Drilling on roughly two dozen offshore oil and gas wells may be temporarily halted so companies can replace faulty bolts on emergency devices, after federal regulators identified problems with the equipment.
The Arctic contains more than 90 billion barrels of oil, but limited infrastructure, competing sovereignty claims and spill containment challenges will make exploration difficult in its icy climate, an Ernst & Young report said Wednesday.
Drilling regulators have directed offshore operators to halt work on oil and gas wells in the U.S. Gulf of Mexico after discovering faulty bolts made by General Electric Co. on equipment used to prevent blowouts.
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