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Unformatted text preview: fining, as well as the operation of service stations worldwide. BP holds more than 500 active leases in the Gulf of Mexico, more than any other lessee. From 2005 through 2009, BP was the leading producer of oil and gas in the Gulf of Mexico, producing 559,336,436 barrels of oil and 846,352,047 MCF (thousand cubic feet) of gas during that period. 16 Transocean is the world’s largest offshore drilling contractor. Based in Switzerland, Transocean owns more than 140 drilling rigs and operates in the major offshore oil and gas fields in the world. Transocean has grown substantially through a series of corporate acquisitions, including the acquisition of Reading & Bates Falcon (R&B Falcon) in 2000 and Global Santa Fe in 2007. Transocean owned the Deepwater Horizon rig, which was under a long‐term lease to BP at the time of the Macondo blowout. The lease agreement required Transocean to manage and operate the Deepwater Horizon on behalf of BP. Offshore drilling operations are complex and normal...
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This note was uploaded on 01/18/2014 for the course BEPP 305 taught by Professor Nini during the Fall '11 term at UPenn.

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