BP (NYSE:BP) is playing dumb when it comes to the new oil spill estimate. Just a day ago the government increased their estimate of spilled oil to over 4 million barrels.
BP spokesman John Barnes said, "We don't have our own estimate of the flow rate or an assessment of this report." He stated that BP was not part of the federal scientific task force which came up with the estimate. He did say that the company had provided data to the task force. "It's important to know the amount of oil released, but we're not actual participants in that," continued Barnes.
Something is not adding up here, from the beginning of the oil spill BP has been low balling their estimates. Despite what scientists and the federal government have been insisting was the actual, much higher amount. Now BP's lawyers are being hush, hush and not giving any comment one way or the other. The amount of spilled oil is what will determine the amount the company's liability.
The federal clean water act will allow the government to impose the fine. The minimum of which, would be $1,100 per barrel of the toxic crude deposited into the Gulf of Mexico. The fine could go all the way up to $4,300 per barrel if the company is found to be negligent.
Showing posts with label Spill Containment. Show all posts
Showing posts with label Spill Containment. Show all posts
Wednesday, August 4, 2010
Insider Stock Trading Among BP (NYSE:BP) Employees
Well, we've heard just about everything about BP (NYSE:BP), but now they are under investigation by U.S. authorities for insider stock trading among its employees. This is just one of many parallel investigations currently underway.
Since the suspicions arose, The Department of Justice and the Securities and Exchange Commission have been looking into the allegations. It's being said that there were BP insiders who had access to knowledge about the company's plans.
This knowledge for the oil cleanup and spill containment efforts were than used to cash in by trading shares. It's also being said that this information was leaked to others outside of the company.
Meanwhile, BP continues forward with its "static kill" attempt. The company is still optimistic that the relief wells will be finished by the end of this month. While the federal government has increased their estimate to almost 5 million barrels of oil that has polluted the Gulf. That's more than 12 times what BP was originally estimating.
Since the suspicions arose, The Department of Justice and the Securities and Exchange Commission have been looking into the allegations. It's being said that there were BP insiders who had access to knowledge about the company's plans.
This knowledge for the oil cleanup and spill containment efforts were than used to cash in by trading shares. It's also being said that this information was leaked to others outside of the company.
Meanwhile, BP continues forward with its "static kill" attempt. The company is still optimistic that the relief wells will be finished by the end of this month. While the federal government has increased their estimate to almost 5 million barrels of oil that has polluted the Gulf. That's more than 12 times what BP was originally estimating.
Thursday, June 24, 2010
BP's (NYSE:BP) Spill Containment Cap Back In Place
BP (NYSE:BP) said they have been successful in putting the spill containment cap back onto the Macondo well. Oil and gas has resumed being taken to the drillship Discoverer Enterprise at the surface.
Thad Allen, Coast Guard Admiral said the containment cap was removed by Transocean after an ROV hit the cap. The drillship Discoverer Enterprise was then moved off the site so that repair could begin. What happened was the ROV accidentally closed a vent which regulates the gas and oil flow and prevents pressure from building.
The vent closure than caused the pressure to build and hydrocarbons started bubbling up through the line which purpose is to inject warm water as oil is being brought to the surface. This water prevents hydrate crystals from forming and clogging the line.
Thad Allen, Coast Guard Admiral said the containment cap was removed by Transocean after an ROV hit the cap. The drillship Discoverer Enterprise was then moved off the site so that repair could begin. What happened was the ROV accidentally closed a vent which regulates the gas and oil flow and prevents pressure from building.
The vent closure than caused the pressure to build and hydrocarbons started bubbling up through the line which purpose is to inject warm water as oil is being brought to the surface. This water prevents hydrate crystals from forming and clogging the line.
Tuesday, June 1, 2010
BP (NYSE:BP) Spill Containment As Oil Rages Towards Shorelines
As BP's (NYSE:BP) oil spill containment efforts continue on, the already spilled oil continues its course into the ocean and towards the shorelines. The latest predictions are saying the oil could hit near the Mississippi Sound as well as the coastline near the mouth of Mobil Bay.
"We are working around the clock to keep the oil off the shoreline and have had the gift of time to plan for its arrival," said Capt. Steven Poulin, incident commander for the Coast Guard. "The projections are of concern. This is a dynamic situation influenced by a wide variety of environmental factors, so while we're not certain where or what the impact will be, but we're prepared."
