Exxon (XOM), Chevron (CVX), Shell (RDS-A), Conoco (COP), BP (BP) Say Rapid-Response System Ready

Exxon Mobil (NYSE:XOM), Chevron Corp (NYSE:CVX), Royal Dutch Shell (NYSE:RDS-A), ConocoPhillips (NYSE:COP) and BP (NYSE:BP) are ready with the the combination of rapid-response equipment and ships developed to respond quickly to a deepwater oil spill in order to limit the potential damages, according to Clay Vaughn, vice president of deepwater projects at Exxon's development unit.

Vaughn said, "We believe what we provided is sufficient and meets the intent of the regulation and can be included in permit applications today. The ultimate test will be those permit approvals."

The energy group created a nonprofit organization called the Marine Well Containment Company (MWCC), funding it with $1 billion to develop the system.

According to Vaughn, they worked closely with the Interior Department's Bureau of Ocean Energy Management during the process getting the system ready for use.

The system now available will be able to work as deep at 8,000 feet below the surface and channel 60,000 barrels of oil a day to ships on the surface.

A larger system will be ready to go in 2012, which will be able to channel up to 100,000 barrels a day up to the surface, and operate in depths up to 10,000 feet.