Sable Offshore's Oil Battle in California

Sable Offshores Oil Production Battle: A Texas Companys Struggle Against Californias Environmental RegulationsSable Offshore Corporation, a Texas oil company, is embroiled in a legal dispute with California over its plans to restart oil production from three offshore platforms. The company aims to transport crude oil using a pipeline, but California opposes this, citing environmental concerns and safety regulation violations. Sable bought the platforms from ExxonMobil, partly financed by a loan from the latter. If Sable fails to restart operations, ExxonMobil may regain ownership. Sables alternative plan, using shuttle tankers, has also been met with lawsuits. Operating offshore oil in California is deemed a nightmare due to high regulatory and reputational risks, with many companies leaving the state. Sables future production remains uncertain.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.