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June 24, 2010, 2:22 a.m. EDT

BP says lower marine riser package cap reinstalled


LONDON (MarketWatch) -- Oil giant BP /quotes/comstock/23s!a:bp. (UK:BP. 336.25, +2.75, +0.83%) said Thursday that that lower marine riser package cap containment system was successfully reinstalled on the Deepwater Horizon's failed blow-out preventer on June 23. The LMRP cap containment system was moved off the blow-out preventer earlier in the day "as a precaution following observation of an unexpected discharge of seawater from a diverter valve on the Discoverer Enterprise," BP said. The firm said that capture of oil and gas through the BOP's choke line via a manifold to the Q4000 vessel on the surface continued uninterrupted throughout the day.
http://www.marketwatch.com/story/bp...ge-cap-reinstalled-2010-06-24?dist=beforebell
 
We don't need a storm in the Gulf right now!!!:o
Tropical Disturbance Could Threaten Gulf of Mexico
Rigzone Staff
|
Wednesday, June 23, 2010

The National Hurricane Center (NHC) is tracking a tropical disturbance in the Caribbean Sea that has a 30 percent chance of turning into a depression or storm in the next 48 hours, with computer models suggesting that the storm could turn towards the Gulf of Mexico and possibly the site of the BP oil spill.
The disturbance is producing showers and thunderstorms over Eastern Cuba, Jamaica, Haiti, the Dominican Republic and Puerto Rico. According to NHC, upper-level winds appear conducive for some slow development as the disturbance moves westward around 10 miles per hour into the Western Caribbean Sea over the next day or two.
The National Oceanic and Atmospheric Administration reported last month that it anticipates a busy hurricane season in the Atlantic Basin, with a 70 percent probability of 14 to 23 named storms with top winds of 39 miles per hour or higher, including eight to 14 hurricanes with top winds of 74 miles per hour or greater and three to seven Category 3 or higher hurricanes.
http://www.rigzone.com/news/article.asp?a_id=95054&hmpn=1
 
nnuut said:
market pulse
June 24, 2010, 2:22 a.m. EDT

BP says lower marine riser package cap reinstalled
Click to expand...
I watched the whole event as they put it back on...Still gushing too much crude IMO...Actually before anyone says it..any crude is too much..:(
 
Buster said:
I watched the whole event as they put it back on...Still gushing too much crude IMO...Actually before anyone says it..any crude is too much..:(
Click to expand...
I agree, stop the spill. What ever happened to the new bigger CAP they were going to install, have they forgot about that?:confused:
 
06/24/2010 - Updated 9:56 AM ET
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Crude futures trade lower as data comes in lukewarmA government report on natural gas in storage is also due later in the session
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Oil futures fell on Thursday as investors got mixed reviews about the state of the U.S. economy.
Crude oil for August delivery fell 11 cents to $76.24 a barrel on the New York Mercantile Exchange.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B0390706F%2DABFB%2D4A8F%2D9628%2D90FC728696B6%7D
 
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06/24/2010 - Updated 11:00 AM ET
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Crude futures trade lower as data comes in lukewarmNatural gas futures fall as storage report comes at top of expectations
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Oil futures fell for the third day in a row Thursday as investors got mixed reviews about the state of the U.S. economy.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B0390706F%2DABFB%2D4A8F%2D9628%2D90FC728696B6%7D
 
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BP Based Spill Response Plan on Faulty US Data
by Neil King, Jr. & Keith Johnson
|
The Wall Street Journal


BP and other big oil companies based their plans for responding to a big oil spill in the Gulf of Mexico on U.S. government projections that gave very low odds of oil hitting shore, even in the case of a spill much larger than the current one.
The government models, which have not been updated since 2004, assumed that most of the oil would rapidly evaporate or get broken up by waves or weather. In the weeks since the Deepwater Horizon caught fire and sank, real life has proven these models wrong.
Oil has hit 171 miles of shoreline in southern Louisiana, Mississippi, Alabama and northern Florida. Further, government models don't address how oil released a mile below the surface would behave--despite years of concern among government scientists and oil companies about deep-water spills.
BP's efforts to contain the oil spewing from its blown-out well suffered a setback Wednesday when an undersea robot hit the cap that's channeling crude and natural gas to the surface. BP removed the cap, allowing oil to flow unchecked, Coast Guard Admiral Thad Allen said.
Separately, Interior Secretary Ken Salazar told lawmakers that he is reviewing how to re-draft a moratorium on new deep-water drilling in response to a federal judge's ruling that struck down a blanket six-month drilling halt ordered by President Barack Obama last month.
The government's optimistic forecasts reinforced the oil industry's confidence in its spill-prevention technology, leading to decisions that left both oil companies and the government ill-prepared for the disaster that has unfolded in the Gulf since April 20.
BP and government agencies responding to the spill have scrambled to assemble enough oil-containing boom and the ships and hardware needed to keep oil out of marshes and off beaches.
The Obama administration has launched a major overhaul of the agency that regulates offshore oil and gas drilling in the wake of the Gulf spill. "Without question, we must raise the bar for offshore oil and gas operations," a spokesperson for the Interior Department said Wednesday in response to questions about the spill models. [more]
http://www.rigzone.com/news/article.asp?a_id=95117&hmpn=1
 
