BP - off the hook ? ...and a BUY ?

RDB

Isnt all a load of crap about the leak being stopped.

Yes the small leak has been but the gusher is still gushing.

http://kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/17_Matt_Simmons.html

StevieJ

RDB wrote: »

Isnt all a load of crap about the leak being stopped.

Yes the small leak has been but the gusher is still gushing.

http://kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/17_Matt_Simmons.html

What does that mean? your link doesn't elucidate.

Thrugelmir

Reuters NewsWire 20:36 17/07

Reuters) - BP Plc expressed growing confidence on Saturday that its blown-out Gulf of Mexico well was effectively sealed, but said pressure tests could be extended to ensure there were no seabed leaks.
BP began a pressure test on the Macondo well after a new cap choked off the flow of oil into the Gulf on Thursday for the first time since the April 20 rig explosion of the rig.
The test is intended to show whether the blowout damaged the piping and cement inside the well, which could allow oil and gas to leak out the sides and seep up through the seabed.
"We're feeling more comfortable that we have integrity" of the well, said Kent Wells, BP senior vice president of exploration and production.
But the test could last beyond the original 48-hour deadline set for Saturday afternoon because pressure was rising very slowly, Wells said.
He added that there was always the provision that the test could be extended. "The longer this test goes, the more confidence we have."
Once tests are complete, BP plans to siphon up to 80,000 barrels (12.7 million litres) of oil a day and send it a mile (1.6 km) up to waiting ships.
Retired Coast Guard Admiral Thad Allen, the U.S. government's point man on the spill, has final say on when the test will end and BP's next course of action, Wells said.
About 41 hours into the test on Saturday morning, pressure had reached 6,745 pounds per square inch and was rising about 2 psi per hour, Wells said.
Allen and BP want pressure to hit and sustain 7,500 psi or more, which would indicate all the oil and gas was flowing to the top with no breaches. Increased pressure would indicate the well could hold back all the oil flow if ships siphoning off the crude had to disconnect and move away in advance of a hurricane.
Pressure beneath 6,000 psi would indicate a possible leak.

StevieJ

Just out of interest is the current BP capping a new technique that may have worked or just the end result of a slow drawn out process? i.e. is ir likely a blowout in the future could me capped more quickly using this technique (if it works that is, no counting chickens).

lvader

Ironically it will be BP that now has all the skills and knowledge to fix these issues but may be prevented from new drilling. I was BP I'd be working fast to secure patents on the designs.

StevieJ

lvader wrote: »

Ironically it will be BP that now has all the skills and knowledge to fix these issues but may be prevented from new drilling. I was BP I'd be working fast to secure patents on the designs.

A point I made earlier, the rest of the industry could gain from BP's. woes.

lvader

Here is a link to the animal death toll so far

http://www.fws.gov/home/dhoilspill/pdfs/collection_07172010.pdf

By comparison Exon Valdes killed an estimated quarter of a million birds.

I think that ultimately it will be these kinds of comparisons that BP will be judged against.

sabretoothtigger

BP didnt work alone to solve this leak. I think all firms operating in the usa were ordered to cooperate including Exxon who werent in on the original project, etc

My sell target for the share price near term is about 490 but it may not get there as oil showed signs of weakness on friday

amcluesent

Hussein Obama will definitely order the valves be opened up 100% so oil pours out into ocean.

Why? Because the tophat has instruments to measure the flow. To shake down BP, and ensure all the kickbacks he's promised are paid for, he needs to 'prove' there was 80,000 barrels/day leaking to maximise the fines while his lawyer cronies get a good time at the trough.

chris_m

sabretoothtigger wrote: »

BP didnt work alone to solve this leak.

They didn't work alone to cause it either - contrary to all the US politicians and media gushings.