After another round of testing to ensure the BP (NYSE:BP) well was completely plugged, a cap of a star with 11 points on it was placed on the well in remembrance of the 11 workers who lost their lives when the Deepwater oil rig exploded.
U.S. Coast Guard Rear Admiral Paul Zukunft said the cap was installed on November 8 after final testing was completed.
Zukunft added that cleanup efforts continue along the coastline and is focusing on marshes and beaches at this time. About 9,000 people continue to work on the cleanup.
"Some of our more persistent oil is in that sand column on both recreational beaches and also on national park shorelines," said Zukunft. "In some cases it is either removed manually or we are using heavy equipment."
Showing posts with label BP Cleanup. Show all posts
Showing posts with label BP Cleanup. Show all posts
Thursday, November 11, 2010
Tuesday, October 26, 2010
BP (NYSE:BP) CEO Points to the Positive of Company and Oil Spill
Speaking to a group of British businessmen, BP (NYSE:BP) CEO Bob Dudley began his initial steps to restore and repair the reputation of the company.
He has made safety the initial primary focus of his tenure at the company, making it the key metric for bonuses in the short term, while working on developing even better best practices in the area.
Dudley did point to some of the good things the company has already done:
"The first thing to say is that we have stopped the leak and made huge progress in cleaning up the spill.
"Second, our containment and clean-up efforts have gotten results.
"Third, we are meeting our commitments as a responsible party of this accident."
Finally, one of things several large energy companies have also said, including Dudley and BP, is they now have to be much more selective in their choice of third parties and manage the process and work much more closely.
He has made safety the initial primary focus of his tenure at the company, making it the key metric for bonuses in the short term, while working on developing even better best practices in the area.
Dudley did point to some of the good things the company has already done:
"The first thing to say is that we have stopped the leak and made huge progress in cleaning up the spill.
"Second, our containment and clean-up efforts have gotten results.
"Third, we are meeting our commitments as a responsible party of this accident."
Finally, one of things several large energy companies have also said, including Dudley and BP, is they now have to be much more selective in their choice of third parties and manage the process and work much more closely.
Friday, October 15, 2010
BP (NYSE:BP) Slammed with Another Bill from Uncle Sam
For the seventh time since the Gulf of Mexico oil spill, BP (NYSE:BP) has received a bill from Uncle Sam, this time for $62.6 million, related to cleanup costs resulting from the spill.
So far BP, along with other "responsible parties" like Anadarko (NYSE:APC), Transocean (NYSE:RIG) and MOEX via Mitsui (NYSE:MITSY), which they have a majority ownership in.
Among the costs being billed for are to take care of actual damage, permanently stopping the leak, oil cleanup, public health, and protection of the coastline.
This bill brings the total billed by and paid to the government of $581 million.
Included in the billing is state costs along with the costs related to federal expenses.
So far BP, along with other "responsible parties" like Anadarko (NYSE:APC), Transocean (NYSE:RIG) and MOEX via Mitsui (NYSE:MITSY), which they have a majority ownership in.
Among the costs being billed for are to take care of actual damage, permanently stopping the leak, oil cleanup, public health, and protection of the coastline.
This bill brings the total billed by and paid to the government of $581 million.
Included in the billing is state costs along with the costs related to federal expenses.
BP (NYSE:BP) Asked To Pay Millions More For Florida Tourism
BP (NYSE:BP) has already paid out millions to Florida for its tourism industry after the Gulf of Mexico oil spill, to deal with the misperceptions the beaches in the state were filled with oil.
That worked during the oil spill successfully, as tourism did very well over the duration of the oil spill in Florida. Now the state is asserting wrong perceptions still remain, and BP should pay to have that removed through advertising campaigns.
The problem is it's quite possible this is a recessionary slowdown and not related to BP at all.
Allegedly some surveys have potential tourists saying they still believe the Florida beaches are filled with oil, but the question that should be asked is whether or not they were going to vacation there in the first place as colder weather hits the nation.
As far as next summer, to ask those making vacation decisions on whether or not they'll come there next year doesn't make much sense. After nine months or so, most would have to think the beaches are are clean of debris and oil.
Either way, Florida has asked for another payment of $75 million to use for their advertising budget. I think this time around BP should say no, as they're increasingly being tapped to pay for budget shortfalls that are result of the ongoing recession and not necessarily the oil spill.
