BP PLC (NYSE:BP) said they expect to start deepwater offshore drilling off the coast of Libya starting in November. That's about a month later than original estimates of an October launch.
According to chairman of Libya's National Oil Corp., Shokri Ghanem, the reason for the delay was extra precautions taken by BP after the Gulf of Mexico oil spill disaster.
BP will reportedly drill a minimum of five wells in the Gulf of Sirte, going deeper than the Macondo oil well in the Gulf of Mexico.
If another oil spill happened, the resources are available to deal with it if it's mid-size in Libya. Assuming a large oil spill, BP has contracted with the UK's oil response center, which is the largest in the world.
While already a major oil producer, Libya has little deepwater production going, the reason they're expanding into deeper waters. Most Libyan oil production is on land or shallow water.
Showing posts with label Libya BP. Show all posts
Showing posts with label Libya BP. Show all posts
Tuesday, October 12, 2010
Wednesday, September 8, 2010
Libya: No Stake in BP (NYSE:BP)
Rumors that have been circulating in some media outlets concerning Libya having a stake in BP (NYSE:BP) were shot down on the government website, where they denied any stake in the company or any other international energy firm.
The statement said, "We deny emphatically statements carried by some news outlets abroad about investment in BP or other foreign oil firms via the purchase of stakes in their share capital, including Italian ENI."
The speculation probably originated from statements made by chief of Libya's National Oil Co, Chokri Ghanem, when he mentioned BP at the time would be a good investment for anyone.
Ghanem at the time had qualified that statement by saying he was speaking generally and not specifically, which some media outlets refused to believe.
Some politicians with agendas could have kept this story alive as well, especially those trying to keep the idea in the mind of the public that BP had influenced the release of the Lockerbie bomber, when all parties accused of the assertion have categorically denied it.
The statement said, "We deny emphatically statements carried by some news outlets abroad about investment in BP or other foreign oil firms via the purchase of stakes in their share capital, including Italian ENI."
The speculation probably originated from statements made by chief of Libya's National Oil Co, Chokri Ghanem, when he mentioned BP at the time would be a good investment for anyone.
Ghanem at the time had qualified that statement by saying he was speaking generally and not specifically, which some media outlets refused to believe.
Some politicians with agendas could have kept this story alive as well, especially those trying to keep the idea in the mind of the public that BP had influenced the release of the Lockerbie bomber, when all parties accused of the assertion have categorically denied it.
Wednesday, July 14, 2010
Abu Dhabi Considering Investing in BP (NYSE:BP)
After a meeting between BP (NYSE:BP) CEO Tony Hayward and crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, the prince, who is on the board of the country's sovereign wealth fund, said they are still taking into consideration acquiring a piece of BP.
If Abu Dhabi, or another significant Middle East player invests in BP, it would be a nod toward the belief they're going to survive the challenge of the Gulf oil spill, and would be considered a buy at current share price.
Even though there have been much lower entry points, as BP shares have risen about 27 percent since the beginning of July, the closer they get to capping the well, the better investors will be able to more accurately project the future of the company, along with a suitable price for shares.
If BP is able to make the new containment cap work, it will be a giant step toward generating more investment, and the soon implementation of plugging the oil with a relief well over the next several weeks puts them in an even better position.
Another country asserting interest in investing in BP has been Libya.
If Abu Dhabi, or another significant Middle East player invests in BP, it would be a nod toward the belief they're going to survive the challenge of the Gulf oil spill, and would be considered a buy at current share price.
Even though there have been much lower entry points, as BP shares have risen about 27 percent since the beginning of July, the closer they get to capping the well, the better investors will be able to more accurately project the future of the company, along with a suitable price for shares.
If BP is able to make the new containment cap work, it will be a giant step toward generating more investment, and the soon implementation of plugging the oil with a relief well over the next several weeks puts them in an even better position.
Another country asserting interest in investing in BP has been Libya.
Tuesday, July 6, 2010
Libya May Buy Stake in BP (NYSE:BP)
Libya has been talking over the last couple of weeks about their interest in BP (NYSE:BP), as far as buying a stake in the company, and that seems to be increasing in tempo, as the top oil official in the country is pushing to invest in BP at these low prices.
Shokri Ghanem, who is Chairman of Libya's Nation Oil Co., has been working hard to get the Libyan Investment Authority to invest at the low price-point they could enter in now.
"BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the LIA," Shokri Ghanem, chairman of Libya's National Oil Co.
Libya has been high on BP, and even in the current market environment like the company over the long term.
What all of those interested in the low price of BP are pondering is where they should enter the market with them. If they enter too soon, share price could plummet even much further, but if they wait until a much clearer picture of the liability of BP emerges, prices of shares in the company could shoot up it's not as high as thought.
The Libyan Investment Authority is the sovereign wealth fund of Libya.
Shokri Ghanem, who is Chairman of Libya's Nation Oil Co., has been working hard to get the Libyan Investment Authority to invest at the low price-point they could enter in now.
"BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the LIA," Shokri Ghanem, chairman of Libya's National Oil Co.
Libya has been high on BP, and even in the current market environment like the company over the long term.
What all of those interested in the low price of BP are pondering is where they should enter the market with them. If they enter too soon, share price could plummet even much further, but if they wait until a much clearer picture of the liability of BP emerges, prices of shares in the company could shoot up it's not as high as thought.
The Libyan Investment Authority is the sovereign wealth fund of Libya.
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