Thursday, May 20, 2010

Will BP (NYSE:BP) Still Develop Macondo

A BP (NYSE:BP) spokesman, Toby Odone said "At this point we genuinely want to get this shut in, stop the flow of oil, and clean up." This was in response to questions if BP was still considering the commercial development of Macondo.

BP says it's to early to think about any commercial development, all their focus and energy at this time is on containing and stopping the oil leak. Before the devastation of April 20th, BP was considering it because of the oil fields near by.

The CEO of BP, Tony Hayward has estimated that the Macondo well held 50 million to 100 million barrels of oil. While this is considered a substantial amount of oil, it is by no means considered a "giant." This is the term used in association with oil fields containing a minimum of 250 million barrels of oil.

BP may decide to not spend anymore money on this project other than the ongoing efforts to seal the well and the drilling for relief wells.

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