That worked during the oil spill successfully, as tourism did very well over the duration of the oil spill in Florida. Now the state is asserting wrong perceptions still remain, and BP should pay to have that removed through advertising campaigns.
The problem is it's quite possible this is a recessionary slowdown and not related to BP at all.
Allegedly some surveys have potential tourists saying they still believe the Florida beaches are filled with oil, but the question that should be asked is whether or not they were going to vacation there in the first place as colder weather hits the nation.
As far as next summer, to ask those making vacation decisions on whether or not they'll come there next year doesn't make much sense. After nine months or so, most would have to think the beaches are are clean of debris and oil.
Either way, Florida has asked for another payment of $75 million to use for their advertising budget. I think this time around BP should say no, as they're increasingly being tapped to pay for budget shortfalls that are result of the ongoing recession and not necessarily the oil spill.
Wednesday, October 13, 2010
BP (NYSE:BP) Says all Gulf Food Samples Passed Test So Far
After literally thousands upon thousands of Gulf seafood such as oysters, shrimp and fish having been tested, not one has failed a test searching for Corexit or polycyclic aromatic hydrocarbons (PAH), the latter of which could cause cancer, according to BP's (NYSE:BP) COO for the Gulf Coast Restoration Organization, Mike Utsler.
That said, Utsler added they're working with state agencies in the Gulf to improve testing, as well as creating standardized testing to be used going forward.
"The important thing is to define a standard baseline since that’s not something that’s been tested before — what’s the baseline is for the potential presence of this product, Corexit, a surfactant used in many differing types of substances such as toothpaste, baby shampoo, and the same base product found in discharges of the Mississippi and other rivers," Utsler said.
To generate confidence in Gulf seafood, chief enforcement officer for the Marine Resources Division, Major Chris Blankenship, said chemical and sensory analysis will continue.
That said, Utsler added they're working with state agencies in the Gulf to improve testing, as well as creating standardized testing to be used going forward.
"The important thing is to define a standard baseline since that’s not something that’s been tested before — what’s the baseline is for the potential presence of this product, Corexit, a surfactant used in many differing types of substances such as toothpaste, baby shampoo, and the same base product found in discharges of the Mississippi and other rivers," Utsler said.
To generate confidence in Gulf seafood, chief enforcement officer for the Marine Resources Division, Major Chris Blankenship, said chemical and sensory analysis will continue.
Tuesday, October 12, 2010
BP (NYSE:BP) to Start Deep Cleanup of Alabama Beaches
BP (NYSE:BP) spokesman Ray Melick said the oil giant is going to start deeper cleaning of the beaches in Alabama next week.
Melick said the company is waiting until after the weekend festivities, which include boat races and concerts in Baldwin County. They don't want to hurt the tourist money now coming into the region, so they're set to start next week.
Heavy equipment will be brought in to dig as deep as two feet below the surface to locate and clean the oil out.
Hopes are the cleanup of the beaches will be completed by January 1, 2011.
Melick said the company is waiting until after the weekend festivities, which include boat races and concerts in Baldwin County. They don't want to hurt the tourist money now coming into the region, so they're set to start next week.
Heavy equipment will be brought in to dig as deep as two feet below the surface to locate and clean the oil out.
Hopes are the cleanup of the beaches will be completed by January 1, 2011.
Monday, October 4, 2010
BP (NYSE:BP) Cooperation Slowing Says Louisiana
According to Louisiana officials BP (NYSE:BP) isn't cooperating as much because the media spotlight is no longer on them as it was.
Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.
Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."
Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,
Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.
While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.
BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.
The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.
All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.
It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.
Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.
Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."
Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,
Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.
While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.
BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.
The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.
All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.
It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.
Tuesday, September 21, 2010
BP (NYSE:BP) Fund Administrator Feinberg Says Cleanup Wages Won't be Deducted
Kenneth Feinberg, administrator of the BP (NYSE:BP) compensation fund, said he'll waive the previous requirement for those making claims to the fund of deducting wages earned from BP by helping with the oil spill cleanup.
This has been a point of contention for some time, and it seemed at the beginning there would be no concession at all, but the growing antagonism toward Feinberg and the slow pace of the fund may have had a part in Feinberg's decision.
