The largest lease holder in the Gulf of Mexico, BP, announced in March that it would be splitting off its onshore oil and gas assets into separate businesses to better capitalize on the U.S. shale exploration boom.
On June 30, 2014 Stone Energy Corp. of Lafayette, Louisiana sold some of its offshore Gulf of Mexico properties to Talos Energy of Houston for $200 million. In May 2014, Apache Energy sold two offshore deep water properties in the Gulf for $1.4 billion. Apache’s and other offshore company’s exit from the Gulf has allowed smaller offshore companies to enter the market.
LLOG Exploration Co. of Covington is one of these smaller companies exploring offshore drilling in the Gulf. The main barrier to some smaller companies like LLOG has been the expensive technology and regulatory compliance. These companies are attempting to enter the market and save money by streamlining development processes and cutting the time needed to get a commercially viable discovery into production.
Offshore workplace safety must never be sacrificed for the sake of speed. Offshore workers are exposed to potential dangers on a routine basis. If an offshore employer fails to implement the proper procedures and/or hire the necessary personnel to complete a job, the risk of injury can increase exponentially.
If you or a loved one has suffered an offshore injury, learn about your legal rights from an experienced Louisiana maritime injury attorney by filling out our free, no obligation case review form located on this website.