The Tranquillon Ridge project would allow one of California’s leading oil and natural gas producers, PXP, to access oil and gas reserves located beneath California state waters from an existing federal platform the company currently owns and operates nearly 5 miles off the Coast of Northern Santa Barbara County.
PXP proposes to slant drill from Platform Irene located in Federal waters to reach huge oil and gas deposits located beneath state waters, the zone within three miles of the coastline. All of the necessary facilities are in place. PXP will not have to build any new offshore or onshore facilities or pipelines for this project.
As part of this project, PXP has committed to advance $100 million immediately to California’s General Fund. Up to $4 billion in state revenue could be generated over the next 14 years, depending on oil prices.
The T-Ridge project includes an “end date” which will phase out oil drilling from PXP’s platforms off the coast of California.
The T-Ridge project has an army of support including environmental groups, firefighters, and police officers. In fact, a recent statewide poll found that a majority of Californians, 66%, from throughout the state support the T-Ridge project.
The T-Ridge project presents a great opportunity for California and PXP is committed to continuing its efforts to educate the state’s decision makers and residents on the facts and the opportunities that the T-Ridge project allows California, economically and environmentally.