Rescue effort: Divers searching for oil industry workers on a capsized liftboat prepared to enter the overturned vessel today, a rescue effort complicated by daunting technical challenges and continued bad weather. The hope is that the 12 missing people have found air pockets to survive inside the Seacor Power, most of which is submerged in 50-foot seas about 8 miles off the coast. Read the latest on the rescue mission here.
March rebound: U.S. housing construction rebounded strongly in March with homebuilders recovering from an unusually frigid February that shut down projects. Builders began construction on new homes and apartments at a seasonally adjusted annual rate of 1.74 million units in March, the Commerce Department reported this morning, a 19.4% increase over February when housing construction fell by 11.3%. See the report.
Oil field for sale?: ExxonMobil is considering selling its stake in Iraq’s West Qurna-1 oil field in a sign that the supermajor is willing to part with one its marquee oil fields in the Middle East to reduce the mountain of debt accumulated last year, The Houston Chronicle reports. Iraq’s oil ministry took the unusual step of saying it’s in talks with U.S. companies about the possibility of them buying ExxonMobil’s 32.7% stake in the field in southern Iraq. Exxon declined to comment on any potential sale. Read the full story.