BP Gets $250M from Maker of Failed Blowout Preventer
Cameron International, the maker of the so-called “blowout preventer” that failed to cap last year's massive oil spill in the Gulf of Mexico, will pay BP $250 million under a legal agreement reached today.
The companies are dropping all claims against one another as BP told the press that it was “in their mutual best interests, and the agreement is not an admission of liability by either party.”
The federal trial over the spill will begin in February and determine fault in April for the explosion and subsequent oil spill of over 200 million gallons of oil off the coast of Louisiana. Although today's announcement puts legal issues between the BP and Cameron on the back burner, other companies persist in refusing to accept responsibility for their roles in the accident or to help in restoration efforts.
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Furthermore, tensions between Halliburton and BP are getting intense after BP accused the company for covering up evidence about a cement mixture used in drilling the well earlier this month.
On the upside, BP says its will use the $250 million from Cameron to pay for cleanup and other damages associated from the spill and the two companies have pledged to improve safety in the drilling industry by doing more to improve blowout preventers.
Thus far, BP has spent some $7.5 billion on damage claims from the spill, but billions of dollars in additional fines are expected as the blame game continues.
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.