JOURNAL ARTICLE

The Gulf of Mexico Has a $30 Billion Unplugged Oil Well Problem.

  • Published In: Bloomberg.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Pierre-Louis, Kendra 3 of 3

Abstract

(Bloomberg) -- In the roughly 160 years since Edwin Drake drilled the first US oil well in the hills of northwestern Pennsylvania, more than 4.5 million oil and gas wells have followed. Offshore wells in federal waters do have one important regulatory backstop: If the owner of a well in those waters goes bankrupt, the responsibility for plugging and abandoning the well reverts to the previous owner. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2023/05, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2023
  • Accession Number:163584180
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