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Last updateWed, 20 Aug 2014 4pm

Oil Giants Form Joint Oil-Spill-Fighting Venture Without BP

Exxon Mobil Corp., Royal Dutch Shell PLC, Chevron Corp. and ConocoPhillips plan to build a rapid-response system to help contain future blown-out oil wells in the Gulf of Mexico.

The four companies will form the nonprofit Marine Well Containment Co., setting aside $1 billion to develop a system that mobilizes within 24 hours of a blown oil well in water up to 10,000 feet deep to capture up to 100,000 barrels a day.

Source: Market Watch

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