Among the hush, hush that seems to be surrounding the containment cap testing, a leak has been found in BP's (NYSE:BP) Macondo well. Scientist are concerned about this leak as well as what they fear is methane leaking from another source in the well.
A federal official spoke on the terms of anonymity. He said that he is familiar with the leak but would not say exactly what it was. He feels this is the reasoning behind BP's vagueness and not answering directly what their next move is. He also said that they are not complying with the government demands for stricter and more monitoring.
Meanwhile, BP has concluded their 48 hour testing of the spill containment cap. According to the live oil spill feed, no oil appears to be leaking into the ocean. It's being said that the full testing won't be completed until the end of July. When BP was asked about this they had no comment.
Showing posts with label Live Oil Spill Feed. Show all posts
Showing posts with label Live Oil Spill Feed. Show all posts
Sunday, July 18, 2010
Saturday, July 3, 2010
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.
Wednesday, May 26, 2010
BP: (NYSE:BP) No To Live Video Feed of "Top Kill"
Apparently, BP (NYSE:BP) has changed their mind. Originally, BP was among much hesitation , going to allow the live oil spill video to run uninterrupted throughout their "top kill" attempt. They're now saying no, and have already cut the oil spill video as of early this morning. This is leading many to wonder why BP wants to shut out the millions of people that their oil leak has, is, and will continue to effect for generations.
BP ensures it will report on the progress and on the outcome once complete. Part of the reasoning for this secrecy is to help shield the public from making rash decisions on what they may assume by what they see. Especially when it comes to stocks, this would not be adequate information.
If BP is successful, Gordan Gray from Collin Stewart analyst gives his opinion on the effect this would have on BP's shares. He says we would see an initial incline in the shares around mid 500's p/sh level after their 14 percent under preformance of the global sector. Any further recovery can be expected to take much longer though. A short term rise would be a good opportunity to switch from BP to Royal Dutch Shell which is seen as having a good valuation upside, a strong free cash flow turnaround, and a much stronger outlook for dividends.
BP ensures it will report on the progress and on the outcome once complete. Part of the reasoning for this secrecy is to help shield the public from making rash decisions on what they may assume by what they see. Especially when it comes to stocks, this would not be adequate information.
If BP is successful, Gordan Gray from Collin Stewart analyst gives his opinion on the effect this would have on BP's shares. He says we would see an initial incline in the shares around mid 500's p/sh level after their 14 percent under preformance of the global sector. Any further recovery can be expected to take much longer though. A short term rise would be a good opportunity to switch from BP to Royal Dutch Shell which is seen as having a good valuation upside, a strong free cash flow turnaround, and a much stronger outlook for dividends.
BP's (NYSE:BP) "Top Kill" Attempt Delayed
BP's (NYSE:BP) plan had been to start their attempt to cap the massive oil spill known as "top kill" early this morning. Now BP is saying it could be a day or two at least, this is due to their testing that was still going on in the early hours of the morning.
The "top kill" method has a good record onshore, but it has never been attempted at the depth of 5,000 feet offshore. The test that BP is currently doing is pumping drilling fluids into the BOP. This is to measure flow paths as well as to measure the pressure. Once their testing concludes, a decision will then be made on what direction the "top kill" efforts will take.
Originally, company officials estimated the time to complete the "top kill" attempt was one day, now they've changed that to two days. BP has also agreed, following much contemplation and discussion, to continue the live oil spill feed. This feed will continue uninterrupted as BP attempts their "top kill" effort.
The "top kill" method has a good record onshore, but it has never been attempted at the depth of 5,000 feet offshore. The test that BP is currently doing is pumping drilling fluids into the BOP. This is to measure flow paths as well as to measure the pressure. Once their testing concludes, a decision will then be made on what direction the "top kill" efforts will take.
Originally, company officials estimated the time to complete the "top kill" attempt was one day, now they've changed that to two days. BP has also agreed, following much contemplation and discussion, to continue the live oil spill feed. This feed will continue uninterrupted as BP attempts their "top kill" effort.
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