BP Denied Part of Gulf Spill Costs from Transocean
The court has ruled that BP will not be collecting part of the $40 billion in cleanup costs and economic losses from Transocean Ltd associated with the 2010 oil well blowout and spill in the Gulf of Mexico.
BP will have to indemnify Transocean for any blame, US District Judge Carl Barbier in New Orleans ruled yesterday, ending a case in which BP sued the company in April to recover part of its costs from the spill.
"This confirms that BP is responsible for all economic damages caused by the oil that leaked from its Macondo well, and completely discredits BP's ongoing attempts to evade both its contractual and financial obligations," Transocean said in an e-mailed statement. "Transocean is pleased to see its position affirmed, consistent with the law and the long-established model for allocating risks in the offshore oil and gas industry."
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However, Transocean may still have to pay penalties surrounding the Clean Water Act. It has already accepted responsibility for equipment losses and paid for personal injury and death claims.
"Under the decision Transocean is, at a minimum, financially responsible for any punitive damages, fines and penalties flowing from its own conduct," BP said in a statement. "Transocean cannot avoid its responsibility for this accident."
Halliburton is seeking indemnification as well, having supplied cementing services for the Macondo well project. That motion is still pending.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.