InfoAnda - To seal or sell? BP has options on remaining oil

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

YouTube, now with instant vuvuzela sound | | 25 June 2010
Review: `Bashir' a riveting dance of genres | 24 December 2008
Egyptians challenge Mursi in nationwide protests | | 28 November 2012

Gbagbo, Ouattara forces engaged in war crimes: ICC | | 24 June 2011

Forum Views () Forum Replies ()

Read more with google mobile : To seal or sell? BP has options on remaining oil

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Africa Europe Latin America Middle East North America To seal or sell? BP has options on remaining oil By HARRY R. WEBER,Associated Press Writer - Friday, August 6 Send IM Story Print NEW ORLEANS – The vast oil reservoir beneath BP's blown-out well could still be worth billions of dollars even after it spewed crude into the Gulf of Mexico for more than three months - but the multinational company blamed for causing the disaster isn't saying whether it plans to cash in on this potential windfall. As BP on Thursday finished pumping cement into the blown well in hopes of sealing it for good, it insisted it had no plans to use it or its two relief wells to produce oil. But the company won't comment on the possibility of drilling in the same block of sea floor someday or selling the rights to the entire tract to another oil company. None of this is likely to sit well with the people who lost their livelihoods from one of history's worst oil spills - and who might find it distasteful for a company with revenues of $147 billion in the first half of 2010 even to consider revisiting the scene of April's fatal rig explosion as a profit source. Linda Kaye Randolph, 54, a real estate investor who grew up on the coast in Pass Christian, Miss., said Thursday it disturbs her that anyone might use the site commercially. "People died out there on that rig," she said, her voice cracking. "It isn't about the money. It would bother me that they're not respecting the people who died there. There's thousands of other wells. They can find another place. Leave that one alone." One question is whether a relief well BP is drilling to plug the well for good, and its backup, could one day be used for production. In recent days, the company has hinted it might not be necessary to pump mud and cement through the relief well, especially after news this week that a preliminary step - pumping the same filler into the top of the broken well - appeared to be working on its own. Since sending filler into the runaway well via the relief hole would render it useless and unprofitable in the future, BP's apparent reluctance to do so raises suspicions it might be thinking about using the site later for commercial purposes, and BP isn't talking. "I can't speculate on what the future might bring," spokesman Daren Beaudo said Thursday evening. "We're focused on the response." BP has not been approached by any other company about buying the relief wells, spokesman Scott Dean said. But with the company and its partners facing tens of billions of dollars in liabilities, the incentive to exploit the wells and the reservoir could grow. Outgoing BP Chief Executive Tony Hayward said in June that the reservoir feeding the busted well was believed to hold about 2.1 billion gallons of oil. Roughly 200 million gallons have leaked out, leaving about 1.9 billion gallons, or about 45,238,000 barrels. At the current market price per barrel - $82 - that would make the reservoir still worth $3.7 billion. The method of plugging the well could help determine how easily the reservoir can be tapped in the future. In a procedure dubbed "static kill," crews this week pumped mud down the blown-out wellhead and forced the rogue crude back down into the reservoir for the first time since the Deepwater Horizon rig exploded off Louisiana, killing 11 workers. On Thursday, they finished pumping cement down the well to seal off the oil at the source. The next step will involve completing the relief well, which is now only about 100 feet from intersecting the busted well just above where it touches the reservoir. For months, BP and government officials have said the plan was to pump mud and cement down the relief well - or a backup one also near completion - and stop the flow oil from the bottom, ensuring a tight seal. BP is now saying only that the relief wells will be used in some fashion, while retired Adm. Thad Allen, who's overseeing the response for the government, continued to insist the relief wells will be completed on schedule in a procedure known as the "bottom