Oil Firm, Foes Strike Major Deal in California. By Kenneth R. Weiss, LATimes, April 11, 2008. "A Houston oil company has agreed to shut down its offshore oil production off Santa Barbara County decades early in exchange for approval this year to drill into untapped undersea reserves and cash in on the nation's record oil prices. To sweeten the deal, Plains Exploration & Production Co. -- known as PXP -- also has agreed to donate about 200 acres of oceanview property along the sparsely populated Gaviota coast and an additional 3,700 acres in Santa Barbara's premier wine-growing region for public parkland. It would withdraw a proposed housing development on that land and pay millions to fund projects that offset carbon dioxide emissions, such as low-emission public buses. The unprecedented deal, announced Thursday by PXP and its fiercest environmental opponents, was designed to make a long-stalled drilling proposal more palatable to county and state officials in an area where a 1969 oil spill helped launch the modern environmental movement in California. Linda Krop, chief counsel of the Santa Barbara-based Environmental Defense Center, said negotiations among these adversaries resulted in more concessions from PXP than any state or local agency could ever muster."
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