Wednesday, September 26, 2012

Exxon Mobil Corporation (NYSE:XOM) will Drill in Sensitive Areas Brimming with Radioactive Waste in the Kara Sea

Exxon Mobil Corporation(NYSE:XOM) has collaborated with Russia’s Rosneft to drill for exploration purposes of radiation wastes in the Kara Sea. The site is near a location where the Soviet navy had disposed of 17,000 loads of radioactive waste, old nuclear reactors, and holed a nuclear-powered submarine.

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But Exxon and Rosneft have assured that they would take the best precautions while drilling in the sensitive area. Edward Gismatullin writes in his report that radiation levels have not changed in the area since 18 years, which means that the waste poses no threat as of now and is stable.

The area in question under the Kara Sea might contain billions of barrels of oil. Statoil and Eni will also be exploring in the Arctic Barents Sea along with Rosneft. Since they will be drilling near nuclear waste pumps, chances are that they will not need to go through the regulatory and environmental hurdles like Shell, when it put in a request to drill in the Chukchi Sea north of Alaska.

According to data recorded at the Hanford Reservation in Washington State, US has played a significant role in disposing radioactive wastes into the sea. The DoD had generated 74 tons of plutonium for warheads during the Cold War. 53 million gallons of plutonium-laden sludge was left in underground tanks and radioactive waste-filled water was dumped into the Pacific Ocean and Columbia River.

Shares of XOM are down 0.40% in Wednesday’s session. The stock made a 52-week high of $92.57 in yesterday’s session

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