The Unified Incident Command in Mobil said it has aggressively increased air and sea surveillance. In place are additional beach support teams on shore as well. There are also over 6,000 people taking part in the response effort on the shorelines and in open water in Florida, Alabama, and Mississippi.
As oil cleanup efforts are being highly increased, BP said earlier today that it has already spent $990 million on cleaning and fighting the oil spill. This amount doesn't include the many lawsuits for damages.
"We are working around the clock to keep the oil off the shoreline and have had the gift of time to plan for its arrival," said Capt. Steven Poulin, incident commander for the Coast Guard. "The projections are of concern. This is a dynamic situation influenced by a wide variety of environmental factors, so while we're not certain where or what the impact will be, but we're prepared."
The Unified Incident Command in Mobil said it has aggressively increased air and sea surveillance. In place are additional beach support teams on shore as well. There are also over 6,000 people taking part in the response effort on the shorelines and in open water in Florida, Alabama, and Mississippi.
As oil cleanup efforts are being highly increased, BP said earlier today that it has already spent $990 million on cleaning and fighting the oil spill. This amount doesn't include the many lawsuits for damages.
Friday, May 28, 2010
BP (NYSE:BP) Risks Making Oil Spill Worse
BP (NYSE:BP) engineers are proceeding with extreme caution, as they continue on their containment efforts for the fuel spill. This was after stopping their "top kill" endeavors for a day, this is apparently just part of the process according to BP officials.
This gives the engineers time to review the effects or lack there of. At that time, Doug Suttles, BP's chief operating officer said, "we have not yet stopped the flow. You stop pumping. If the pressure begins to rise you pump again. If it doesn't rise, you have some sign of success."
As well as analyzing the spill containment results on Thursday, BP was also restocking their oil spill equipment with close to 15,000 barrels of the heavy engineering mud in preparation for their next oil cleanup attempt, which began Thursday evening.
Tony Hayward, BP's head, indicated the "top kill" attempt could make the oil leak worse, this is one of the risks of this endeavor.
This gives the engineers time to review the effects or lack there of. At that time, Doug Suttles, BP's chief operating officer said, "we have not yet stopped the flow. You stop pumping. If the pressure begins to rise you pump again. If it doesn't rise, you have some sign of success."
As well as analyzing the spill containment results on Thursday, BP was also restocking their oil spill equipment with close to 15,000 barrels of the heavy engineering mud in preparation for their next oil cleanup attempt, which began Thursday evening.
Tony Hayward, BP's head, indicated the "top kill" attempt could make the oil leak worse, this is one of the risks of this endeavor.
Thursday, May 27, 2010
BP's (NYSE:BP) "Top Kill" Oil Spill Containment Efforts Show No Change
There's been much anticipation and hope as BP (NYSE:BP) started it's "top kill" attempt yesterday afternoon. There was a fluctuation in the trading market as well as investors nerves mirrored this fluctuation.
As of today on the live oil spill video, you cannot see a whole lot of change. Even though the containment equipment has been put into place and the oil cleanup efforts are in full force. The only visible difference seems to be rather than thick black crude oil spewing out of the two breaks in the pipe, there's now what appears to be brown mud barreling out.
BP chief executive, in a statement Wednesday evening said, "the operation is proceeding as we planned it."
Doug Suttles, BP's chief operating officer said at a new conference Wednesday night, "it's too early to know if its going to be successful." He also stated that it would be at least a day or two before any conclusive results would be known. He said that there's 7,000 barrels of thick drilling mud being forced into the well at varying rates of speed.
As of today on the live oil spill video, you cannot see a whole lot of change. Even though the containment equipment has been put into place and the oil cleanup efforts are in full force. The only visible difference seems to be rather than thick black crude oil spewing out of the two breaks in the pipe, there's now what appears to be brown mud barreling out.
BP chief executive, in a statement Wednesday evening said, "the operation is proceeding as we planned it."
Doug Suttles, BP's chief operating officer said at a new conference Wednesday night, "it's too early to know if its going to be successful." He also stated that it would be at least a day or two before any conclusive results would be known. He said that there's 7,000 barrels of thick drilling mud being forced into the well at varying rates of speed.
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