Devon was one of three operators of Diamond Offshore rigs that invoked a force majeure clause in their contracts, claiming that the drilling moratorium would prevent the rigs from working. Diamond Offshore said late last month that it does not believe a force majeure exists under the terms of those contracts and is working with its customers to assess each situation.
[Emphasis is mine-Syrah]
This was at the bottom of a Wall Street Journal article published on the 9th.
Democrat President Obama's disastrous handling of the oil spill, particularly in his strange and oddly tenacious attempts to shut down all deep-water drilling in the Gulf, will have long term consequences for the US and for the world.
Its a big planet. Those oil rigs can be moved anywhere in the world. We are very likely to see a number of them end up off the coast of Brazil much to the benefit of Petrobras and its investors.
The US can profit from the Oil in its territories, or not. It looks like Obama and the Democrats would prefer that the US is made even more dependent on foreign sources of oil.
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