A battle over who is responsible for cleaning up hundreds of oil and gas rigs in the Gulf of Mexico is quietly playing out in a bankruptcy court in southern Texas. The contestants in this game of fossil fuel infrastructure hot potato: Fieldwood Energy, an offshore drilling company attempting to offload more than $7 billion in environmental cleanup responsibilities; a group of oil majors including Chevron, Marathon Oil, and BP; and the Department of the Interior.*
Fieldwood has declared bankruptcy, and a court is considering the company’s plan to split its assets, moving older legacy wells and drilling rigs that are expensive to clean up into two entities while creating a new company appropriately named NewCo to purchase the more prof…
Read the full article at: https://www.salon.com/2021/06/10/how-bankruptcy-lets-oil-and-gas-companies-evade-cleanup-rules_partner/
