While there's not really any reason at this time to think it, some people are getting nervous now that BP (NYSE:BP) has permanently plugged the oil well, thinking they may cut and run in spite of past promises.
Louisiana, which seems to be the most fearful and paranoid throughout the ordeal, of the Gulf states, let it be known there is still a lot of work to be done in the area.
BP has said from the beginning that they're going to clean up the area, and it isn't clear what prompted Louisiana Wildlife and Fisheries Secretary Bob Barham and Governor Bobby Jindal to imply BP wasn't going to do it.
Barham said, "Just because the well is plugged does not mean this event, the final chapter, has been closed."
Jindal has said until the coast of Louisiana is restored to pre-spill conditions, BP will have a job to do and pay for.
Showing posts with label Oil Well. Show all posts
Showing posts with label Oil Well. Show all posts
Tuesday, September 21, 2010
Monday, September 20, 2010
BP (NYSE:BP) Well Finally Put to Rest
If stopping the oil from leaking with a cap could be called the wake, then the permanent sealing of the BP (NYSE:BP) oil well could be called its funeral; at least in reference to it being in danger of leaking again.
The final batch of cement for the "bottom kill" set on Saturday, which prepared the way for a pressure and weight test, which confirmed the well was permanently sealed.
The cap was placed on the well in July and more cement injected into the top of the well as an extra safety measure in August.
Cement was injected into the well through a relief well in this final step.
Questions on whether or not the block the well is located in will be drilled again by BP, and whether or not the may sell the plugged well to another operator to extract the approximate 46 million barrels of oil remaining, as well as the gas.
BP has said they won't be using the well again, although they left the option open they may drill into the block again.
The final batch of cement for the "bottom kill" set on Saturday, which prepared the way for a pressure and weight test, which confirmed the well was permanently sealed.
The cap was placed on the well in July and more cement injected into the top of the well as an extra safety measure in August.
Cement was injected into the well through a relief well in this final step.
Questions on whether or not the block the well is located in will be drilled again by BP, and whether or not the may sell the plugged well to another operator to extract the approximate 46 million barrels of oil remaining, as well as the gas.
BP has said they won't be using the well again, although they left the option open they may drill into the block again.
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.
BP (NYSE:BP) Sends $4 Million Bill To Partners: Anadarko and Mitsui
BP (NYSE:BP) has stated they would take full financial responsibility for the Gulf oil leak. It seems they have had a change of heart, they have sent bills to their partners Anadarko Petroleum and Mitsui. According to just released documents, BP is demanding almost $400 million from these two companies. That's close to 40 percent of the almost $1 billion BP had incurred in expenses as of May.
This is no surprise and considered common. All companies having a stake in an oil well are responsible for their percentage equal to that of their share of ownership if there is a oil spill. Anadarko's stake is 25 percent, Mitsui's is 10 percent and BP's owns 60 percent of the well. "We would expect the various parties involved in this to live up to their responsibilities," said BP spokesman Tony Odone.
Anadarko's stance from the beginning has been that BP engaged in "gross negligence" and "willful misconduct." If proved in court, Anadarko would be cleared of having to pay any of the 25 percent of the stake that they own under the joint operating agreement. In a statement from Mitsui, they've said it's way too early to draw conclusions on what has happened on the rig, but "as a 10 percent minority non operating investor, MOEX offshore 2007 is fully cooperating with those investigations."
BP demanded payment "30 days from receipt," or by Friday. A Mitsui spokesman said they have until the 12th of July to pay, but would not say if they were planning on paying or not. Anadarko spokesman said, "We are continuing to assess our contractual remedies."
This is no surprise and considered common. All companies having a stake in an oil well are responsible for their percentage equal to that of their share of ownership if there is a oil spill. Anadarko's stake is 25 percent, Mitsui's is 10 percent and BP's owns 60 percent of the well. "We would expect the various parties involved in this to live up to their responsibilities," said BP spokesman Tony Odone.
