BP Delaying Wells Worsens Slump in Most Profitable Fields
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BP Plc’s drilling delay in the Gulf of Mexico means production will keep declining at its most profitable fields as the company spends $2.4 million a day to keep rigs in the region idle.
While executives say BP is making progress toward resuming drilling in the Gulf, the company hasn’t submitted an application for a permit to start a new well since President Barack Obama’s moratorium was lifted on Oct. 12, according to two people with knowledge of the matter. They declined to be identified because it’s not public information.