Latest news with #Paleogene
Yahoo
05-05-2025
- Business
- Yahoo
US DOI to revise the offshore financial assurance rule
The US Department of the Interior has announced plans to revise the Bureau of Ocean Energy Management's 2024 Risk Management and Financial Assurance for Outer Continental Shelf (OCS) Lease and Grant Obligations Rule. The updated rule aims to align with the regulatory framework proposed by the Trump administration in 2020, significantly reducing costs and regulatory burdens for oil and gas producers in the Gulf of America. The revision intends to free up billions of dollars for American producers, enabling them to lease, explore, drill, and produce oil and gas while ensuring that American taxpayers are protected from high-risk decommission liabilities. This move reflects the Department's commitment to bolstering domestic energy production, safeguarding American jobs, and easing regulatory constraints on the oil and gas industry. Department of the Interior Secretary Doug Burgum said: 'This revision will enable our nation's energy producers to redirect their capital toward future leasing, exploration, and production all while financially protecting the American taxpayer. 'Cutting red tape will level the playing field and allow American companies to make investments that strengthen domestic energy security and benefit the Gulf of America states and their communities.' The previous rule, implemented under the Biden administration, was projected to heighten financial assurance requirements for offshore operators by an additional $6.9bn in bonding, with businesses incurring an extra $665m in premiums annually. This has restricted numerous companies in the Gulf of America from investing in energy development projects. Despite the proposed changes, the Bureau of Ocean Energy Management will maintain the requirement for all operators on the OCS to provide financial assurance for their decommissioning responsibilities. The Trump administration's stance ensures that the industry, rather than American taxpayers, remains accountable for stewardship as the Administration seeks a more balanced regulatory approach. The Department is expected to finalise the new rule in 2025 and will invite public commentary on the proposal. Additionally, last month, the Department has announced a policy update that could significantly boost offshore oil production in the Gulf of Mexico. This includes revised parameters from the Bureau of Safety and Environmental Enforcement for Downhole Commingling in the Paleogene (Wilcox) reservoirs, increasing the allowable pressure differential from 200psi to 1,500psi. This decision is in line with President Donald Trump's Executive Order to unleash US energy and has been made following extensive industry consultation. "US DOI to revise the offshore financial assurance rule" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
28-04-2025
- Science
- Yahoo
The Mariana Trench is home to some weird deep sea fish, and they all have the same, unique mutations
When you buy through links on our articles, Future and its syndication partners may earn a commission. Fish that survive in extreme deep-sea environments have developed the same genetic mutation despite evolving separately and at different times, researchers say. The scientists also found industrial chemicals in fish and in the ground in the Mariana Trench, meaning human-made pollutants can reach some of the deepest environments on Earth. Deep-sea fish have developed unique adaptations to survive extreme pressure, low temperatures and almost complete darkness. These species adapt to extreme conditions through unique skeletal structures, altered circadian rhythms and either vision that's extremely fine-tuned for low light, or are reliant on non-visual senses. In a new study, published March 6 in the journal Cell, researchers analyzed the DNA of 11 fishes, including snailfish, cusk-eels and lizardfish that live in the hadal zone — the region about 19,700 feet (6,000 meters) deep and below — to better understand how they evolved under such extreme conditions. The researchers used crewed submarines and remotely operated vehicles to collect samples from about 3,900 to 25,300 feet (1,200 to 7,700 m) below the water's surface, in the Mariana Trench in the Pacific and other trenches in the Indian Ocean. Tracing the evolution of deep-sea fishes, the researchers' analysis revealed that the eight lineages of fish species studied entered the deep-sea environment at different times: The earliest likely entered the deep sea in the early Cretaceous period (about 145 million years ago), while others reached it during the Paleogene (66 million to 23 million years ago), and some species as recently as the Neogene period (23 million to 2.6 million years ago). Despite different timelines for making the deep sea their home, all the fishes studied living below 9,800 feet (3,000 m) showed the same type of mutation in the Rtf1 gene, which controls how DNA is coded and expressed. This mutation occurred at least nine times across deep-sea fish