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Monday, August 15, 2011

56,600 Gallons of Oil Spilled in North Sea

- 56,600 Gallons of Oil Spilled in North Sea

Aug 15, 2011

Royal Dutch Shell (NYSE:RDS.A) estimated Monday that 54,600 gallons of oil have spilled into the North Sea from an oil rig off eastern coast of Scotland.

The Gannet Alpha oil rig, located 112 miles east of the city of Aberdeen, is operated by shell and Eddo, a subsidiary of Exxon Mobil (NYSE:XOM).

According to the technical director of Shell's European exploration and production activities, "We care about the environment and we regret that the spill happened."

It was not clear when the leak began last week. Shell announced it Friday and said it was under control on Saturday.

Exxon Mobil (NYSE:XOM) has a potential upside of 25.7% based on a current price of $73.9 and an average consensus analyst price target of $92.88.

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