Re “Silence Is Oily at City Hall”
Speaking of oil, that may have been a slick move Sentinel Peak Resources engineered a month ago.
When the boss of the Inglewood Oil Field backed out of a community debate over new rules governing the field, they saved money at least.
Councilman Jim Clarke has been poring over the rules and the competing authorities for shaping the new regulations for the Culver City portion of the oil field.
First, said Mr. Clarke, there was no disadvantage to Sentinel’s same-day pullout from the debate, just a spot of drama.
“An advantage,” he said, “is that they don’t have to pay any of the costs of our consultant during this time that we are sitting around talking about stuff.”
As operator of the Inglewood Oil Field only since January, Sentinel Peak Resources is conducting its own study of the layout and conditions. It is not expected to be concluded for 15 more months.
This will not hinder Sentinel’s participation in any part of the process.
When the previous owner, Freeport-McMorin, was in charge and once again field rules were being reworked, they filed an 80-page letter throbbing with intentions and suggestions.
Next spring or so, when rules changes are expected to be put in place, they may amount to no more than a shrug.
“I would not go so far as to say they will be significant,” Mr. Clarke said.
(To be continued)
One Comment on ““Sentinel Pullout Amounts to a $$$ Edge?””
Please tell Mr. Noonan that the previous owner of the Inglewood Oil Field was Freeport-McMoRan.
I’m not surprised that Sentinel Peak apparently dropped out of the debate to save money. They also purchased the Montebello oilfield and a dead-in-the-water proposed residential development. They are also pinching pennies here, not doing any significant brush clearance in an area that has had two major fires in the last 5 years, not doing anything to further the proposed development which needs considerable effort to try to prepare the ground in light of a threatened species that is in the development zone.
Sentinel Peak parted ways with those that had a long history of pushing the development and have made an internet appeal for a white knight developer to take the burden off their shoulders. This may be the best strategy for a company that has no expertise or history in residential development, especially an unpopular development that is on top of and adjacent to about 300 wellheads of various types.
Freeport-McMoRan may have snookered Sentinel Peak into taking over this Flying Dutchman in the Montebello hills along with unhappy residents in Culver City and other cities around the Inglewood oil field.