Freeport McMoRan Copper and Gold is investing $500 million in a Louisiana company that plans to increase oil production in the Gulf of Mexico. The Tucson Sentinel reports that this will effectively fund more than half of McMoRan Exploration Company’s purchase of shallow water operations from a Houston company. The Houston company says it wants to move to safer on shore drilling in the wake of the BP oil spill.
McMoRan Exploration is a separate oil production company that shares some management with Freeport McMoRan.
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