And of course we need to make sure that deepwater drilling is done safely.
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The federal government's moratorium on new deepwater drilling is very unpopular in the region.
Meanwhile, in the bigger picture, attention was on the resumption of deepwater drilling in the Gulf.
"There is a six-month moratorium on deepwater drilling, " said an Interior statement on the matter.
The task force report featured a recommendation for a six month moratorium on all deepwater drilling activities.
This year, the US Gulf of Mexico witnessed the highest number of deepwater drilling permits issued since 2007.
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However, ultra-deepwater drilling is attractive to contractors like Transocean since it offers better day rates and profit margins.
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Thirty-seven percent of the Gulf is closed to fishing because of an accident involving a deepwater drilling operation.
Only then can we be assured that deepwater drilling can take place safely.
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This is clearly a high risk, high reward business right now due to their aggressive expansion into deepwater drilling.
However, since the second moratorium was lifted in October, permits have not been processed nor has significant deepwater drilling restarted.
When the price of oil declines, deepwater drilling and other oil service companies take a bigger hit than land-based operations.
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Obviously we have taken some -- we took a series of steps after the BP incident, primarily around deepwater drilling.
Economou, who also bought a 4% stake in Ocean Rig for himself, says he feels strongly that deepwater drilling presents a glorious opportunity.
Oil giant Royal Dutch Shell and Noble Corp. have teamed up to design and build two innovative new deepwater drilling rigs.
Perhaps even more transformative has been the energy boom, largely sparked by new technologies such as fracking and deepwater drilling.
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In addition, BP has agreed to several initiatives with academia and regulators to develop new technologies related to deepwater drilling safety.
We have, as you know, last month -- late last month, last week -- granted our first permit for deepwater drilling.
The BP executives were testifying before a British parliamentary committee investigating the implications of the Gulf oil disaster on deepwater drilling.
That is what would now be in place in order to continue a deepwater drilling project that is underway in the Gulf.
And that is why those companies that have sought leases for deepwater drilling have had to prove that they have that capacity.
Deepwater drilling in the area west of Shetland has attracted strong criticism.
After the Deepwater Horizon disaster, Secretary of Interior Ken Salazar had imposed two successive moratoria on deepwater drilling in the Gulf of Mexico.
Having a culture that accepted higher risk for higher rewards, the company ignored some of the early signals of the dangers of deepwater drilling.
But the President believed in weighing all those circumstances that pausing deepwater drilling during an investigation made sense based on many factors, including containment capability.
The complex deepwater drilling recently perfected by Petrobras, Brazil's state-controlled company, has suddenly raised the prospect of Brazil becoming one of the world's biggest producers.
The government had earlier issued a six-month moratorium on deepwater drilling.
Also, Secretary Salazar has ordered immediate inspections of all of our deep -- all of the deepwater drilling rigs and platforms in the Gulf of Mexico.
Among the various offshore drilling practices, ultra-deepwater drilling is the most expensive and technically challenging method since it involves drilling at water depths of over 5, 000 feet.
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Although the outlook for ultra-deepwater drilling demand remains strong, Transocean could see increasing competition going forward due to the addition of new ultra-deepwater drilling capacity in the industry.
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