kill." "The well will not be killed until we do the bottom kill and do whatever needs to be done," Allen said Thursday, responding to reports of differences between BP and the government over the issue. "I am the national incident commander and I issue the orders. This will not be done until we do the bottom kill." Company scientists are debating different strategies on how to use the primary relief well, BP Senior Vice President Kent Wells said Wednesday, without elaborating. "I wouldn't put it government versus BP," he said. "This is just about some really smart people debating about what's the best way to do things." Even if BP abandons the idea of using the three wells to bring up oil again, it still has access to a roughly 3-by-3-mile block of sea floor that could contain multiple reservoirs, "so there is a lot more potential" for oil production, said George Hirasaki, a Rice University professor in chemical and biomolecular engineering an expert on oil containment. Industry analyst Fadel Gheit of Oppenheimer & Co. said it was unlikely that BP would subject itself to an outcry by producing at the site. But that, he said, doesn't apply to others. "There are people that would pay top dollar for any reservoir that produces 50,000 barrels of oil a day," Gheit said. Anadarko, which is based in The Woodlands, Texas, has a minority stake in the busted well. An Anadarko spokesman declined to say Thursday whether the company would consider selling its rights to it. BP's priorities appear to have changed completely over the past 90 days, Gheit said. "It is like bringing a blank sheet of paper and rewriting everything you know," he said. "They don't know the assets that will stay, what assets will go, what fines will be assessed on them, how much they will be paying and for how long, and whether they will be able to hold onto these leases as part of the government punishment." Melissa Schwartz, spokeswoman for the Bureau of Ocean Energy Management, Regulation and Enforcement, which oversees offshore drilling, said her agency was not aware of any plans by BP to produce hydrocarbons at the blown-out well or to sell the lease to another company. The energy bureau would have to approve the assignment of the lease if it were sold or if a permit for drilling was requested. Asked if the energy bureau would approve production on the lease after the well is plugged and the disaster cleaned up, Schwartz said it was "too early to make a determination until a thorough investigation has been completed." ___ Contributing to this report were Associated Press writers Brian Skoloff in Pass Christian, Miss., Greg Bluestein and Jeffrey Collins in New Orleans, and Matthew Daly in Washington. Recommend Send IM Story Print Related Articles Naomi's diamonds kept by Mandela aide AFP - 1 hour 17 minutes ago S.Africa police received Naomi's diamonds Thursday AFP - Saturday, August 7 No clear winner in Brazil campaign TV debate: media AFP - 14 minutes ago Berlusconi 'to seek September confidence vote' AFP - 23 minutes ago Pakistan Al-Qaeda is 'most formidable' threat: US AFP - Saturday, August 7 News Search Top Stories England on top after latest rout of Pakistan Putin sparks food worries with grain export ban US economy sheds 131,000 jobs in July US insurer AIG reports $2.65 bln quarterly loss State-rescued bank RBS scrapes into profit More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended 40 US billionaires pledge half wealth to charity Wyclef Jean flying to Haiti to announce presidential run Fannie Mae loss shrinks to 3.1 billion dollars US attends Hiroshima atomic memorial for first time Scientists find sea sponges share human genes More Most Viewed » Parachuting donkey shocks Russian beachgoers Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Friday, 6 August 2010
Iran sees regional alliance to counter NATO
Russia bans grain exports due to drought
US demands WikiLeaks return military documents
Israel returns Turkish aid ships seized near Gaza
US-TECH Summary
Wyclef Jean flying to Haiti to announce presidential run
NATO strike kills at least 12 Afghan civilians: official
RIM headache grows as governments seek BlackBerry access
Track stars Bolt, Gay shrug off Powell absence
Google adamant about 'net neutrality'
NATO acknowledges civilian deaths in Afghan clash
Haitian excitement builds for Wyclef presidential bid
Pentagon tells WikiLeaks: Do right thing |
FCC chief says supports open Internet
Iran wants cooperation with Afghans and Tajikistan
Transocean gets 249 lawsuits, claims over oil spill
BlackBerry security backlash spreads to Lebanon
Venezuela slams meddling by nominee U.S. envoy |
Suicide bomber kills 7 Afghan police in north
Facebook and other social media cost UK billions
Fires rage in Russia, death toll rises to 48 |
Singapore pushes responsible Internet use among youth
Kenya 'yes' camp hails referendum victory
US, UAE to hold expert talks on Blackberry: Clinton
French watchdog warns of iPhone hacker glitch
Pakistan floods head south after devastating trail
US declines to put NKorea back on terrorism blacklist
Myanmar dissident quits as head of democracy party
Mao's grandson eyes run at politics
Facebook and other social media cost UK billions |
Activists clash with Taiwan police over China envoy
FCC chief says supports open Internet |
Japan PM blames weak social bonds for missing centenarians
Delhi Games treasurer resigns but event 'on track'
Black vs Mexican conflict has New York City worried
US-ENTERTAINMENT Summary
Indian central bank survey raises GDP growth forecast
Rock band Weezer signs to Epitaph
Largest Picasso painting exhibited in London
China faces dilemma in managing economy: central bank
Japan's NTT sees quarterly profit rise
Eminem leads U.S. singles chart for third week
Pakistan's forex reserves fall to $16.50 bln
Naomi Campbell tells court of "dirty pebbles"
Film festival opens in once-violent West Bank town
Ballet star Duato ditches native Spain for Russia
Nigel Lythgoe returns to "American Idol"
A Minute With: Rob Reiner "Flipped" over love
Truth meets fiction for S.African crime writers
Eminem leads U.S. singles chart for third week |
30th season will be the last for ET's Mary Hart |
A Minute With: Rob Reiner Flipped over love |
Nigel Lythgoe returns to American Idol |
Rock band Weezer signs to Epitaph |
Ballet star Duato ditches native Spain for Russia |
Saddam aide says U.S. "leaving Iraq to the wolves"
German insurer Allianz says Q2 net profit plunged
Half million flee as floods threaten Pakistan's Sind |
NATO acknowledges civilian deaths in Afghan clash
Watchers fear Google compromise on 'net neutrality'
U.S. attends Hiroshima bombing ceremony for first time |
Russia struggles against spreading wildfires
Chavez may bar nominee U.S. envoy for meddling |
US attends Hiroshima atomic memorial for first time
Saudis, RIM near solution on BlackBerry: source
Attack caused damage to Japan tanker: UAE agency |
Fannie Mae loss shrinks to 3.1 billion dollars
After deadly clashes, Thai opposition regroups |
Flash floods kill 58 in India's Ladakh |
Chile mine collapse leaves around 30 trapped |
Saddam aide says U.S. leaving Iraq to the wolves |
Chavez may bar nominee U.S. envoy for "meddling"
U.S. Senate approves Obama top court nominee Kagan
Global minimum and maximum temperatures
Australia launches foreign student safety campaign
Flash floods kill 60 in Indian Kashmir
Conn. shooter told 911 he 'handled the problem'
Flash floods kill 58 in India's Ladakh
China stops shipping on N.Korea river border
Political rivalry blamed for Filipino airport bomb
Saudi and RIM talks progress as Blackberry ban looms |
S.Korea holds second day of anti-submarine drill
'Toyota defense' frees US man jailed in fatal car crash
China Unicom to finally roll out iPhone with WiFi
Beatles and iTunes deal still at impasse -- Yoko Ono |
Taiwan in final review of AIG's stalled Nan Shan deal
Witness
Robbie Williams to marry US actress: report
Taiwan Air Force to pay airline record damages
Pakistani c.bank buys 10.9 bln rupees of govt paper
Seoul shares flat; exporters weighed by U.S. data
Wyclef Jean registers as Haiti presidential contender
Daewoo wins major Libyan power plant project
Beach Boys label after Katy Perry's "California Gurl"
PAKISTAN
Israeli art show's portrayal of FM as a pig sparks protests
S.Korea dealers suspect dlr-buying intervention
Appeal lodged after California gay marriage ban overturned
China on WTO pact offer: Don't be 'too demanding'
30th season will be the last for ET's Mary Hart
Beijing confirms bank test for property price drop
S.Korea bonds weaker on central bank caution
Wyclef Jean registers as Haiti presidential contender |
Beatles and iTunes deal still at impasse -- Yoko Ono |
Beach Boys label after Katy Perry's California Gurl |
Obama Economic Advisor Returning To Academic World In Berkeley
U.S. Arrests Group Linked To Al-Shabab
US Vindicates Indian Allegations Against LeT, Urges Pakistan To Act
Report: Al-Qaeda "Most Formidable" Group Targeting America
Senate Approves Kagan For Supreme Court
Stocks Fall Amid Rise In Jobless Claims, Employment Report Scare
Health Inspectors Shut Down Little Girl's Lemonade Stand
Largest Ice Tea In The World?
