Environmentalists and oil exploration company PXP agree to a significant deal to tap into oil reserves.
Article here.
PXP will stop drilling off Santa Barbara County in California decades early, will withdraw convert development proposals into parks for 200 acres of shoreline property and 3,700 acres inland in California, and will contribute millions of dollars to offset carbon dioxide emissions.
In exchange, teh environmentalsits groups Get Oil Out (GOO) and the Environmental Defense Center will support PXP's petition to slant drill from the Irnene offshore platforms to tap reserves of 200 million barrels of oil and 50 billion cubic feat of natural gas near the Tranquillon Ridge.
Win-Win.
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