April 30 (Bloomberg) -- Royal Dutch Shell Plc and PetroChina Co. received approval from Australias Foreign Investment Review Board to acquire gas producer Arrow Energy Ltd. in a A$3.5 billion ($3.3 billion) transaction.
April 30 (Bloomberg) U.S. Interior Department inspectors began boarding deep-water platforms in the Gulf of Mexico, and Louisiana asked for help from the National Guard as an oil sheen reportedly washed ashore in the worst rig spill in four decades.
The U.S. will use every single available resource at our disposal, in response to the spill, President Barack Obama said yesterday. BP Plc, which owns the leaking well, is ultimately responsible for paying for the cleanup, the president said. A faint sheen washed ashore on the Louisiana coastline last night, the Associated Press reported. Oil may hit Mississippi tomorrow, Alabama in two days and Florida in three, according to a government forecast.
Oil is escaping from the well at a rate of about 5,000 barrels a day, five times faster than previously estimated, according to the U.S. Coast Guard. At that rate, the volume of the leak will exceed Alaskas 1989 Exxon Valdez accident by the third week of June, making it the worst U.S. oil spill.
This has a danger of becoming an utter ecological disaster, said Ken Medlock, a fellow in energy and resource economics at Rice Universitys Baker Institute for Public Policy in Houston. This is going to result in remediation costs, and is going to be burdensome, to say the least.
Louisiana Governor Bobby Jindal declared a state of emergency and demanded extra oil barriers from BP and the U.S. Coast Guard to protect wildlife preserves that nurture a $1.8 billion seafood industry, the richest in the U.S. behind Alaska.