Top Researchers Not Necessarily Leading Research Institutions
Western Refining To Shutter Virginia Plant
Russia Bans Grain Export As Drought Cuts Wheat Harvest Yields, Raise Prices
Police Told To Cover Up Ink
Rhode Island Most Liberal State According to Poll
Florida Man Bites Girlfriend's Finger Off
Georgia Bulldogs Ranked Top Party Animals
Laughter Still Is The Best Medicine For Aliments
Angela Scognamiglio Crowned Italy’s Miss Chubby Beauty Contest
UAE Suspending BlackBerry Service
Fray Widens As Copyright Attorneys May Have Pilfered Competitors Website
Botox Bandit Rips Off Fort Lauderdale Cosmetic Surgeon
Tanker damage blamed on attack, Japan seeks details
State-rescued bank RBS scrapes into profit
China says to maintain trade cooperation with Iran |
Apple ordered to publicize iPod fix in Japan
Baghdad returns to map of global airlines
One dead and 30 injured as train derails in Naples
US insurer AIG reports $2.65 bln quarterly loss
BlackBerry services restored in Saudi despite ban
Turkish referendum opens wounds of 1980 coup
New 3D film recreates Warsaw after 1944 uprising
Health alarm as wildfire smog smothers Moscow
Planes diverted and offices close as smoke chokes Moscow |
Pentagon urges WikiLeaks to return leaked documents
Apple in talks to buy China's Handseeing
Scientists find sea sponges share human genes
12 Afghan civilians, 1 NATO service member killed
Lebanon wants program to access BlackBerry info
Komorowski sworn in as Polish president |
SKorea: Afghan guards faked attack on SKorean base
Italy PM to seek September confidence vote |
Britain and Pakistan gloss over diplomatic spat |
Campbell's dirty diamonds given to South Africa police |
Sri Lanka leave India uphill task in final Test
Wyclef Jean bids for Haitian presidency
UK, Pakistan pledge unity in 'anti-terror' fight
Thai 'Yellow Shirts' plan Bangkok rally
To seal or sell? BP has options on remaining oil
Japan tanker was hit by 'terrorist attack'
States respond in health care overhaul lawsuit
Lebanon wants program to access BlackBerry info |
Pakistan appeals for help over 'worst ever floods'
Apple ordered to publicize iPod fix in Japan |
Convicted K.Rouge jailer hires new lawyer
Apple in talks to buy China's Handseeing |
Cambodia to sign cooperation deal with Iran on oil
Flash floods kill 88 in Indian Kashmir: police
New 3D film recreates Warsaw after 1944 uprising |
Apple eye Chinese game developer Handseeing
Kosovo war widows wage battle on tradition
BUY OR SELL-PE-backed Taiwan banks: China plays or money sinks?
Toyota's Japan hybrid sales top one million
Tata chairman successor to be chosen by March
Sime Darby exec. charged with graft in Malaysia
Seoul shares flat; exporters weighed by U.S. data
Campbell's dirty diamonds given to South Africa police |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01