Oil drillers to pool insurance

Jim Farnsworth, chief executive of small oil explorer Cobalt International says US oil explorers are talking about setting up a new oil spill insurance fund to ensure smaller firms and continue to drill offshore Reuters reports.

"It is likely and probably desirable for a combination of us to come together and insure against these types of accidents," he told the Finding Petroleum conference in London. "Cobalt is actively in discussions along those lines.”