Thick Layer Of Oil On Seafloor.

Scientists on a research vessel in the Gulf of Mexico are finding a substantial layer of oily sediment stretching for dozens of miles in all directions. Their discovery suggests that a lot of oil from the Deepwater Horizon didn’t simply evaporate or dissipate into the water — it has settled to the seafloor.

French oil giant Total on Thursday announced its first ever investment in a coal seam gas project, paying around $750 million for a 20% stake in an Australian joint venture. The project will convert coal steam gas from fields in Queensland into liquefied natural gas at a plant on the country’s east coast, from where it will be sold to energy-hungry Asian markets.

Oil prices fell back on Thursday, after getting an early boost from lower jobless claims and crude inventories. Benchmark oil for October delivery lost 42 cents to settle at $74.25 a barrel on the New York Mercantile Exchange. Gas pump prices were virtually unchanged at a national average of $2.68 for a gallon of unleaded regular.

Jude    Maritime News, News    

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