Proposed Mediterranean Deepwater Moratorium Unlikely to Gain Traction

According to The Financial Times, pressure is growing in Europe to impose a moratorium on deepwater drilling in the Mediterranean Sea. BP is planning to begin deepwater operations off the coast of Libya within weeks and has a rig in place preparing to drill in the Gulf of Sirte, an area believed to hold large deposits of oil.

The planned exploration well is 200 meters deeper than the ill fated Macondo well which blew out in April and was only recently capped. BP’s exploration in Libya has attracted additional controversy because of allegations that the company may have lobbied the Scottish government to release Libyan national Abdel Baset al-Megrahi from prison, the only man ever convicted for a role in the 1988 bombing of Pan Am 103. Read this article for more details.

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