 hours China & India in talks to form anti-OPEC

Breaking News:

Egypt Raises Fuel Prices By Up To 50%

The Permian Faces A Long Term Natural Gas Crisis

The Permian Faces A Long Term Natural Gas Crisis

Bottlenecks in the Permian have…

Where Will U.S. Frackers Drill Next?

Where Will U.S. Frackers Drill Next?

With oil prices having stayed…

Transocean Settles For $211 Million In Deepwater Horizon Spill

The three companies with official responsibility for the 2010 Gulf of Mexico disaster have reached settlements with individuals, businesses and with one another for the worst oil spill in U.S. history.

Transocean Ltd., which owned the Deepwater Horizon offshore drilling rig, settled for $211.7 million with victims of the spill on May 20. At the same time, BP, which leased the rig, settled with Transocean and Halliburton, the rig’s cement contractor.

Related: Why Shale Gas Producers Could Rebound First

The Deepwater Horizon, which was drilling at BP’s Macondo well, off the coast of Louisiana, exploded on April 20, 2010, killing 11 workers. As a result, oil gushed into the Gulf until the well was finally capped on July 5.

Transocean’s beneficiaries, represented by the Plaintiffs Steering Committee, include two classes of individuals and businesses. One involves those who already have settled with BP. The other involves those who for a variety of reasons have not settled with BP yet. In September, Halliburton reached a similar settlement with plaintiffs at a cost of $1.1 billion.

“We applaud Transocean for adding to the settlement funds established in the Halliburton settlement to help compensate people and businesses for their losses,” Stephen J. Herman and James P. Roy, co-lead plaintiffs’ attorneys, said in a statement.

Related: This Key Uranium Player Is About to Shock The Market

At the same time, all three companies agreed to drop all outstanding legal claims among one another, and BP will pay Transocean $125 million for the legal fees the rig’s owner has incurred. Geoff Morrell, BP’s vice president, issued a statement expressing satisfaction at the resolution. “We have now settled all matters relating to the accident with both our partners in the well and our contractors.”

While these settlements were playing out, researchers at the U.S. National Oceanic and Atmospheric Administration (NOAA) reported that lesions found in the lungs and adrenal glands of bottlenose dolphins in the Gulf are consistent with damage caused by exposure to petroleum products.

In their report, published May 20 in the scientific journal PLOS ONE, the researchers said they studied tissues from 46 dolphins that had recently died along the coasts of Alabama, Louisiana and Mississippi between June 2010 and December 2012. These samples were compared with those from 106 dolphins that had died at different times and different locations ranging from North Carolina to Texas.

Related: Goldman Sachs Predicting $45 Oil By October

The dolphins that died in the area affected by the Deepwater Horizon spill had more cases of the adrenal and lung lesions than did the other dolphins, the article said, and fully one-third of the Gulf Coast dolphins suffered from damaged adrenal glands, compared with only 7 percent of the other dolphins.

Such damage limits dolphins’ ability to produce essential hormones and can eventually kill them, the author of the report, Kathleen Colegrove, a veterinary pathologist at the University of Illinois, told The New York Times.

NOAA’s study also found that about one-fifth of Gulf Coast dolphins suffered from lung lesions caused by bacterial pneumonia, and of them, 70 percent died. The research concluded that the dolphins probably inhaled fumes from oil and its byproducts floating on the surface of the gulf.
BP issued a statement countering the NOAA study, saying there is no evidence “that oil from the Deepwater Horizon accident caused an increase in dolphin mortality.”

By Andy Tully Of Oilprice.com

More Top Reads From Oilprice.com:

 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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