NEW YORK (MarketWatch) — Four of the big five Western oil majors have formed a $1 billion nonprofit joint venture aimed at combating future oil spills, possibly to head off stricter offshore-drilling rules.
Exxon Mobil Corp., Royal Dutch Shell PLC, Chevron Corp. and ConocoPhillips plan to build a rapid-response system to help contain future blown-out oil wells in the Gulf of Mexico.
The four companies will form the nonprofit Marine Well Containment Co., setting aside $1 billion to develop a system that mobilizes within 24 hours of a blown oil well in water up to 10,000 feet deep to capture up to 100,000 barrels a day.
Full story: Oil giants launch spill-fighting effort without BP – MarketWatch
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