Oil Slick Stuff

Big Oil races to drill deep in the Gulf of Mexico

BP dominates this rapidly expanding oil production region. Who else is in the high stakes game? Read the story
CHART!
http://money.cnn.com/news/storysupplement/big_oil/?hpt=T1

The Gulf coast people that are now laid off..are praying they get to go back to work soon and not in 6 months....

However..I bet safety and stronger drilling regulations will also follow now..as it should have been before the Deep water horizon accident.
 
EXACTLY!:suspicious:
Do you know there is a never ending supply of OIL? Yes it's true, just burn it cleaner.:cool:
 
EXACTLY!:suspicious:
Do you know there is a never ending supply of OIL? Yes it's true, just burn it cleaner.:cool:

Yes I know..in fact wasn't it in the Gulf alone that there is enough to supply the world for 200 years?...I just hope it all don't leak out of that one well before they can tap into it ..:worried:
 
BP Set to Test Second Oil Recovery System
Deutsche Presse-Agentur (dpa)
|
Friday, June 11, 2010


GOMSpill_Hdr_Art.jpg

BP is to begin testing additional methods over the weekend to capture oil gushing out of a well in the Gulf of Mexico, as President Barack Obama travels to the region again next week to get a first-hand look at clean-up efforts.

The second rig-based system could be operational as early as Monday and is projected to capture an additional 10,000 barrels a day, bringing the total daily recovery capacity to 28,000 barrels, according to Kent Wells, BP's senior vice president for exploration and production, Bloomberg news reported.

The second system will route the captured oil to a floating rig through hoses that were already installed for the failed "top-kill" operation, which was unable to plug the well.

BP said it was more efficient to burn off the oil than store it, which would require bringing in another tanker to collect the oil above the ruptured well.

A dome-like containment cap put in place last week was capturing up to 2.4 million liters of oil daily, said Coast Guard Admiral Thad Allen, who is leading the US government's response to the disaster.

The leaking well lies about 1.6 kilometers below the surface. The captured oil is funnelled to the drill ship Discoverer Enterprise, which collected 15,800 barrels Wednesday, Allen said.

US officials said Thursday that BP had agreed to expedite the claims process to compensate all workers and businesses affected by the spill, amid complaints that the energy giant has been slow to pay for economic losses.

On Monday and Tuesday, Obama is scheduled to visit the three other Southern states affected by the disaster: Mississippi, Alabama and Florida. He has already made three visits to Louisiana since the Deepwater Horizon rig exploded on April 20.

On Thursday, Obama met with family members of the 11 workers who were killed when the rig exploded, expressing condolences and assuring them of the government's support.

A White House statement said that Obama told the families "that while offshore drilling is a part of our nation's overall energy strategy, he simply could not go forward with new deepwater drilling until we have the proper safety measures in place to ensure that a tragedy like this never happens again."

Obama, who has been criticized for the federal government's response to the spill, suggested earlier this week that much of the disaster's effects could be mitigated within three years, a timeline that scientists consider overly optimistic.


BP is to begin testing additional methods over the weekend to capture oil gushing out of a well in the Gulf of Mexico, as President Barack Obama travels to the region again next week to get a first-hand look at clean-up efforts.

The second rig-based system could be operational as early as Monday and is projected to capture an additional 10,000 barrels a day, bringing the total daily recovery capacity to 28,000 barrels, according to Kent Wells, BP's senior vice president for exploration and production, Bloomberg news reported.

The second system will route the captured oil to a floating rig through hoses that were already installed for the failed "top-kill" operation, which was unable to plug the well.

BP said it was more efficient to burn off the oil than store it, which would require bringing in another tanker to collect the oil above the ruptured well.

A dome-like containment cap put in place last week was capturing up to 2.4 million liters of oil daily, said Coast Guard Admiral Thad Allen, who is leading the US government's response to the disaster.

The leaking well lies about 1.6 kilometers below the surface. The captured oil is funnelled to the drill ship Discoverer Enterprise, which collected 15,800 barrels Wednesday, Allen said. [more]
http://www.rigzone.com/news/article.asp?a_id=94666&hmpn=1
 
06/14/2010 - Updated 8:42 AM ET
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Crude climbs on European manufacturing, weaker dollar
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By Laura Mandaro, MarketWatch

PORT LOUIS, Mauritius (MarketWatch) -- Crude-oil futures rose Monday, buoyed by stronger European manufacturing data and a return of investor enthusiasm for stocks, commodities and other assets seen as likely to benefit from global economic growth.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BE27B8A72%2D9581%2D4BBC%2D86D4%2DAE37918DEA54%7D&loc=interstitialskip
 
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I's not going to be here after 13:45, to Atl airport to pick up the Wife and Daughter. Need an update follow the link in my signature to the Oil Slick Stuff Home Page!:D
 
BP plc Plans To Defer Second Quarter Dividend, Put Cash In Escrow-DJ
June 11, 2010

Dow Jones reported that according to The Times of London, BP plc is preparing to defer its expected GBP1.7 billion second-quarter dividend, which would be announced in July. The Times says BP would put the money in escrow until the Company's liabilities from the Gulf of Mexico oil spill are known. The Times quotes people familiar with the matter who say further quarterly dividends would be treated the same way.
 
