BP seeks to drill in Gulf again
Jeanwah
Posts: 6,363
http://www.bbc.co.uk/news/business-12955065
4 April 2011 Last updated at 05:41 ET
BP close to deal on re-starting Gulf of Mexico drilling
BP is close to reaching an agreement that would allow it to restart drilling for oil in the Gulf of Mexico.
Regulators dismissed reports of a deal, but BBC business editor Robert Peston understands BP has been told privately it should be able to resume in July.
The Bureau of Ocean Energy Management said "there is no such deal".
The oil giant has asked to restart work on existing wells in the Gulf, where a BP rig explosion last year killed 15 workers and caused a huge oil spill.
The issue is sensitive for BP and the Obama administration as the oil spill is still fresh in the minds of Gulf communities and environmental groups.
BP would like to restart work on 10 existing wells, all in deep water locations.
The company's rivals have been given permission to resume drilling on existing operations. New deep water explorations are still banned.
Metal deal
Meanwhile, BP has announced that it has agreed to sell Arco Aluminum, a supplier of rolled aluminium sheet used mainly in the production of drink cans, to a consortium of Japanese companies for $680m (£420m) in cash.
BP is hoping to raise $30bn from disposals by the end of 2011 to help pay for the clean-up and compensation for the Deepwater Horizon disaster.
The company has already agreed deals worth a total of more than $24bn.
BP's chief executive, Bob Dudley, said in a statement: "Although a strong business, Arco Aluminum is clearly a non-strategic asset for BP. Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders."
Later on Monday, BP returns to an arbitration tribunal as part of a continuing dispute with shareholders in its Russian joint venture, TNK-BP.
The shareholders, known as AAR, are trying to block a share-swap and Arctic exploration pact between BP and Russia's Rosneft.
AAR has already blocked the exploration deal, and now wants to block the share swap, arguing that it breaches a pre-existing TNK-BP agreement.
4 April 2011 Last updated at 05:41 ET
BP close to deal on re-starting Gulf of Mexico drilling
BP is close to reaching an agreement that would allow it to restart drilling for oil in the Gulf of Mexico.
Regulators dismissed reports of a deal, but BBC business editor Robert Peston understands BP has been told privately it should be able to resume in July.
The Bureau of Ocean Energy Management said "there is no such deal".
The oil giant has asked to restart work on existing wells in the Gulf, where a BP rig explosion last year killed 15 workers and caused a huge oil spill.
The issue is sensitive for BP and the Obama administration as the oil spill is still fresh in the minds of Gulf communities and environmental groups.
BP would like to restart work on 10 existing wells, all in deep water locations.
The company's rivals have been given permission to resume drilling on existing operations. New deep water explorations are still banned.
Metal deal
Meanwhile, BP has announced that it has agreed to sell Arco Aluminum, a supplier of rolled aluminium sheet used mainly in the production of drink cans, to a consortium of Japanese companies for $680m (£420m) in cash.
BP is hoping to raise $30bn from disposals by the end of 2011 to help pay for the clean-up and compensation for the Deepwater Horizon disaster.
The company has already agreed deals worth a total of more than $24bn.
BP's chief executive, Bob Dudley, said in a statement: "Although a strong business, Arco Aluminum is clearly a non-strategic asset for BP. Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders."
Later on Monday, BP returns to an arbitration tribunal as part of a continuing dispute with shareholders in its Russian joint venture, TNK-BP.
The shareholders, known as AAR, are trying to block a share-swap and Arctic exploration pact between BP and Russia's Rosneft.
AAR has already blocked the exploration deal, and now wants to block the share swap, arguing that it breaches a pre-existing TNK-BP agreement.
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"Life Is What Happens To You When Your Busy Making Other Plans" John Lennon
I had a false belief
I thought I came here to stay
We're all just visiting
All just breaking like waves
are you kidding me? ... as tragic as the events are in Japan ... much of the devastation could have been avoided ... primarily the nuclear reactors ...
we know enough about earthquakes, fault lines, subduction zones that it shouldn't come to surprise anyone that these events happen ... there will be others and human arrogance will continue to result in mass suffering ...