lineages below 9,800 feet, study author Kun Wang, an ecologist at Northwestern Polytechnical University, told Live Science in an email. This means all these fishes developed the same mutation separately, as a result of the same deep-sea environment, rather than as the result of a shared evolutionary ancestor — showing just how strongly deep-sea conditions shape these species' biology. Related: How deep is the Mariana Trench? "This study shows that deep-sea fishes, despite originating from very different branches of the fish tree of life, have evolved similar genetic adaptations to survive the harsh environment of the deep ocean — cold, dark, and high-pressure," Ricardo Betancur, an ichthyologist at the University of California San Diego who was not involved in the new study, told Live Science in an email. It's an example of convergent evolution, where unrelated species independently evolve similar traits in response to similar conditions. "It's a powerful reminder that evolution often reuses the same limited set of solutions when faced with similar challenges — in this case, adapting to the extreme conditions of the deep sea," Betancur said. RELATED STORIES —Scientists thought sharks didn't make sounds — until this accidental discovery —Octopus spotted riding on top of world's fastest shark —Golden scaleless cave fish discovered in China shows evolution in action The expeditions also revealed human-made pollutants in the Mariana Trench and Philippine Trench. Polychlorinated biphenyls (PCBs) — harmful chemicals used in electrical equipment and appliances until they were banned in the 1970s — contaminated the liver tissues of hadal snailfish, the scientists discovered. High concentrations of PCBs and polybrominated diphenyl ethers (PBDEs), flame retardant chemicals used in consumer products until they fell out of popularity in the early 2000s, were also found in sediment cores extracted from more than 32,800 feet (10,000 m) deep in the Mariana Trench. Previous research has also found chemical pollutants in the Mariana Trench, as well as microplastics in the deep sea. The new findings further reveal the impacts of human activity even in this ecosystem that's so far removed from human life. Editor's note: This article was originally published on March 28, 2025
Yahoo
14-04-2025
- Business
- Yahoo
BP makes oil discovery off US Gulf coast
By Sheila Dang -BP has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year. The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement. It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035. London-listed shares of BP were up 4.72% in early trade. BP is the operator of Far South with a 57.5% interest, while partner Chevron holds 42.5%. BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas. Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030. BP plans more exploration in the ocean basin. It has approved the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, CEO Murray Auchincloss told a conference last month.
Zawya
14-04-2025
- Business
- Zawya
BP makes oil discovery off US Gulf coast
BP has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year. The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement. It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035. London-listed shares of BP were up 4.72% in early trade. BP is the operator of Far South with a 57.5% interest, while partner Chevron holds 42.5%. BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas. Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030. BP plans more exploration in the ocean basin. It has approved the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, CEO Murray Auchincloss told a conference last month. (Reporting by Sheila Dang in Houston, additional reporting by Arunima Kumar in Bengaluru; Editing by Leslie Adler and Barbara Lewis)
Yahoo
14-04-2025
- Business
- Yahoo
BP makes new oil discovery off US Gulf coast
By Sheila Dang BP made an oil discovery in the Far South field in the U.S. Gulf of Mexico, the UK-based oil major said on Monday. The exploration well was drilled in Green Canyon Block 584 about 120 miles off the coast of Louisiana. Both the initial well and a sidetrack encountered oil, and preliminary data indicates a potentially commercial volume of oil and gas, the company said in a press release. The discovery comes after BP announced a radical strategy shift in February to turn around its underperformance, slashing planned investment in renewable energy in order to refocus on oil and gas production. The company said it plans to grow production in the Gulf of Mexico to 400,000 barrels of oil equivalent per day (boepd) by 2030. Global production is expected to reach 2.3 million to 2.5 million boepd by the end of the decade. BP is the operator of Far South with a 57.5% interest, while partner Chevron holds a 42.5% stake. BP is planning more exploration in the ocean basin. It green-lit the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, said CEO Murray Auchincloss during a conference last month. Sign in to access your portfolio
