Tuesday, May 18, 2010

Exxon Mobil's (NYSE:XOM) Hadrian Project Delayed

Exxon Mobil (NYSE:XOM), which was ready to launch their Hadrian drilling project in the Gulf of Mexico last week, has had it delayed until at least May 28, according to the giant oil company.

After the explosion and consequent oil spill from the Deepwater Horizon oil rig which has especially affected BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG), regulators restricted drilling in the area for the time being.

Even though the May 28 day was given, an Exxon spokeswoman said there is no clear day announced when they will be allowed to launch operations in the Gulf region.

Once the government put the moratorium in place on drilling permits, all work on the projected was effectively halted until further notice.

The deepwater offshore drilling at the stie will be in just under 7,000 feet of water. Exxon had put a rig in place before the project was halted.

No comments: