While all major oil companies have taken shots at BP (NYSE:BP) while they're down, it seems Royal Dutch Shell (NYSE:RDS-A) has been the most vocal and public about slamming the company, creating no love lost between the two European energy giants.
That very reality may be why the two seem to be slugging it out with each other on a consistent basis. Shell is valued at close to $65 billion more than BP since the oil spill slashed the value of the oil giant. BP have been worth more than Shell before the Gulf oil spill, although they were very close in value, as a proposed merger had revealed.
Maybe because of the consequences Shell experienced as an innocent bystander is the impetus behind the growing feud, as they suffered when the Obama administration imposed the misguided oil moratorium in deepwater drilling off the coasts of America, which interfered with their Alaskan project.
Shell has recently went so far as to say BP has misled the public and consumers by positioning themselves in a different light than justified by the realities surrounding the company.
Welcome to the new oil wars.
Showing posts with label Gulf Oil leak. Show all posts
Showing posts with label Gulf Oil leak. Show all posts
Wednesday, October 27, 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.
Tuesday, September 14, 2010
BP (NYSE:BP), Halliburton (NYSE:HAL), Transocean (NYSE:RIG) Say Gulf Victims Have No Right to Sue Yet
In a filing with the court, BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) say the numerous individuals and businesses may not have the right to sue the companies yet over the Gulf oil spill.
According to the court papers, BP and the others said they believe the alleged victims should have to take their claims to the $20 billion compensation fund before bringing a lawsuit against them.
Obviously the strategy of the oil companies is to push the lawsuits toward the escrow fund to deal with the matter in order to decrease the growing number of them.
Most of the types of lawsuits they're talking about are those where claims of economic losses are involved, especially workers and businesses.
The fund, administered by Kenneth Feinberg, would have 90 days to accept or reject a claim, which at that time the claimants could proceed with a lawsuit.
With things moving into the discovery stage and requests for documents and electronic communications being made, the oil companies said the question of the right to sue needs to be decided before they provide all the documentation to plaintiffs.
While the elimination of lawsuits looks like it's in the best interests of the oil companies, in truth, when you consider the fees by lawyers and amount of time it takes for many of these lawsuits to be played out, most of the alleged victims would be far better off taking the money from the escrow fund if they qualify, rather than pursuing lawsuits.
According to the court papers, BP and the others said they believe the alleged victims should have to take their claims to the $20 billion compensation fund before bringing a lawsuit against them.
Obviously the strategy of the oil companies is to push the lawsuits toward the escrow fund to deal with the matter in order to decrease the growing number of them.
Most of the types of lawsuits they're talking about are those where claims of economic losses are involved, especially workers and businesses.
The fund, administered by Kenneth Feinberg, would have 90 days to accept or reject a claim, which at that time the claimants could proceed with a lawsuit.
With things moving into the discovery stage and requests for documents and electronic communications being made, the oil companies said the question of the right to sue needs to be decided before they provide all the documentation to plaintiffs.
While the elimination of lawsuits looks like it's in the best interests of the oil companies, in truth, when you consider the fees by lawyers and amount of time it takes for many of these lawsuits to be played out, most of the alleged victims would be far better off taking the money from the escrow fund if they qualify, rather than pursuing lawsuits.
Saturday, September 11, 2010
Enbridge (NYSE:EEP) Ordered to Stop Pipeline Leak by Monday
On Friday the Environmental Protection Agency ordered Enbridge Energy Partners (NYSE:EEP) to stop the oil leak from the line located outside Chicago in the suburb of Romeoville.
According to EPA spokeswoman Anne Rowan, the pipeline is leaking from 200 to 600 gallons of crude an hour.
Terrance McGill, President of the Partnership said, "Crews worked through the night to contain the oil. As a result of their efforts, the site has now been isolated and the oil contained. No new oil is reaching the roadway, the nearby ditch or the retention pond. Enbridge expects to begin excavating the pipeline leak site today or early tomorrow."
Enbridge spokeswoman Terri Larson added, "The leak site itself is contained but oil is continuing to drain out of the pipeline. As that oil drains out crews are cleaning it up."
The EPA gave them till noon on Monday to stop the oil from draining from the pipeline.
According to EPA spokeswoman Anne Rowan, the pipeline is leaking from 200 to 600 gallons of crude an hour.
Terrance McGill, President of the Partnership said, "Crews worked through the night to contain the oil. As a result of their efforts, the site has now been isolated and the oil contained. No new oil is reaching the roadway, the nearby ditch or the retention pond. Enbridge expects to begin excavating the pipeline leak site today or early tomorrow."
Enbridge spokeswoman Terri Larson added, "The leak site itself is contained but oil is continuing to drain out of the pipeline. As that oil drains out crews are cleaning it up."
The EPA gave them till noon on Monday to stop the oil from draining from the pipeline.
Friday, July 9, 2010
Anadarko (NYSE:APC) Tells BP (NYSE:BP) Won't Pay Oil Spill Bill
Even though Bp (NYSE:BP) continues to send their partner in the Macondo oil well, Anadarko Petroleum (NYSE:APC), bills for the Gulf oil spill, Anadarko continues to tell them they aren't going to pay anything because it was recklessness on the part of BP which led to the disaster.
Anadarko has a 25 percent stake in the Macondo well, and Japan-based Mitsui has a 10 percent stake, with BP holding the remaining 65 percent of the project.
So far the liability Anadarko has from BP's viewpoint is over $270 million.
According to Anadarko spokesman John Christiansen, he said on Friday that the company let BP know there would be no payment coming their way.
The agreement between the two companies does show Anadarko would have to pay for 25 percent of the costs.
Anadarko has a 25 percent stake in the Macondo well, and Japan-based Mitsui has a 10 percent stake, with BP holding the remaining 65 percent of the project.
So far the liability Anadarko has from BP's viewpoint is over $270 million.
According to Anadarko spokesman John Christiansen, he said on Friday that the company let BP know there would be no payment coming their way.
The agreement between the two companies does show Anadarko would have to pay for 25 percent of the costs.
Tuesday, July 6, 2010
BP (NYSE:BP) Upgraded From Hold To Buy: Stock Prices Rise, Oil Futures
Analysts from the Royal Bank of Scottland upgraded BP (NYSE:BP) from hold to buy. They said the reasoning for this was that they've dismissed the negative rumors of what the probable cost of the massive Gulf oil leak could be. After a three day weekend, oil and gas stocks saw an incline seeing sector wide gains of 2.5 percent or higher.
BP lead percentage gainers by 6.5 percent to $31.25 a share. Halliburton was up 3.6 percent at $26.65. Before the bell, Nasdaq 100 index futures rose 26.59 or 1.5 percent to 1,747.75. Dow Jones industrial average futures went up 102 or 1.1 percent to 9,628. Standard & Poors 500 index futures rose 12.00 or 1.2 percent 1.026.30.
Early on, the New York Stock Exchange Arca Oil Index was up 2.5 percent to 901.11 points. Leading was the Spanish oil company Repsol up 4.2 percent to $21.05. The Philadelphia Oil Service Sector Index also saw an increase of 3 percent to 170.4 points.
While the NYSE Arcca Natural Gas Index was ahead 2.6 percent to 492.25 points and had all 15 of its components trading higher. In morning trading National Fuel Gas Co., EOG Resources, and Ultra Petroleum Corporation were the front runners at 3.5 percent or higher.
BP lead percentage gainers by 6.5 percent to $31.25 a share. Halliburton was up 3.6 percent at $26.65. Before the bell, Nasdaq 100 index futures rose 26.59 or 1.5 percent to 1,747.75. Dow Jones industrial average futures went up 102 or 1.1 percent to 9,628. Standard & Poors 500 index futures rose 12.00 or 1.2 percent 1.026.30.
Early on, the New York Stock Exchange Arca Oil Index was up 2.5 percent to 901.11 points. Leading was the Spanish oil company Repsol up 4.2 percent to $21.05. The Philadelphia Oil Service Sector Index also saw an increase of 3 percent to 170.4 points.
While the NYSE Arcca Natural Gas Index was ahead 2.6 percent to 492.25 points and had all 15 of its components trading higher. In morning trading National Fuel Gas Co., EOG Resources, and Ultra Petroleum Corporation were the front runners at 3.5 percent or higher.
Monday, July 5, 2010
BP's (NYSE:BP) Gulf Oil Leak Costs Reach Over $3 Billion
BP's (NYSE:BP) has released their latest report today of the Gulf oil leak costs. The total has reached $3.12 billion for the cleaning, capping, and payouts to government, businesses, and individuals. This amount does not include the $20 billion fund that was agreed upon and set up last month.
BP officials said that the tropical storms and continued turbulent weather has not inhibited the drilling of the two relief wells. They're still slightly ahead of schedule for the projected timeframe of early to mid-August for the completion of the drilling and plug to be in place. The burning of oil and gas continues without any delays at the site.
The weather and turbulant seas have delayed being able to bring in another vessel called the Helix Producer. Officials are saying the vessel will more than double the amount of oil able to be collected and then burned. It connects with the leaking well by a flexible hose that can disconnecting and reconnecting quickly due to bad weather.
There is also a giant Taiwanese oil skimming devise is called "A Whale," that has been being tested over the weekend North of BP's leaking well. Because of the choppy seas they had to stop the testing. According to the National Weather Service this bad weather is expected to continue on into next week.
BP officials said that the tropical storms and continued turbulent weather has not inhibited the drilling of the two relief wells. They're still slightly ahead of schedule for the projected timeframe of early to mid-August for the completion of the drilling and plug to be in place. The burning of oil and gas continues without any delays at the site.
The weather and turbulant seas have delayed being able to bring in another vessel called the Helix Producer. Officials are saying the vessel will more than double the amount of oil able to be collected and then burned. It connects with the leaking well by a flexible hose that can disconnecting and reconnecting quickly due to bad weather.
There is also a giant Taiwanese oil skimming devise is called "A Whale," that has been being tested over the weekend North of BP's leaking well. Because of the choppy seas they had to stop the testing. According to the National Weather Service this bad weather is expected to continue on into next week.
Sunday, July 4, 2010
BP's (NYSE:BP) Gulf Oil Leak Threatens Historic Shipwrecks
As we watch the news we've seen the obvious disastrous effects of the BP (NYSE:BP) Gulf oil leak. Beneath the Gulf waters there is an underwater battlefield full of historic World War II shipwrecks, sea battles, and the history of pirates.
There are many significant shipwrecks with 20 miles of the damaged oil well. This underwater world was discovered by oil companies while searching for wells. Many researchers fear that this treasure seekers paradise is being destroyed by the crude oil that continues to flow freely. The Gulf is lined with old fishing villages, pirate colonies, historic hotels, American Indian shell midden mounds, World War II casualties, and wooden shipwrecks.
Steven Anthony, president of the maritime archaeological and Historical Society said, "People think of them as being lost, but with the deep sea diving innovations we have today, these shipwrecks are easily accessible."
"If the oil congeals at the bottom, it will be dangerous for scuba divers to go down there and explore. The spill will stop investigations, it will put a chill, a halt on operations," continued Anthony.
There are many significant shipwrecks with 20 miles of the damaged oil well. This underwater world was discovered by oil companies while searching for wells. Many researchers fear that this treasure seekers paradise is being destroyed by the crude oil that continues to flow freely. The Gulf is lined with old fishing villages, pirate colonies, historic hotels, American Indian shell midden mounds, World War II casualties, and wooden shipwrecks.
Steven Anthony, president of the maritime archaeological and Historical Society said, "People think of them as being lost, but with the deep sea diving innovations we have today, these shipwrecks are easily accessible."
"If the oil congeals at the bottom, it will be dangerous for scuba divers to go down there and explore. The spill will stop investigations, it will put a chill, a halt on operations," continued Anthony.
Saturday, July 3, 2010
EPA's Monitoring of BP (NYSE:BP): Friend or Foe
While the EPA has put up great uproars about BP's (NYSE:BP) use of toxic chemical dispersants, some are wondering are they really true to what they stand for. The EPA is trying to take credit where credit is not due.
EPA's Lisa Jackson, ordered BP to trim down on their use of the chemicals being applied to the Gulf oil leak by 75 percent. BP maintains they have done the required cut back. Before the EPA order, BP was using 25,689 gallons a day of dispersants. Compared to after the EPA's requirement, BP is using 23,250 gallons a day of the chemicals. That is not anywhere close to the 75 percent reduction that was supposed to take place. Whats worse is the EPA is turning a blind eye to it.
Here's what BP and the EPA did to pull this off. They took the one day when they used the most dispersants ever and cut that number down by 75 percent. May 23rd was that day, BP used 70,000 gallons of the chemicals. The 75 percent was taken off of the 70,000 gallons. So the EPA reduction was actually only 9 percent, not the 75 percent that was ordered.
When the EPA was questioned about this discrepancy, the response was odd. They said they deserved the credit for getting the high use of the chemical dispersants under control. It leaves one wondering what does the EPA really stand for. They seem quite content with the fact that in reality they've only brought down the percentage 9 percent. All the while, taking credit for bringing it down the full 75 percent which they, as well as BP know is not correct. So is the EPA really friend or foe ?
EPA's Lisa Jackson, ordered BP to trim down on their use of the chemicals being applied to the Gulf oil leak by 75 percent. BP maintains they have done the required cut back. Before the EPA order, BP was using 25,689 gallons a day of dispersants. Compared to after the EPA's requirement, BP is using 23,250 gallons a day of the chemicals. That is not anywhere close to the 75 percent reduction that was supposed to take place. Whats worse is the EPA is turning a blind eye to it.
Here's what BP and the EPA did to pull this off. They took the one day when they used the most dispersants ever and cut that number down by 75 percent. May 23rd was that day, BP used 70,000 gallons of the chemicals. The 75 percent was taken off of the 70,000 gallons. So the EPA reduction was actually only 9 percent, not the 75 percent that was ordered.
When the EPA was questioned about this discrepancy, the response was odd. They said they deserved the credit for getting the high use of the chemical dispersants under control. It leaves one wondering what does the EPA really stand for. They seem quite content with the fact that in reality they've only brought down the percentage 9 percent. All the while, taking credit for bringing it down the full 75 percent which they, as well as BP know is not correct. So is the EPA really friend or foe ?
BP (NYSE:BP) Gulf Oil Leak Update: Containment Cap Loosens
As BP (NYSE:BP) continues on with their efforts to get control of the Gulf oil leak, the oil containment cap is coming loose. By observing the live oil spill feed, the oil is flowing out stronger than ever. The cap appears to be wobbling and bouncing around in the water.
Officials are saying that less oil has been captured over the last couple of days. The cause of which is being blamed on the high winds of Hurricane Alex. It doesn't appear that the weather is going to get any better. All weekend around the Gulf region thunderstorms are expected. There is also another tropical storm forming over the oil leak area.
Meanwhile, on Thursday the House of Representatives removed the damages award limit. This will greatly effect BP. It opens the door for the families of the 11 deceased workers, among others, to sue for pain and suffering. Prior to this action, the amount of money that was able to be recovered for damages was significantly lower.
Tar balls continue to be spotted in new areas around the Gulf Coast. In Pensacola Beach, Florida there have been several sightings of tar balls the size of plates. With the Fourth of July holiday weekend, this has dampened the spirits of many that were looking forward to relaxing days on the beach.
Officials are saying that less oil has been captured over the last couple of days. The cause of which is being blamed on the high winds of Hurricane Alex. It doesn't appear that the weather is going to get any better. All weekend around the Gulf region thunderstorms are expected. There is also another tropical storm forming over the oil leak area.
Meanwhile, on Thursday the House of Representatives removed the damages award limit. This will greatly effect BP. It opens the door for the families of the 11 deceased workers, among others, to sue for pain and suffering. Prior to this action, the amount of money that was able to be recovered for damages was significantly lower.
Tar balls continue to be spotted in new areas around the Gulf Coast. In Pensacola Beach, Florida there have been several sightings of tar balls the size of plates. With the Fourth of July holiday weekend, this has dampened the spirits of many that were looking forward to relaxing days on the beach.
Thursday, June 24, 2010
Ron Paul: Taxpayers Already Paying for BP (NYSE:BP) Oil Spill
Ron Paul states on his website that BP (NYSE:BP) should be held completely accountable for the cleanup costs related to the Gulf of Mexico oil spill, but evidently that's already not the case, as an "upcoming supplemental bill for Gulf cleanup costs" already has "a large sum of taxpayer money" slipped into it.
Paul says the costs should be born completely by BP, and taxpayers shouldn't have to foot any of the bill. Paul didn't comment on whether or not other oil companies should participate in the cleanup costs. The point he was making is those responsible should pay for it, and not the American people.
The Texas congressman also wants liability caps removed so there is no possibility more taxpayers will have to pay anything.
As far as slipping payouts into a bill, it's outrageous when you consider BP has already committed $5 billion on an annual basis for the next four years, and that's on top of the over $2 billion they've already paid for the cleanup and paying out of claims.
Paul says the costs should be born completely by BP, and taxpayers shouldn't have to foot any of the bill. Paul didn't comment on whether or not other oil companies should participate in the cleanup costs. The point he was making is those responsible should pay for it, and not the American people.
The Texas congressman also wants liability caps removed so there is no possibility more taxpayers will have to pay anything.
As far as slipping payouts into a bill, it's outrageous when you consider BP has already committed $5 billion on an annual basis for the next four years, and that's on top of the over $2 billion they've already paid for the cleanup and paying out of claims.
Wednesday, May 26, 2010
Exxon Mobil (NYSE:XOM) Continues BP (NYSE:BP) Aid
With the best interests of the oil industry at stake, Exxon Mobil (NYSE:XOM) continues to help BP (NYSE:BP) in attempting to contain the Gulf of Mexico oil spill.
Exxon Chairman and CEO Rex Tillerson tooted his horn for his company a little more, saying that the drilling plans of Exxon are built to "anticipate risk at every step of the operation," when talking a the annual shareholder meeting of the company.
This probably was an attempt to calm investor fears on the consequences to their share value if Exxon was to experience a similar incident, which they of course have in the past.
Exxon has several new offshore drilling projects ready to launch, including some in the Beaufort Sea, which is off the coast of Alaska and Canada.
Details on how Exxon was helping BP with the Gulf oil spill weren't given.
Exxon Chairman and CEO Rex Tillerson tooted his horn for his company a little more, saying that the drilling plans of Exxon are built to "anticipate risk at every step of the operation," when talking a the annual shareholder meeting of the company.
This probably was an attempt to calm investor fears on the consequences to their share value if Exxon was to experience a similar incident, which they of course have in the past.
Exxon has several new offshore drilling projects ready to launch, including some in the Beaufort Sea, which is off the coast of Alaska and Canada.
Details on how Exxon was helping BP with the Gulf oil spill weren't given.
Sunday, May 23, 2010
BP's (NYSE:BP) Oil Leak Control Efforts Have Declined
Despite the continued efforts of BP (NYSE:BP) to contain the massive oil leak, it is not working as well as before. BP's PLC officials stated Sunday that the mile long tube that was inserted into the spewing oil, is not as effective.
John Curry, BP's spokesman told the Associated Press Sunday that there has been a substantial drop in the amount the tube is siphoning to the surface. As of Friday there was a reported 92,400 gallons a day being collected. On Sunday there was a big drop, down to 57,120 gallons a day.
Three of Obama's top administration officials are heading back to the Gulf Coast to monitor the ongoing oil spill cleanup efforts.
Meanwhile, engineers continue on in their efforts to try and get some control over the oil disaster. This is as the crude oil continues to wash into our shores, wildlife is at a continued high danger, and anger with BP and the government continues to grow.
John Curry, BP's spokesman told the Associated Press Sunday that there has been a substantial drop in the amount the tube is siphoning to the surface. As of Friday there was a reported 92,400 gallons a day being collected. On Sunday there was a big drop, down to 57,120 gallons a day.
Three of Obama's top administration officials are heading back to the Gulf Coast to monitor the ongoing oil spill cleanup efforts.
Meanwhile, engineers continue on in their efforts to try and get some control over the oil disaster. This is as the crude oil continues to wash into our shores, wildlife is at a continued high danger, and anger with BP and the government continues to grow.
Saturday, May 22, 2010
BP (NYSE:BP): Natural Gas Distorting Oil Leak Estimates
People without knowledge of the oil leak in the Gulf of Mexico, are inflating the amount of oil leaking into the region because they aren't taking in a number of factors relevant to the situation, said BP (NYSE:BP).
Alarmists have been calling them liars and the media and Obama administration cluelessly says they're not being transparent enough, again, based on seeming inability to get their facts straight, and also caving to their base, which wants this disaster to be worse than it really is in order to pursue their private agendas.
One of the major elements that are going to make these so-called researchers and scientists look stupid and ignorant is the fact that about half of what is leaking into the ocean is natural gas. They are basing their inflated numbers on all the liquid being oil, which totally makes the flow far higher than it really is.
Other things not being taken into consideration, are these, according to BP in a statement: "For instance, while the original riser was 19.5 inches in diameter prior to the Deepwater Horizon accident, damage sustained during the accident distorted the diameter at the end of the pipe by about 30 percent. In addition, a drill pipe currently trapped inside the riser has reduced the flow area by an additional 10 percent."
The mainstream media is also reporting that so-called exerts are saying the amount of oil being released is far more than the 5,000 barrels thought to be leaking in the ocean on a daily basis by BP. Experts? How is anyone an expert in oil leaking from the ocean floor at about a mile below the surface? There is no such thing as an expert in this, which is the reason why BP is having so much trouble plugging the leak, and you can be sure others in the industry are giving them input on the matter as well, as it has a negative impact on the industry as a whole.
I don't believe BP is trying to hide anything at all, what they're doing is syphoning through all the data, and the number of variables involved, plus changes circumstances, make it an extremely difficult job to do.
For that reason, they prefer to release information on certain things in 24-hour cycles rather than in smaller time frames, as it makes it appear like they're trying to hide something, when in fact the circumstances are changing at such a rapid pace, that when they report it, it seems they're hiding something or being coy, when they are in reality adjusting their statement and thinking as the events occur and additional information is discovered and understood.
Alarmists have been calling them liars and the media and Obama administration cluelessly says they're not being transparent enough, again, based on seeming inability to get their facts straight, and also caving to their base, which wants this disaster to be worse than it really is in order to pursue their private agendas.
One of the major elements that are going to make these so-called researchers and scientists look stupid and ignorant is the fact that about half of what is leaking into the ocean is natural gas. They are basing their inflated numbers on all the liquid being oil, which totally makes the flow far higher than it really is.
Other things not being taken into consideration, are these, according to BP in a statement: "For instance, while the original riser was 19.5 inches in diameter prior to the Deepwater Horizon accident, damage sustained during the accident distorted the diameter at the end of the pipe by about 30 percent. In addition, a drill pipe currently trapped inside the riser has reduced the flow area by an additional 10 percent."
The mainstream media is also reporting that so-called exerts are saying the amount of oil being released is far more than the 5,000 barrels thought to be leaking in the ocean on a daily basis by BP. Experts? How is anyone an expert in oil leaking from the ocean floor at about a mile below the surface? There is no such thing as an expert in this, which is the reason why BP is having so much trouble plugging the leak, and you can be sure others in the industry are giving them input on the matter as well, as it has a negative impact on the industry as a whole.
I don't believe BP is trying to hide anything at all, what they're doing is syphoning through all the data, and the number of variables involved, plus changes circumstances, make it an extremely difficult job to do.
For that reason, they prefer to release information on certain things in 24-hour cycles rather than in smaller time frames, as it makes it appear like they're trying to hide something, when in fact the circumstances are changing at such a rapid pace, that when they report it, it seems they're hiding something or being coy, when they are in reality adjusting their statement and thinking as the events occur and additional information is discovered and understood.
BP (NYSE:BP) CEO Frustrated Over Lack of Progress
BP (NYSE:BP) chief executive officer Tony Hayward said in an email to his people that he was frustrated over the lack of progress in plugging the oil leak in the Gulf of Mexico.
Probably in an attempt to manage expectations, Hayward added that the attempt to plug the well permanently next week isn't guaranteed either, somewhat reflecting the somber mood hanging over the ordeal as a whole.
An attempt to plug the oil well at that depth has never been attempted before, and since there is no road-map to follow, the variables that could rise from the attempt are simply not known.
He said in the email, it "would be another first for this technology at these water depths and so, we cannot take its success for granted."
In the email Hayword also pointed out that next week the Marine Board investigation will migrate toward interviewing "survivors from the rig" in hopes of getting a clear picture of what happened on the Deepwater Horizon.
Probably in an attempt to manage expectations, Hayward added that the attempt to plug the well permanently next week isn't guaranteed either, somewhat reflecting the somber mood hanging over the ordeal as a whole.
An attempt to plug the oil well at that depth has never been attempted before, and since there is no road-map to follow, the variables that could rise from the attempt are simply not known.
He said in the email, it "would be another first for this technology at these water depths and so, we cannot take its success for granted."
In the email Hayword also pointed out that next week the Marine Board investigation will migrate toward interviewing "survivors from the rig" in hopes of getting a clear picture of what happened on the Deepwater Horizon.
Thursday, May 20, 2010
BP (NYSE:BP) Oil Company Increases Oil Being Captured
The BP (NYSE:BP) oil company is getting closer to the success of getting control of the oil leak. The amount of oil being contained has increased. The success of the mile long pipe that was inserted is diverting oil to a drill ship. This is capturing close to 3,000 barrels a day, up from 2,000 barrels a day on May 18th.
BP oil is continuing it efforts full force to get it's leaking well capped. Doug Suttles, chief operating officer of exploration and production for the company, said the following on a conference call yesterday with reporters.
BP is going to try as early as May 23, to inject heavy drilling fluids and cement into the well to seal it. This is known as "top kill." If successful, this would also mean that 20,000 people would get their oil industry jobs back. Rather than containing oil or protecting the shorelines.
Should the "top kill" fail, BP is also drilling two relief wells. The purpose of each is at 13,000 feet
below the ocean floor, they would intercept the leaking well. It would then be permanently cemented shut. This will take a total of about 3 months to complete.
BP oil is continuing it efforts full force to get it's leaking well capped. Doug Suttles, chief operating officer of exploration and production for the company, said the following on a conference call yesterday with reporters.
BP is going to try as early as May 23, to inject heavy drilling fluids and cement into the well to seal it. This is known as "top kill." If successful, this would also mean that 20,000 people would get their oil industry jobs back. Rather than containing oil or protecting the shorelines.
Should the "top kill" fail, BP is also drilling two relief wells. The purpose of each is at 13,000 feet
below the ocean floor, they would intercept the leaking well. It would then be permanently cemented shut. This will take a total of about 3 months to complete.
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.
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.
Wednesday, May 19, 2010
BP (NYSE:BP) and Measuring Oil Spill
Some writers are making a big deal about the reasoning behind why BP (NYSE:BP) allegedly won't measure the oil spill from the explosion on the Deepwater Horizon oil rig which killed 11 workers and caused the leak from the ocean bottom.
One the obvious reasons, and legitimate ones in my opinion, is it really does take away from the efforts of trying to plug up the oil leak, which is the top priority.
It is made to sound like there's some secret reasoning behind it, but it's highly doubtful.
What possible reason would there to be to estimate the exact amount of oil being leaked into the ocean? It will do nothing to make it stop, and it's highly distracting, at minimum.
One goof thinks it's a conspiracy to hide the hidden effects of the dispersants used to control the oil, calling it an environmental risk. Who cares?
The writer talks about the potential of a "grave risk to sea life." Like the oil isn't a risk.
The idea that they are exchanging one risk for another concerning marine life is so incredibly stupid, that it's hard to understand how an article like that would even be allowed to be put in any publication.
It is tortured logic to come to this conclusion, as you'll see in this excerpt from the article:
"If the oil-eating bacteria are in fact devouring oxygen at a harmful rate, the dispersants are most likely contributing to this process. One of the reasons for breaking the oil into smaller droplets is to facilitate oil-eating bacteria's access to it. If these bacteria are also consuming the oxygen that marine ecosystems need to survive, the dispersant effort could prove counterproductive.
"But it could also change the way people remember this spill -- and how much accountability they ultimately expect for it. Once the leak is plugged and the oil is dispersed throughout the Gulf, who's to say for certain whether BP's blown well gushed 5,000 or 80,000 barrels of oil a day?"
The Atlantic needs to get this writer off her meds, or whatever it is causing her to make these assumptions.
Look at the way it's said:
"If the oil-eating bacteria are in fact devouring oxygen..."
"...the dispersants are most likely contributing to this process."
"If these bacteria are also consuming the oxygen..."
"...the dispersant effort could prove counterproductive."
"But it could also change the way people remember this spill..."
"...who's to say for certain whether BP's blown well gushed 5,000 or 80,000 barrels of oil a day?"
This writer refuses to make a statement or draw a conclusion, all the coward does is say "if," "most likely," "could," etc.
In other words, these are little disingenuous tactics used to create doubt about the company and process, while covering her rear-end by not being willing to come right out and say it.
Read it carefully and you'll see that what is really being said is she prefers to have some dubious scientists come in and "measure" the amount of oil in the ocean, while probably already having made the conclusion about it like this inept writer, who would rather have the Gulf awash in oil than stop the leak from continuing to rush into the area.
Why? She's obviously an environmental kook who is outraged over the theory that there could be a loss of oxygen which could result in the marine ecosystems not surviving.
She would rather see oil everywhere than the dispersants sprayed to help combat the oil. It's the dispersants that offend this troubled person, and that's a ridiculous and reckless idea for someone to even be thinking about when it's one of the few things that are really helping.
One the obvious reasons, and legitimate ones in my opinion, is it really does take away from the efforts of trying to plug up the oil leak, which is the top priority.
It is made to sound like there's some secret reasoning behind it, but it's highly doubtful.
What possible reason would there to be to estimate the exact amount of oil being leaked into the ocean? It will do nothing to make it stop, and it's highly distracting, at minimum.
One goof thinks it's a conspiracy to hide the hidden effects of the dispersants used to control the oil, calling it an environmental risk. Who cares?
The writer talks about the potential of a "grave risk to sea life." Like the oil isn't a risk.
The idea that they are exchanging one risk for another concerning marine life is so incredibly stupid, that it's hard to understand how an article like that would even be allowed to be put in any publication.
It is tortured logic to come to this conclusion, as you'll see in this excerpt from the article:
"If the oil-eating bacteria are in fact devouring oxygen at a harmful rate, the dispersants are most likely contributing to this process. One of the reasons for breaking the oil into smaller droplets is to facilitate oil-eating bacteria's access to it. If these bacteria are also consuming the oxygen that marine ecosystems need to survive, the dispersant effort could prove counterproductive.
"But it could also change the way people remember this spill -- and how much accountability they ultimately expect for it. Once the leak is plugged and the oil is dispersed throughout the Gulf, who's to say for certain whether BP's blown well gushed 5,000 or 80,000 barrels of oil a day?"
The Atlantic needs to get this writer off her meds, or whatever it is causing her to make these assumptions.
Look at the way it's said:
"If the oil-eating bacteria are in fact devouring oxygen..."
"...the dispersants are most likely contributing to this process."
"If these bacteria are also consuming the oxygen..."
"...the dispersant effort could prove counterproductive."
"But it could also change the way people remember this spill..."
"...who's to say for certain whether BP's blown well gushed 5,000 or 80,000 barrels of oil a day?"
This writer refuses to make a statement or draw a conclusion, all the coward does is say "if," "most likely," "could," etc.
In other words, these are little disingenuous tactics used to create doubt about the company and process, while covering her rear-end by not being willing to come right out and say it.
Read it carefully and you'll see that what is really being said is she prefers to have some dubious scientists come in and "measure" the amount of oil in the ocean, while probably already having made the conclusion about it like this inept writer, who would rather have the Gulf awash in oil than stop the leak from continuing to rush into the area.
Why? She's obviously an environmental kook who is outraged over the theory that there could be a loss of oxygen which could result in the marine ecosystems not surviving.
She would rather see oil everywhere than the dispersants sprayed to help combat the oil. It's the dispersants that offend this troubled person, and that's a ridiculous and reckless idea for someone to even be thinking about when it's one of the few things that are really helping.
Was Gulf Oil Spill an Inside Job?
Could the catastrophic Gulf of Mexico oil rig explosion be part of a larger scheme to “reform” the energy industry, just as the Obama administration has “reformed” healthcare, banking and automobile manufacturers? Worse, is “cap and trade”—possibly the worst legislation ever penned—the ultimate endgame behind this spill, which they are now capitalizing upon?
The first red flag receiving virtually no attention is that Halliburton (NYSE:HAL) (of Dick Cheney fame) had finished a cementing process only 20 hours prior to Deepwater Horizon erupting in flames. Lawsuits have already been filed, with Reuters reporting on April 29, “Halliburton improperly and negligently performed its job in cementing the well, increasing the pressure at the well and contributing to the fire, explosion and resulting oil spill.”
As a result, a high-pressure pocket of deep oil 30,000 feet beneath the ocean floor erupted with the force of a gigantic, non-stop fire hose. A surviving worker on the rig, John Kersey, said it sounded “like a war zone” as alarms were triggered, electricity shorted out, and flames shot 300 feet into the air. The inferno-like blaze could be seen 35 miles away.
CONNECTIONS
Suspicions arise when an ownership paper trail is followed. Halliburton subcontracted for a company named Transocean, which leased and operated Deepwater Horizon for British Petroleum (NYSE:BP). Transocean is a subsidiary of Sonat Inc., which merged with the El Paso Corporation (NYSE:EP) in March 1999. Douglas Foshee, EPC’s chairman, president and CEO, was hired away from Halliburton. The interim CEO prior to his arrival was Ronald Kuehn of Sonat.
Another previous CEO of EPC was William Wise, who served with Cheney on the influential National Petroleum Council. EPC was the largest single contributor from Texas for Bush-Cheney’s 2000 presidential campaign. Similarly, Wise helped Cheney raise $8 million for the National Republican Senatorial Committee.
These incestuous relationships aren’t limited to the GOP. Barack Obama and his Chicago crime network expect to reap handsome profits in the future. Step No. 1 in this process began with Chicago’s Joyce Foundation, which had John Ayers (brother of terrorist William Ayers) on its board. Another board member was then-Illinois Sen. Barack Obama.
The Joyce Foundation created the Chicago Climate Exchange (CCX), which in turn received financing from Franklin Raines, former head of Fannie Mae, a prime mover in our recent housing market collapse and economic recession.
Of vital importance is CCX’s role as the sole “carbon trading system” under Obama’s cap-and-trade bill. CCX would act as a quasi-stock market to buy and sell energy emission allowances. Richard Sandor, CCX founder, estimated a $10 trillion potential for this easily manipulated market.
BILDERBERG INFLUENCE
With that much money at stake, a host of high rollers enter the picture. Namely, one company with a huge ownership interest in CCX is Generation Investment Management (GIM), whose chairman is former Vice President Al Gore. Four other GIM founders include Henry Paulson, David Blood, Mark Ferguson and Peter Harris—all of Goldman Sachs (NYSE:GS). Not surprisingly, Goldman Sachs purchased 10 percent of CCX in 2006.
One other individual on CCX’s board of directors is the controversial Maurice Strong, a New Age occultist with direct ties to the Rockefellers and the Rothschilds.
Since Goldman Sachs has now become part of the equation, we next need to examine its non-executive chairman, Peter Sutherland, who formerly filled the same role at BP, the company at the center of this debacle. As the third-largest global energy company in existence, BP has four direct links to Bilderberg: former CEO John Brown, chairman Carl Henric Svanberg, chief executive Tony Hayward and Sutherland. In addition, Sutherland formerly served as the World Trade Organization’s director general, EU commissioner and chairman of the European Trilateral Commission.
This background information is important because the top recipient of BP donations during the 2008 presidential campaign was Obama. Similarly, the second highest political action committee contributing to a political candidate in 2008 was Goldman Sachs. The beneficiary of their largess: Obama.
Undoubtedly, one of Obama’s primary big government missions is to enact cap-and-trade legislation. To implement this plan, influential decision makers such as Robert Rubin, Larry Summers, Paul Volcker and Timothy Geithner are all members of the financial mafia. In this vein, David Mayer Rothschild stressed that last year’s Copenhagen environmental summit was “an attempt to establish a world government.”
Likewise, AFP editor Jim Tucker reported on March 24, 2007 that General Lord Guthrie, director of N.M. Rothschild & Sons, said political leaders should “address the global climate crisis with a single voice, and impose rules that apply worldwide.”
The Rothschilds have spent huge amounts of money promoting the global warming hoax. Goldman Sachs is obviously an arm of their empire, whereas BP is among a host of companies in Nathan Rothschild’s portfolio.
A TEAM EFFORT
Considering the nature of these prominent players, one factor binds them all together. Cap and trade, via the CCX, will tax carbon-dioxide emissions and generate trillions in revenue. Only a month ago, however, this legislation sat dead in the water with virtually no support from Congress or the American public. But now, with an environmental catastrophe at hand, could it be resurrected and enacted in a way that mirrored President Clinton’s counter-terrorism bill following the OKC bombing?
Ironically, big oil and global bankers are two of the most ardent supporters of climate change legislation. In this sense, seeming adversaries such as “environmentalist” Gore and BP are on the same team; as are Cheney’s Halliburton, Goldman Sachs and Obama’s CCX. It should also be noted that prior to their demise, the corrupt Enron Corporation lavished huge amounts of praise on cap and trade legislation.
Lastly, if gasoline prices surge this summer due to the Gulf of Mexico spill, one obvious benefactor will be the new green-friendly “smart cars” owned by GM (Government Motors).
As AFP goes to press, all containment efforts have failed as millions of gallons of oil continue to gush into the Gulf of Mexico on a weekly basis.
By Victor Thorn
Credit: American Free Press - 645 Pennsylvania Avenue SE, Suite 100 Washington, D.C. 20003
The first red flag receiving virtually no attention is that Halliburton (NYSE:HAL) (of Dick Cheney fame) had finished a cementing process only 20 hours prior to Deepwater Horizon erupting in flames. Lawsuits have already been filed, with Reuters reporting on April 29, “Halliburton improperly and negligently performed its job in cementing the well, increasing the pressure at the well and contributing to the fire, explosion and resulting oil spill.”
As a result, a high-pressure pocket of deep oil 30,000 feet beneath the ocean floor erupted with the force of a gigantic, non-stop fire hose. A surviving worker on the rig, John Kersey, said it sounded “like a war zone” as alarms were triggered, electricity shorted out, and flames shot 300 feet into the air. The inferno-like blaze could be seen 35 miles away.
CONNECTIONS
Suspicions arise when an ownership paper trail is followed. Halliburton subcontracted for a company named Transocean, which leased and operated Deepwater Horizon for British Petroleum (NYSE:BP). Transocean is a subsidiary of Sonat Inc., which merged with the El Paso Corporation (NYSE:EP) in March 1999. Douglas Foshee, EPC’s chairman, president and CEO, was hired away from Halliburton. The interim CEO prior to his arrival was Ronald Kuehn of Sonat.
Another previous CEO of EPC was William Wise, who served with Cheney on the influential National Petroleum Council. EPC was the largest single contributor from Texas for Bush-Cheney’s 2000 presidential campaign. Similarly, Wise helped Cheney raise $8 million for the National Republican Senatorial Committee.
These incestuous relationships aren’t limited to the GOP. Barack Obama and his Chicago crime network expect to reap handsome profits in the future. Step No. 1 in this process began with Chicago’s Joyce Foundation, which had John Ayers (brother of terrorist William Ayers) on its board. Another board member was then-Illinois Sen. Barack Obama.
The Joyce Foundation created the Chicago Climate Exchange (CCX), which in turn received financing from Franklin Raines, former head of Fannie Mae, a prime mover in our recent housing market collapse and economic recession.
Of vital importance is CCX’s role as the sole “carbon trading system” under Obama’s cap-and-trade bill. CCX would act as a quasi-stock market to buy and sell energy emission allowances. Richard Sandor, CCX founder, estimated a $10 trillion potential for this easily manipulated market.
BILDERBERG INFLUENCE
With that much money at stake, a host of high rollers enter the picture. Namely, one company with a huge ownership interest in CCX is Generation Investment Management (GIM), whose chairman is former Vice President Al Gore. Four other GIM founders include Henry Paulson, David Blood, Mark Ferguson and Peter Harris—all of Goldman Sachs (NYSE:GS). Not surprisingly, Goldman Sachs purchased 10 percent of CCX in 2006.
One other individual on CCX’s board of directors is the controversial Maurice Strong, a New Age occultist with direct ties to the Rockefellers and the Rothschilds.
Since Goldman Sachs has now become part of the equation, we next need to examine its non-executive chairman, Peter Sutherland, who formerly filled the same role at BP, the company at the center of this debacle. As the third-largest global energy company in existence, BP has four direct links to Bilderberg: former CEO John Brown, chairman Carl Henric Svanberg, chief executive Tony Hayward and Sutherland. In addition, Sutherland formerly served as the World Trade Organization’s director general, EU commissioner and chairman of the European Trilateral Commission.
This background information is important because the top recipient of BP donations during the 2008 presidential campaign was Obama. Similarly, the second highest political action committee contributing to a political candidate in 2008 was Goldman Sachs. The beneficiary of their largess: Obama.
Undoubtedly, one of Obama’s primary big government missions is to enact cap-and-trade legislation. To implement this plan, influential decision makers such as Robert Rubin, Larry Summers, Paul Volcker and Timothy Geithner are all members of the financial mafia. In this vein, David Mayer Rothschild stressed that last year’s Copenhagen environmental summit was “an attempt to establish a world government.”
Likewise, AFP editor Jim Tucker reported on March 24, 2007 that General Lord Guthrie, director of N.M. Rothschild & Sons, said political leaders should “address the global climate crisis with a single voice, and impose rules that apply worldwide.”
The Rothschilds have spent huge amounts of money promoting the global warming hoax. Goldman Sachs is obviously an arm of their empire, whereas BP is among a host of companies in Nathan Rothschild’s portfolio.
A TEAM EFFORT
Considering the nature of these prominent players, one factor binds them all together. Cap and trade, via the CCX, will tax carbon-dioxide emissions and generate trillions in revenue. Only a month ago, however, this legislation sat dead in the water with virtually no support from Congress or the American public. But now, with an environmental catastrophe at hand, could it be resurrected and enacted in a way that mirrored President Clinton’s counter-terrorism bill following the OKC bombing?
Ironically, big oil and global bankers are two of the most ardent supporters of climate change legislation. In this sense, seeming adversaries such as “environmentalist” Gore and BP are on the same team; as are Cheney’s Halliburton, Goldman Sachs and Obama’s CCX. It should also be noted that prior to their demise, the corrupt Enron Corporation lavished huge amounts of praise on cap and trade legislation.
Lastly, if gasoline prices surge this summer due to the Gulf of Mexico spill, one obvious benefactor will be the new green-friendly “smart cars” owned by GM (Government Motors).
As AFP goes to press, all containment efforts have failed as millions of gallons of oil continue to gush into the Gulf of Mexico on a weekly basis.
By Victor Thorn
Credit: American Free Press - 645 Pennsylvania Avenue SE, Suite 100 Washington, D.C. 20003
Tuesday, May 18, 2010
Oil Spill A Possible Inside Job By Halliburton (NYSE:HAL)
There are indications that some are looking at the Gulf oil spill as being an inside job by Halliburton (NYSE:HAL) . Everybody seems oblivious to the fact that Halliburton, just 20 hours prior to the Deepwater Explosion, had finished a cementing project.
On April 29th, Reuters reported "Halliburton improperly and negligently preformed its job in cementing the well, increasing the pressure at the well and contributing to the fire, explosion and resulting oil spill." John Kersey, a survivor said, "it sounded like a war zone."
As a result, 30,000 feet under the ocean floor a high pressure pocket with the force of a massive non-stop hose headed to the surface. Flames shot 300 feet in the air and could be seen 35 miles away.
An ownership paper trail has been followed, this is how suspicions arise. Halliburton subcontracted for Transocean, which operated and leased the Deepwater Horizon for British petroleum.
On April 29th, Reuters reported "Halliburton improperly and negligently preformed its job in cementing the well, increasing the pressure at the well and contributing to the fire, explosion and resulting oil spill." John Kersey, a survivor said, "it sounded like a war zone."
As a result, 30,000 feet under the ocean floor a high pressure pocket with the force of a massive non-stop hose headed to the surface. Flames shot 300 feet in the air and could be seen 35 miles away.
An ownership paper trail has been followed, this is how suspicions arise. Halliburton subcontracted for Transocean, which operated and leased the Deepwater Horizon for British petroleum.
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