Oh, and before you say Oil companies are evil, you may want to ask Obama why he just gave Brazil (Petrobras) $2 billion dollars to drill off of their coast. Don't be hypocritical now...Obama is just fine with deep well ocean drilling. He just makes it difficult for Americans to drill off of our coasts.
anways why is oil evil again?
You really fit your name, don't you?
Transocean gives bonuses after Gulf of Mexico BP spill
The offshore drilling firm responsible for running the Deepwater Horizon rig has given its top executives bonuses for its "best year" for safety.
Transocean was blamed along with BP and Halliburton after last year's massive spill in the Gulf of Mexico.
Eleven workers, nine of whom worked for Transocean, died when the Deepwater Horizon exploded almost a year ago.
But Transocean said there had been a drop in the rate of recorded incidents and also in their potential severity.
'Exemplary record'
The Deepwater Horizon exploded on 20 April 2010. In the days and months that followed millions of gallons of oil poured unabated into the Gulf of Mexico, prompting President Barack Obama to call the incident America's environmental 9/11.
Before the well was capped in July, the spill fouled the coastlines of four states, scared tourists away and closed countless fishing grounds. The true environmental and economic impact may not be known for years.
A presidential commission concluded that the explosion had been caused by cost-cutting and directly blamed Transocean, BP and Halliburton for the disaster.
Despite that, Transocean handed out huge bonuses to its executives citing the company's best year for safety ever.
The company's annual report acknowledges the explosion on the rig, but goes on to say that it exceeded internal safety targets.
"Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate," the report says.
"As measured by these standards, we recorded the best year in safety performance in our company's history, which is a reflection on our commitment to achieving an incident free environment, all the time, everywhere," it adds.
Transocean has always maintained that BP is solely responsible for the oil spill. BP contends that Transocean shares liability.
"Well, you tell him that I don't talk to suckas."
If it's "humanitarian", then why aren't we in Ivory Coast, Darfur, Yemen, etc.?
Save American and Coalition lives. Drill here!!!
I'm not trying to be a smart ass, I'm sincerely curious...why don't we need oil?
we just don't ... our apparent necessity for "oil" has been manufactured because of their influence in gov't ... the reason why cars aren't electric are simply because of oil ... the reasons why the supposed most economically strong and innovative country has a train network like amtrak is because of big oil ... these guys dictate policy in order to fabricate it's necessity ...
our wastefulness on resources such as energy is beyond ridiculous ... if we took conservation and efficiency seriously, we can power all our energy requirements using renewables easily ...
I agree to an extent, although oil is still a necessity, even in electric vehicles and many other everyday items. You have aircraft, freighters, the roads we drive on, tires, agricultural equipment, computer components, medicines, cooking equipment, etc. etc. etc. are all derivatives of oil. So I think it's a big stretch to say we don't need oil. In regard to electric vehicles I believe the technology is still cost-prohibitive at this point for the average consumer, and it's a hard sell for manufacturers to invest in what's needed to have a factory produced alternative vehicle that may not appeal to consumers.
Is the technology there to decrease our demand for oil? Yes. Has it progressed to a point that we can totally eliminate our need for it? Not even close.
many of those things you mentioned can be made without oil or at the very least be made from recycling old plastics ... or in the case of tires - plants ...
electric vehicles are NOT cost prohibitive ... just because the Volt and Leaf are coming out to market at high prices doesn't mean it's cost-prohibitive ... this is the auto industry we're talking about ... they make products to fail after a specified period of time ... that is their financial model ... electric cars have fewer moving parts and are much more reliable ... if they spent any kind of money on supercapicators - we'd already be that much ahead ... plus, your idea of cost is based on a system that sees oil and gas heavily subsidized by the gov't ... if you took out all the subsidies ... no one would use oil ...
technology from the 90's could take us off oil ... not even what is the latest ...
edit: think about ... it costs more for a gallon of water in some spots than it is for gas or coke ... how is that even possible?
They just issued a rather lame apology too:
http://www.cnn.com/2011/US/04/04/gulf.s ... l?iref=NS1
"The wording... may have been insensitive"
The cost of oil has nothing to do with supply and demand and everything to do with trading. Traders and investors hold the power when it comes to oil prices.
I do agree with you on the points of the wars fought because of oil, war is stupid full stop. But war for oil is ludicrous!
"Well, you tell him that I don't talk to suckas."
I totally agree. Should oil even be a public traded commodity??????