Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Bp 'staked Future On Expanding Offshore Drilling'

Recommended Posts

http://www.guardian.co.uk/environment/2010/jun/28/bp-plans-offshore-drilling-expansion

BP staked its future on expanding offshore drilling a month before the catastrophic explosion on the Deepwater Horizon triggered the United States' worst environmental disaster, according to company documents revealed yesterday.

The investigative web site ProPublica published a March 2010 strategy document in which BP named "expanding deepwater" as its number one area for long-term growth.

But even as the document was drawn up, engineers were struggling to control the Macondo well in the Gulf of Mexico, which had already gained a reputation as a risky operation, according to industry sources.

The strategy paper claimed BP now held a global lead over its competitors in deepwater production – even though its costs were considerably lower. Earlier this month the executives of BP's rivals, including Exxon and Chevron, told a congressional hearing they would have taken more safeguards on the doomed Deepwater Horizon rig.

The battle over the future of offshore drilling continued yesterday as the country's biggest business lobby said it would step up its campaign to force the Obama administration to lift its six-month ban on drilling new wells in the Gulf of Mexico.

The Chamber of Commerce, which has strenuously fought efforts to introduce climate change legislation, said Obama's decision to halt new projects for an overhaul of safety regulations had had a "chilling" effect on the Gulf economy.

"We must avoid snap decisions following the spill that would threaten US energy security and harm our economy," Karen Harbert, a Chamber official, said.

Meanwhile, there was fresh speculation about the professional future of BP's chief executive after a senior Russian cabinet minister reportedly said he was expecting Tony Hayward to introduce a successor during a scheduled meeting in Moscow.

And the first hurricane of what is expected to be a very active season in the Gulf began moving up towards north-western Mexico and Texas. Forecasters said Tropical Storm Alex was likely be upgraded to a hurricane tomorrow.

It is expected to pass well to the west of the site of the ruptured well, but the disturbance could still set back efforts to contain oil from the gusher and to drill a new relief well for as much as two weeks, the coastguard said at the weekend.

Thank god pensions funds are linked into this. Luckily we don't allow the mediocre to run the show..

Share this post


Link to post
Share on other sites
Guest sillybear2

Chevron should tell that to Ecuador, there's still waste pools of oil sitting there polluting the rain forest and leaking into rivers and the groundwater, all left behind by their subsidiary Texaco. They refuse to pay compensation or clear up their mess, they just left the place in 1990.

Quite a contrast to BP :-

http://www.reuters.com/article/idUSTRE64N59320100524

Edited by sillybear2

Share this post


Link to post
Share on other sites

http://www.guardian.co.uk/environment/2010/jun/28/bp-plans-offshore-drilling-expansion

Thank god pensions funds are linked into this. Luckily we don't allow the mediocre to run the show..

It's not only BP that have staked their future revenue streams on deep water offshore drilling - Brazil has, and right off the coast of Rio too. Perhaps we can get an oil spill in time for the next world cup in 2014

I'm seeing reports now that Lloyds of London are demanding all its members insuring oil rigs resubmit their business plans and massively increase premiums. Oil companies undertaking deep sea operations will no longer be able to get "cheap" coverage. This might make greener technologies even more viable

Share this post


Link to post
Share on other sites
Guest sillybear2

It's not only BP that have staked their future revenue streams on deep water offshore drilling - Brazil has, and right off the coast of Rio too. Perhaps we can get an oil spill in time for the next world cup in 2014

I'm seeing reports now that Lloyds of London are demanding all its members insuring oil rigs resubmit their business plans and massively increase premiums. Oil companies undertaking deep sea operations will no longer be able to get "cheap" coverage. This might make greener technologies even more viable

If the oil companies had to settle up for all their past misdeeds then they'd be bankrupt tomorrow, when American's see $2.50 a gallon at the pump they should also add in a $5 levy to reflect the unaccounted for externalities, like the running costs of a massive industrial military complex that exists to guard Middle-Eastern oil fields and supply chains.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 258 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.