BP closer to drilling new Gulf wells

BP moved a step closer to being allowed to drill new deepwater wells in the Gulf of Mexico today, when the agency regulating U.S. offshore drilling approved a supplemental exploration plan submitted by the oil giant. The British firm still must obtain permits to be able to start drilling. BP is seeking to drill up to four wells in the Gulf’s Keathley Canyon in water that is more than 6,000 feet deep located 192 miles from the Louisiana shore. The project would be the first new one drilled by BP in the Gulf since last year’s Deepwater Horizon explosion that killed 11 workers and led to the worst offshore oil spill in U.S. history. The company has a 46% stake in a well already approved for drilling by Noble Energy. BP also bought out Shell’s 25% interest in two Gulf fields in December, making BP the sole owner of both. The Bureau of Ocean Energy Management, Regulation, and Enforcement says it conducted a thorough review before making its decision, and it cited additional safety enhancements and performance standards announced by BP in July. The agency says it has verified that BP has met the relevant voluntary performance standards. Also today, a federal judge in New Orleans held a hearing to update lawyers on the status of the more than 500 lawsuits pending in the multidistrict litigation over the oil spill. A trial is scheduled for February to determine whether rig owner Transocean can limit what it pays claimants under maritime law, and to assign percentages of fault to Transocean and other companies involved in the disaster.