Anadarko's stance from the beginning has been that BP engaged in "gross negligence" and "willful misconduct." If proved in court, Anadarko would be cleared of having to pay any of the 25 percent of the stake that they own under the joint operating agreement. In a statement from Mitsui, they've said it's way too early to draw conclusions on what has happened on the rig, but "as a 10 percent minority non operating investor, MOEX offshore 2007 is fully cooperating with those investigations."
BP demanded payment "30 days from receipt," or by Friday. A Mitsui spokesman said they have until the 12th of July to pay, but would not say if they were planning on paying or not. Anadarko spokesman said, "We are continuing to assess our contractual remedies."
Tuesday, May 25, 2010
BP (NYSE:BP) Suing Transocean (NYSE:RIG)
BP (NYSE:BP) has filed a claim with a U.S. Court trying to get damages against Transocean, (NYSE:RIG) the company in charge of drilling the oil well.
Court documents say Transocean is arguing that the contract they had with BP makes it only liable for environmental damage caused by any spill from its rig. The insurer, Lloyd's of London is asking the Court to block the claim. Even though it was Transocean's oil rig that exploded, sank, thus causing the pipe to break and has been spewing crude oil for coming to the close of five weeks now.
BP said it has filed a claim against the insurers but declined further comment.
Even if BP gets the full $700 million in insurance, it is a minute amount considering the compensation that will have to be paid out to people who have experienced losses during the oil spill catastrophe. Not to mention what the total bill will be for the cleanup efforts and environmental damages. USB analysts put the amount at around $12 billion.
Court documents say Transocean is arguing that the contract they had with BP makes it only liable for environmental damage caused by any spill from its rig. The insurer, Lloyd's of London is asking the Court to block the claim. Even though it was Transocean's oil rig that exploded, sank, thus causing the pipe to break and has been spewing crude oil for coming to the close of five weeks now.
BP said it has filed a claim against the insurers but declined further comment.
Even if BP gets the full $700 million in insurance, it is a minute amount considering the compensation that will have to be paid out to people who have experienced losses during the oil spill catastrophe. Not to mention what the total bill will be for the cleanup efforts and environmental damages. USB analysts put the amount at around $12 billion.
Wednesday, September 2, 2009
BP in Big Oil Discovery in Gulf of Mexico
Oil Discovery BP
Drilling down to over 35,000 feet, BP Plc made a significant oil discovery in the Gulf of Mexico at the Tiper Prospect, with an estimate of over 3 billion barrels of oil found there.
The 35,000 plus foot drill is the deepest exploration well in history.
It is expected to be in production during the latter part of the next decade, and help BP bring oil production to about 600,000 barrels a day sometime after 2020.
According to BP's lead executive for exploration and production, Andy Inglis, this could increase production of the company between one to two percent from between 2013 and 2020. That of course depends upon how long it takes to get the oil field on line.
This is the second material discovery in what is called the Lower Tertiary in the Gulf of Mexico by BP. The other one was a smaller field named Kaskida. Kaskida is estimated to hold about 3 billion barrels of oil, and Tiber is bigger than that, said BP. Plans are in place to drill as second well in Tiber sometime in 2010.
According to BP, they are the largest net leaseholder in the Lower Tertiary area.
Oil Discovery BP
Drilling down to over 35,000 feet, BP Plc made a significant oil discovery in the Gulf of Mexico at the Tiper Prospect, with an estimate of over 3 billion barrels of oil found there.
The 35,000 plus foot drill is the deepest exploration well in history.
It is expected to be in production during the latter part of the next decade, and help BP bring oil production to about 600,000 barrels a day sometime after 2020.
According to BP's lead executive for exploration and production, Andy Inglis, this could increase production of the company between one to two percent from between 2013 and 2020. That of course depends upon how long it takes to get the oil field on line.
This is the second material discovery in what is called the Lower Tertiary in the Gulf of Mexico by BP. The other one was a smaller field named Kaskida. Kaskida is estimated to hold about 3 billion barrels of oil, and Tiber is bigger than that, said BP. Plans are in place to drill as second well in Tiber sometime in 2010.
According to BP, they are the largest net leaseholder in the Lower Tertiary area.
Oil Discovery BP
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