BP (NYSE:BP) Spill Results in Breakup of Minerals Management Service

The Minerals Management Service received heavy criticism after the BP (NYSE:BP) oil spill in the Gulf of Mexico, and they've been split into two agencies.

One of the new entities will have responsibility for the approval process for offshore leasing, and the other will enforce environmental and safety laws.

Head of the Bureau of Ocean Energy Management, Regulation, and Enforcement, Michael Bromwich, said, "This reorganization is much more than just moving boxes around.. It is about a comprehensive review and a fundamental change in the way that these agencies operate."

The two new agencies will be called the Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement.

Both should be operational by October 1, 2011.