December 7, 2017 / 11:05 PM / 3 months ago

Bankrupt energy producer surrenders offshore leases to California

The bankruptcy trustee for Rincon Island Limited Partnership on Wednesday surrendered to California its rights to state leases to a manmade island on public land, handing a victory to officials who sought to shut down the energy producer’s wells.

“The lease relinquishment means the last operational offshore oil drilling and production facility in the Santa Barbara Channel is over and about 1,500 acres of RILP’s interests will be added to the California Coastal Sanctuary,” the California State Lands Commission said in a statement.

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