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June 15, 2010, 10:47 a.m. EDT ·
Democrats pound oil companies over safety plans

CEOs urge lifting of drilling ban; BP competitors say Gulf disaster preventable

Explore related topics

By Robert Schroeder, MarketWatch

WASHINGTON (MarketWatch) -- House Democrats pounded oil companies' disaster-response plans on Tuesday, lashing out at Big Oil as five firms' chief executives told lawmakers that they need to keep drilling in U.S. waters even in the wake of the disastrous oil spill in the Gulf of Mexico.
"The oil industry and the government agency tasked with regulating them determined that there was a zero chance that this kind of undersea disaster could ever happen," said Rep. Edward Markey of Massachusetts, referring to the April 20 explosion of the Deepwater Horizon drilling rig and ongoing spill, now the worst in U.S. history.
PM Report: Congress cites BP 'shortcuts'

Congressional investigators say BP documents raise "serious questions" about BP's decisions in the days before its drilling rig exploded. N

"When you believe that there is zero chance of a disaster happening, you do zero disaster planning. And the oil industry has invested nearly zero time and money into developing safety and response efforts," said Markey.
But executives of the five companies, including BP PLC /quotes/comstock/13*!bp/quotes/nls/bp (BP 30.45, -0.22, -0.72%) , stressed to lawmakers that they need to get back to drilling -- even as BP's competitors sought to differentiate themselves from the embattled oil major.
"I believe the independent investigation will show that this tragedy was preventable," said John Watson, chief executive of Chevron Corp. /quotes/comstock/13*!cvx/quotes/nls/cvx (CVX 74.54, +0.36, +0.49%) .
"We strongly believe that responsible deepwater development must continue," Watson told a House Energy subcommittee on energy and the environment. "America needs the energy. And we can produce that energy safely -- including in the deepwater."
The hearing Tuesday came about a month after President Barack Obama ordered a pause on new drilling in response to the spill in the Gulf of Mexico.


Some in Congress are already warning Obama of the economic consequences of the six-month drilling ban.
Rep. Pete Olson, a Texas Republican, is planning to introduce a bill that would lift the ban, reportedly saying the moratorium could cost the Gulf Coast more than 100,000 jobs. [more]
http://www.marketwatch.com/story/drilling-must-continue-oil-companies-tell-house-2010-06-15-10800
 
06/15/2010 - Updated 3:05 PM ET
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Crude rises on economic hopes; inventories data on deckWeek's round of reports on petroleum supplies kicks off Tuesday
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By Claudia Assis, MarketWatch & Nick Godt, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures rose Tuesday, buoyed by positive economic reports that brightened investors' expectations of energy demand.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BD78F78E8%2DE1E8%2D4801%2DAE6C%2D10B136FA4E3A%7D
 
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BP: New Oil Collection Plan Has Safety Risks
by Mark Seibel

Knight Ridder/Tribune News Service.

Tuesday, June 15, 2010

BP's latest plan to capture the oil gushing from the runaway Deepwater Horizon well poses significant safety risks for "several hundred people" working aboard the ships that will process the corralled crude, the oil giant has told the Coast Guard.

In a letter dated Sunday, BP Vice President Doug Suttles said the new scheme would have three ships in place by the end of June capable of processing as much as 53,000 barrels of crude from the well a day, and by mid-July would have four ships collecting between 60,000 and 80,000 barrels a day.

Suttles cautioned, however, that the "multi-vessel containment plan" would pose health and safety risks for workers that "must be carefully managed."

"Several hundred people are working in a confined space with live hydrocarbons on up to four vessels," Suttles wrote. "This is significantly beyond both BP and industry practice."

With so many vessels working in a relatively small area, Suttles wrote there's a risk of a "major surface accident." Video of the site Sunday showed dozens of vessels on the scene; a jet of burning natural gas perhaps 200 feet long shot from one.

BP will "continue to aggressively drive schedule to minimize" the amount of oil escaping into the Gulf of Mexico, Suttles wrote, but "we must not allow this drive to compromise our number one priority, that being the health and safety of our people." [more]
http://www.rigzone.com/news/article.asp?a_id=94730&hmpn=1
 
BP: New Oil Collection Plan Has Safety Risks


With so many vessels working in a relatively small area, Suttles wrote there's a risk of a "major surface accident."


And this is in good weather...Pray a Hurricane doesn't blow in..:worried:
 
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