Gasoline prices up as July 4th holiday approaches

Gasoline prices higher ahead of July 4th, as AAA sees more drivers on the road for the holiday

AP Energy Writer, On Thursday June 24, 2010, 11:59 am EDT


Filling up the family car's gas tank is getting more expensive as the 4th of July weekend nears, but that won't stop a lot of people from hitting the road.
Gasoline prices rose 1.2 cents Thursday to a national average of $2.753 per gallon, according t AAA, Wright Express and Oil Price Information Service. Pump prices are 2.7 cents per gallon lower than month-ago levels and 7.7 cents higher than a year ago.
Prices have jumped 4.6 cents in the past week. AAA expects gas to average between $2.70 and $2.80 per gallon for the holiday. That's about the same as the Memorial Day weekend.
Despite higher prices, AAA said the number of Americans taking a trip this July 4th weekend is expected to increase 17.1 percent from 2009 levels, when the country was mired in the recession. Nearly 35 million people will travel at least 50 miles from home. [more]
http://finance.yahoo.com/news/Gasol...60.html?x=0&sec=topStories&pos=2&asset=&ccode=
 
The future of oil is the future of the gulf

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Federal authorities have halted this barrier island dredging project near the Chandeleur islands in the Gulf of Mexico, saying the area is environmentally sensitive. By Shelley DuBois, reporterJune 24, 2010: 4:55 PM ET

FORTUNE -- Oil looks terrible right now. And while nobody wants to need what's gushing into the gulf, poisoning marine life and coating the coasts, our way of life depends on it. In fact, the U.S. needs the oil from the Gulf Coast and the jobs that deepwater drilling generates so badly, we can't afford to pause long enough to overhaul the regulators.
On May 30, President Obama issued a six-month drilling moratorium in the gulf, as recommended by Secretary of the Interior Ken Salazar. On June 7, a company called Hornbeck Offshore Services, which transports people and supplies for deepwater-drilling companies, led the charge challenging the moratorium.


Hornbeck argued that the moratorium had brought its business to a standstill and done the company irreparable financial damage. It was unconstitutional, the company charged. Judge Martin Feldman agreed, blocking the moratorium. The White House plans to appeal, but for now it looks as if companies in the gulf will drill again soon.
Do we have a solid system in place to regulate them?
The scrutiny of big oil since the Deepwater Horizon disaster has drawn attention to the Minerals Management Service-the government organization charged with issuing drilling licenses and regulating drilling practices, which has since been renamed the Bureau of Ocean Energy Management, Regulation, and Enforcement
The lawsuit from Hornbeck cites the fact that 29 of the 33 wells permitted in the gulf have passed MMS inspection and shouldn't be penalized. The question is whether an MMS inspection has any value.
"The regulatory agency can't be a political afterthought to somebody who was a minor-scale political campaign contributor, and that's how it's been historically," says David Dismukes, the associate director and a professor at the Center for Energy Studies at Louisiana State University. He says that in his experience with the MMS, the organization is generally full of people who want to do their jobs well, but don't have enough support.
It hasn't been a problem until now, says Dismukes. The Deepwater Horizon is the only production-related disaster in deepwater, ever. [more]
http://money.cnn.com/2010/06/24/news/economy/macondo_gulf_deepwater_future.fortune/index.htm
 
Sorry I had connection problems this morning and just got on!!! Dang ISP!!
 
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http://www.nhc.noaa.gov/
06/25/2010 - Updated 10:03 AM ET
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Oil futures gain as traders worry about potential storm
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned higher Friday, shaking off initial weakness as investors squared away their positions ahead of the weekend and worried about a potential tropical cyclone brewing in the Caribbean.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BE2B0F116%2D6053%2D458B%2DB66C%2DD4DA4A7113E7%7D
 
First Hurricane of Season May Be Growing in Gulf

By Jeremy A. Kaplan
Published June 25, 2010
| FOXNews.com


National Hurricane Center
The outlined area in this satellite photo indicate the current position of systems being monitored by the National Hurricane System. Color indicates the probability that the formation will become a tropical cyclone within 48 hours.


The first hurricane of what experts fear will be a very severe season may be brewing in the Gulf of Mexico, and anxious workers struggling to cap the leaking oil well are watching and worrying.
The National Hurricane Center (NHC) warned Friday morning of not one but two weather formations in the Gulf of Mexico, both with the potential to swell into more serious weather systems. Responders in the Gulf of Mexico are eyeing the storm system closely, to see whether it turns towards the Gulf and interferes with ability to mop up spilled oil and cap the leaking well.
"We're watching the storm very, very closely," Coast Guard commander and National Incident Commander Thad Allen told Fox News.
There is a 70 percent chance that the low-pressure area centered off the coast of Honduras could become a tropical cyclone during the next 48 hours, warned the NHC, indicating winds as fast as 73 mph. Any faster and the storm could become a named hurricane, the first of the season.
Meanwhile, a smaller weather formation just East of the Northern Leeward Islands is also being eyed. NHC describes it as "a large but disorganized area of cloudiness and showers ... associated with a tropical wave interacting with an upper level trough."

Related Links As Hurricane Season Begins, Oil Spill Still a Grave Concern Hurricane Season Could Be Strongest Ever, Say Top Meteorologists On the ground, a hurricane can be deadly. From space, they're works of art. Here are 18 images of hurricanes captured over the years by astronauts on the International Space Station.

An Air Force reconnaissance plane will fly through the larger disturbance Friday to determine whether it has formed a cyclone. Should the cyclone turn into a hurricane, Allen's team is prepared to react.
"We've done considerable planning, not only with BP but with the state and local governments and FEMA as well." [more]
http://www.foxnews.com/scitech/2010/06/25/hurricane-season-building-gulf/
 
06/25/2010 - Updated 12:24 PM ET
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Oil futures gain as investors worry about tropical storm
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures pushed past $78 a barrel on Friday, shaking off initial weakness as investors squared away their positions ahead of the weekend and worried about a potential tropical cyclone brewing in the Caribbean.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BE2B0F116%2D6053%2D458B%2DB66C%2DD4DA4A7113E7%7D
 
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See Video!

Latin America

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Adam Housley
Los Angeles, CA


The Ixtoc Spill 30 Years Later

June 25, 2010 - 11:24 AM | by: Adam Housley
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Amidst the thick mangroves, under the turquoise tranquil waters and along the shoreline of Mexico's Yucatan peninsula, the world's worst peacetime oil spill once hit here and more than 30 years later, there are still a few signs of Ixtoc.
The massive spill in June of 1979 bares striking similarity to the BP Horizon Spill still gushing into the Gulf as a blowout preventer malfunctioned failing to stop the flow of oil that would eventually dump nearly 3 and a half million barrels into the Bay of Campeche. The oil wouldn't just blanket the coastline here in Mexico, but eventually it would cover more than 160 miles of Texas beaches.

"It was a fairly similar to the one today as we understand. It too was a blowout preventor that malfunctioned 50 miles north of the Mexican coast in the city of Ciudad Carmen in about 170 ft of water. Ixtoc blew from the 3rd of June 1979, to the 23rd of March 1980, almost 10 months. It was 140 million gallons in total the largest peacetime spill that has ever been recorded in history," says Dr. Wes Tunnell a marine biologist at Texas A&M Corpus Christi. [more]
http://liveshots.blogs.foxnews.com/2010/06/25/the-ixtoc-spill-30-years-later/
 
First Relief Well Detects Macondo Wellbore
"Work on the first relief well, which started May 2, continues. The well reached a depth of 16,275 feet on June 23 before the drillstring was removed from the well to carry out the first 'ranging' run using wireline. During the ranging run, the MC252 well was successfully detected. Subsequent ranging runs will be needed to more precisely locate the well. Drilling and ranging operations will continue over the next few weeks towards the target intercept depth of approximately 18,000 feet, when 'kill' operations are expected to begin. The second relief well, which started May 16, is drilling ahead at a measured depth of 10,500 feet. Both wells are still estimated to take approximately three months to complete from commencement of drilling" [More]
http://www.rigzone.com/news/article.asp?a_id=95163&hmpn=1
 
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