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

lvader

amcluesent wrote: »

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.

I wouldn't rule this out but I think they already know the answer from the well pressure which is in the lower end of their estimates. It's been looking like around 30'000 barrels a day for a while now, but it should be quite easy to calculate based on the pressure.

I'm estimating total costs to be between 20 and 40 billion USD.

sabretoothtigger

Theres no other well in the Gulf that flows more then 30k barrels a day Ive read. This well has alot of gas though apparently

worldtraveller

Engineers monitoring BP Plc's damaged well in the Gulf of Mexico detected seepage on the ocean floor that could mean problems with the cap that has stopped oil from gushing into the water, the U.S. government's top oil spill official said on Sunday.

Earlier on Sunday, BP officials had expressed hope that the test of the cap which began Thursday could continue until a relief well can permanently seal the leak next month. Oil gushed from the deepsea Macondo well for nearly three months until the new cap was put in place last week.

But late on Sunday, the U.S. government released a letter to BP Chief Managing Director Bob Dudley from retired Coast Guard Admiral Thad Allen that referred to an unspecified type of seepage near the mile-deep (1.6 km-deep) well along with "undetermined anomalies at the well head."

"I direct you to provide me a written procedure for opening the choke valve as quickly as possible without damaging the well should hydrocarbon seepage near the well head be confirmed," Allen wrote.

Reuters

StevieJ

US Congressmen have now realised that trying to get BP on trumped up Lockerbie involvement is futile, they have however discovered that the planes involved in 9/11 where fueled and lubricated by BP and therefore it's obvious that British Petroleum was responsible. Apparently BP will be asked for a $50bn fund to knock down and rebuild New York.

http://boards.fool.co.uk/Message.asp?mid=11984075

amcluesent

I hope everyone sold on the rumour that the well was capped. The facts aren't looking so clever.

lvader

US have confirmed that the seepage is inconsequencial, I hope you didn't sell on this mornings bogus news.

StevieJ

I picked this up of MF it is a quite a funny PR photo by BP, they are struggling :eek:

My personal favourite is this:
http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_u...

Not only is a control tower floating in midair out of one window, the sea has very obligingly turned itself a lovely deep blue with a pleasing regularity to the waves. One pilot has his fingers crossed, a military sign of coercion.

The weirdest part for me is the way he has his fingers crossed.

http://boards.fool.co.uk/Message.asp?mid=11987744

Thrugelmir

lvader wrote: »

US have confirmed that the seepage is inconsequencial, I hope you didn't sell on this mornings bogus news.

The question now is what will BP be like post crisis. Selling off asets, s far smaller, less profitable. Unlikely to be the large dividend payer it became.

StevieJ

Standard & Poor’s discusses the credit impact of the Gulf oil spill disaster on U.S. oil and gas companies over the next 12 months in a new FAQ report.

http://seekingalpha.com/article/215649-business-ramifications-of-oil-spill-far-reaching-and-enduring?source=feed

StevieJ

Have Apache overpaid for the BP assets because according to Barclays capital this would value Shell at £31 and BP at £9?