Posts tagged “BP”
The Leak Appears to be Sealed Today comes news that there is light at the end of the tunnel over the leak in the Gulf of Mexico: Allen: ‘High confidence’ no more oil will flow into Gulf Retired Coast Guard admiral Thad Allen said Wednesday he has “high confidence” no more oil will leak from BP’s Gulf of Mexico well. Hours earlier, BP announced that the well had reached “static condition” after heavy drilling mud was pumped into it. This is without a doubt good news. However, the longer term ramifications remain the same in my mind: BP is going to have a very difficult time repairing their brand. I still believe that a substantial fraction of their assets —… Continue»
BP admitted last week that the SEC and the Department of Justice were conducting “informal inquiries into securities matters arising in relation” to the offshore rig explosion and subsequent spill.
The Missing Oil I just wanted to briefly touch on three energy stories that were in the news over the past week. The first is that the oil flowing into the Gulf of Mexico seems to be slowing: BP Oil Spill: Clean-Up Crews Can’t Find Crude in the Gulf Thousands of small oil patches remain below the surface, but experts say an astonishing amount has disappeared, reabsorbed into the environment. “[It's] mother nature doing her job,” said Ed Overton, a professor of environmental studies at Louisiana State University. Experts stress that even though there’s less and less oil as time goes on, there’s still plenty around the spill site. And in the long term, no one knows what the impact… Continue»
Hayward’s new position will be as a non-executive director on the board of TNK-BP, Russia’s third-largest oil company.
Claims like “BP will file for Chapter 11 by July 9,” and that “the ‘real, untold story’ is another leak that is 5-7 miles away spewing 120,000 barrels per day” are ruining Matt Simmons’ credibility.
Robert Dudley, currently heading BP’s Gulf Coast restoration efforts, is seen as Hayward’s most likely successor.
An image still from BP video footage shows the new containment cap placed on the leaking oil well.
My vacation is over, so it’s back to work. I am still working on the followup to the MixAlco story, but there is a lot of material to digest. I am exchanging e-mails with Professor Holtzapple just now, trying to get answers to questions around the energy balance and overall conversion efficiency. As soon as those are resolved, I will publish the story. One of the things I try to offer readers is an objective, timely analysis of happenings in the world of energy. For example, take the recent stories I wrote on BP. Shortly after the accident in the Gulf of Mexico, I wrote The Wake Up Call on the BP Drilling Disaster in which I predicted huge political… Continue»
An internal BP document released by Congressman ED Markey (MA-D) today revealed that the worst-case scenario spill rate could be 100,000 barrels per day.
Investors sold BP shares in a panic last week, as risks came to light that were obvious a long time ago.