According to Feinberg, fisherman will be specifically helped by the decision, who helped with the cleanup when they weren't able to fish.
So far the fund has paid out over $240 million on 68,000 claims.
This has been a point of contention for some time, and it seemed at the beginning there would be no concession at all, but the growing antagonism toward Feinberg and the slow pace of the fund may have had a part in Feinberg's decision.
According to Feinberg, fisherman will be specifically helped by the decision, who helped with the cleanup when they weren't able to fish.
So far the fund has paid out over $240 million on 68,000 claims.
Beyond BP (NYSE:BP) Oil Spill, Kevin Costner Lays Out His Future Disaster Plan
Kevin Costner, who co-founded 'Ocean Therapy,' who developed a centrifuge system to separate oil and water which was deployed in helping to clean up the Gulf of Mexico, has now proposed a disaster plan for possible future oil spills in the Gulf.
The actor has been peddling his proposal to Gulf governors, members of Congress, and most recently to the Bureau of Ocean Energy Management, Regulation and Enforcement Director Michael Bromwich.
Costner's suggestion is to create what he called "coastal response facilities," which would be placed in several strategic cities on the Gulf coast, including Corpus Christi, Texas; Gulfport, Miss.; Pensacola, Fla., or Mobile, Ala.; Key West, Fla, and Port Fourchon and Lake Charles,
Costs to implement the plan would be about $895 million, and would entail a scattered fleet of 190 vessels which would be prepared for future accidents.
Oil giants Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) and Shell (NYSE:RDS-A) earlier in the year said they wanted to put together a rapid-response system, which would focus primarily making a better-designed blowout preventer which would to capture the oil better if there were a disaster.
Coster's plan focuses instead on oil which has reached the surface. That of course coincides with the types of equipment his company uses, which cleans the oil from the surface.
The actor has been peddling his proposal to Gulf governors, members of Congress, and most recently to the Bureau of Ocean Energy Management, Regulation and Enforcement Director Michael Bromwich.
Costner's suggestion is to create what he called "coastal response facilities," which would be placed in several strategic cities on the Gulf coast, including Corpus Christi, Texas; Gulfport, Miss.; Pensacola, Fla., or Mobile, Ala.; Key West, Fla, and Port Fourchon and Lake Charles,
Costs to implement the plan would be about $895 million, and would entail a scattered fleet of 190 vessels which would be prepared for future accidents.
Oil giants Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) and Shell (NYSE:RDS-A) earlier in the year said they wanted to put together a rapid-response system, which would focus primarily making a better-designed blowout preventer which would to capture the oil better if there were a disaster.
Coster's plan focuses instead on oil which has reached the surface. That of course coincides with the types of equipment his company uses, which cleans the oil from the surface.
Monday, September 20, 2010
BP (NYSE:BP) Oil Well Declared Officially Dead, Most Oil Gone
BP (NYSE:BP) had an important but muted victory this weekend, as if finally and officially permanently sealed the stricken oil well, closing one chapter of the saga.
The vast majority of the oil which leaked from the well is gone, according to government officials, but some still remains, and it's uncertain as to what extent it's doing damage to the region.
Some scientists have made attempts to say there is a lot more oil left than the government asserts, but their arguments are extremely weak, and evidence small and unconvincing.
These scientists have agendas, and that is to obtain more research money for their university departments. Saying there is more oil than there is, attempts to generate the idea in the public mind that there is more research needed.
So far BP has spend close to $9.5 billion on cleanup, and is paying out another $20 billion via a compensation fund administered by Kenneth Feinberg.
They're also selling up to $30 billion in assets in order to pay for legal claims and other fines they may have to face.
The vast majority of the oil which leaked from the well is gone, according to government officials, but some still remains, and it's uncertain as to what extent it's doing damage to the region.
Some scientists have made attempts to say there is a lot more oil left than the government asserts, but their arguments are extremely weak, and evidence small and unconvincing.
These scientists have agendas, and that is to obtain more research money for their university departments. Saying there is more oil than there is, attempts to generate the idea in the public mind that there is more research needed.
So far BP has spend close to $9.5 billion on cleanup, and is paying out another $20 billion via a compensation fund administered by Kenneth Feinberg.
They're also selling up to $30 billion in assets in order to pay for legal claims and other fines they may have to face.
Thursday, August 26, 2010
James Cameron Using BP (NYSE:BP) Disaster for Self-Promotion
Playing the role of being a rejected suitor, while at the same time promoting his "Avatar" film, James Cameron continues to take the opportunity to us BP (NYSE:BP) to promote himself and the movie, which is being re-released this weekend with additional footage.
This time around he expressed outrage that his proposals in the early part of the oil spill were rejected.
BP spokesman Robert Wine responded saying, "Lots of technologies were offered to us. They were thoroughly evaluate by a team of industry engineers. We did have some contact with James Cameron. His technologies were not suitable."
Cameron even tried to make a connection between his film and the oil spill, as if his film was based in any type of reality. Maybe too many deep sea dives Jim.
This is just another celebrity using the tragic circumstances as a chance to promote his film and make a ton more money, while positioning himself as a champion of a cause.
This time around he expressed outrage that his proposals in the early part of the oil spill were rejected.
BP spokesman Robert Wine responded saying, "Lots of technologies were offered to us. They were thoroughly evaluate by a team of industry engineers. We did have some contact with James Cameron. His technologies were not suitable."
Cameron even tried to make a connection between his film and the oil spill, as if his film was based in any type of reality. Maybe too many deep sea dives Jim.
This is just another celebrity using the tragic circumstances as a chance to promote his film and make a ton more money, while positioning himself as a champion of a cause.
Tuesday, August 17, 2010
Texas Receives Full BP (NYSE:BP) Cleanup Check
In what will probably be one of the smallest checks BP (NYSE:BP) writes for a while, at least to companies or institutions, they sent a check to Texas for $175,000 to pay for the amount the Lone Star state billed them for the cleanup of Galveston beach, which was $174,295.
Tar balls proven to be from the Macondo oil spill washed up on the Galveston beach and had to be cleaned up during the Fourth of July weekend.
The tar balls ended up on McFaddin Beach, which when tested in July were confirmed to have come from the oil well leaking into the Gulf of Mexico.
The way the state of Texas works in situations like this, is if it is proven scientifically to be associated with a specific source, they will then bill the entity for the resources used.
If they are unable to identify the source, then payment comes from a tax they impose on oil barrels imported from other countries.
Tar balls proven to be from the Macondo oil spill washed up on the Galveston beach and had to be cleaned up during the Fourth of July weekend.
The tar balls ended up on McFaddin Beach, which when tested in July were confirmed to have come from the oil well leaking into the Gulf of Mexico.
The way the state of Texas works in situations like this, is if it is proven scientifically to be associated with a specific source, they will then bill the entity for the resources used.
If they are unable to identify the source, then payment comes from a tax they impose on oil barrels imported from other countries.
Wednesday, July 21, 2010
BP's (NYSE:BP) CEO Will Remain - For Now!
News that BP's (NYSE:BP) chief executive officer Tony Hayward will be booted from his position has caused a spokesman for the company to say he "remains the CEO."
This is the result of an article in the Times of London which said Hayward has at most about 10 weeks left at the helm of the company, whereby a new CEO will be named, with American Bob Dudley considered the front-runner by many.
BP spokesman Robert Wine said, “He has the full backing of the Board.”
Even so, there's almost no one outside the company that thinks Hayward will remain on board, and it's only a matter of when, not if, he's going to be relieved of his duties.
BP won't want to talk much of this at this time, as the important plugging of the leaking oil well is a triumph for them, and to focus on that would deter from the positives the company is finally getting.
Hayward is pretty much an irrelevancy now, and once the surety of the leak being permanently plugged arrives, it's probably at that time they'll make a move in a way that will appear a transferring of power to the cleanup part of the operations. That would keep things from being chaotic for the company.
This is the result of an article in the Times of London which said Hayward has at most about 10 weeks left at the helm of the company, whereby a new CEO will be named, with American Bob Dudley considered the front-runner by many.
BP spokesman Robert Wine said, “He has the full backing of the Board.”
Even so, there's almost no one outside the company that thinks Hayward will remain on board, and it's only a matter of when, not if, he's going to be relieved of his duties.
BP won't want to talk much of this at this time, as the important plugging of the leaking oil well is a triumph for them, and to focus on that would deter from the positives the company is finally getting.
Hayward is pretty much an irrelevancy now, and once the surety of the leak being permanently plugged arrives, it's probably at that time they'll make a move in a way that will appear a transferring of power to the cleanup part of the operations. That would keep things from being chaotic for the company.
Wednesday, July 14, 2010
BP (NYSE:BP) Helped by Lower Taxes from Cleanup Costs
Something many people don't think about is the lower taxes BP (NYSE:BP) will enjoy from paying out the cleanup costs related to the Gulf oil spill.
Although it will be attacked by some, in a sense this is good news, as BP needs to survive, and even thrive, if they're going to be able to take care of their responsibilities in the matter.
So the $20 billion escrow fund will probably be a tax strategy for the oil giant over the next four years, as they pay out billions throughout the next several years to claimants.
This will be true in the U.S. and in Britain as well.
Depending on who you're listening to, the cleanup costs of BP, say if they were $60 billion, would result in about $20 billion in tax deductions over time, if you assume the 33 percent tax rate they paid out in 2009.
In the U.S. and focusing on the escrow fund, BP won't be able to take deductions until people are actually compensated. In other words, if they pay about $5 billion a year into it, they won't necessarily get tax deductions on that. If $3.5 billion were paid out for the tax year, that is what they would be able to take deductions on, not the entire amount.
What will raise a few eyebrows is the fact it is those receiving the money from BP who will end up paying taxes, as they're not exempt, as the government will consider it income, whether it's for a business or an individual.
That means money BP pays out will benefit them from a tax perspective, and the government gets a lot of that loss back from taxing the businesses and individuals receiving it.
Although it will be attacked by some, in a sense this is good news, as BP needs to survive, and even thrive, if they're going to be able to take care of their responsibilities in the matter.
So the $20 billion escrow fund will probably be a tax strategy for the oil giant over the next four years, as they pay out billions throughout the next several years to claimants.
This will be true in the U.S. and in Britain as well.
Depending on who you're listening to, the cleanup costs of BP, say if they were $60 billion, would result in about $20 billion in tax deductions over time, if you assume the 33 percent tax rate they paid out in 2009.
In the U.S. and focusing on the escrow fund, BP won't be able to take deductions until people are actually compensated. In other words, if they pay about $5 billion a year into it, they won't necessarily get tax deductions on that. If $3.5 billion were paid out for the tax year, that is what they would be able to take deductions on, not the entire amount.
What will raise a few eyebrows is the fact it is those receiving the money from BP who will end up paying taxes, as they're not exempt, as the government will consider it income, whether it's for a business or an individual.
That means money BP pays out will benefit them from a tax perspective, and the government gets a lot of that loss back from taxing the businesses and individuals receiving it.
Friday, July 2, 2010
BP (NYSE:BP): Relief Wells Should Plug the Gulf Oil Leak
The two relief wells being drilled in order plug the Gulf oil leak continue to be ahead of schedule, and should provide the best opportunity to plug the oil spill in the Gulf of Mexico.
By "bouncing electromagnetic waves through rock to measure the distance between the relief well and the interception target," Bob Dudley, who is now overseeing the Gulf cleanup on behalf of BP, says they're about 600 feet away from reaching the area they're going to plug the well at.
This refers to the first relief well. The second well is being dug as a backup in case something goes wrong with the first one.
How the drilling works is they do it parallel with the oil well until they reach the desired depth, and at that time they'll be about 5 feet away, which they then drill directly into.
According to Coast Guard Admiral Thad Allen, the chances of successfully accomplishing the task is very high.
“Relief wells are things that these companies have done before, not just BP but all the companies,” said Allen. “The methods they’re using, the technology they’re using, it’s all been proven in the water, on land.”
By "bouncing electromagnetic waves through rock to measure the distance between the relief well and the interception target," Bob Dudley, who is now overseeing the Gulf cleanup on behalf of BP, says they're about 600 feet away from reaching the area they're going to plug the well at.
This refers to the first relief well. The second well is being dug as a backup in case something goes wrong with the first one.
How the drilling works is they do it parallel with the oil well until they reach the desired depth, and at that time they'll be about 5 feet away, which they then drill directly into.
According to Coast Guard Admiral Thad Allen, the chances of successfully accomplishing the task is very high.
“Relief wells are things that these companies have done before, not just BP but all the companies,” said Allen. “The methods they’re using, the technology they’re using, it’s all been proven in the water, on land.”
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