Gulf Oil Spill: Coast Guard Tells BP To Speed Up Containment Process

Someone on Huffingtonpost just said oil companies will make money off this (the longer it goes on) because oil prices will rise. This makes me recall from my north sea oil well accounting experience that as an industry practice no large oil exploration wells are drilled by a single company, oil companies typically go into investment groups to spread risk. So, although BP is most likely just the lead company on this well/field exploration (in an investment group of many oil companies), BP is simultaneously involved in partnership with these same players in many other large exploration/production projects around the globe, and indeed might have more to gain by rising oil prices (doubling would do the trick for sure) than it has to lose in this disaster, where losses and liabilities will be spread amongst the investors in the well. "Gosh, no dividend on that one". This is my theoretical explanation of the universal dithering, my industry knowledge is sparce, please pick it apart.



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BP is the operator and principal developer of the oil field with 65% of interest, while 25% is owned by Anadarko Petroleum Corporation, and 10% by MOEX Offshore 2007, a unit of Mitsui.
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The Great BP Coffee Spill (VIDEO)

They need to do a pre-quel, about what led up to the meeting in that room:



There had been no coffee in the meeting room, and the Boss called in the Office Manager (MMS regulator) and told her to bring some in. The Office Manager told the Boss, "We don't allow coffee in this room because of the chances of it getting spilled."



The Boss told her, "Bring it in, and if it spills, we've got it covered. Not a problem, no worries."



And with his assurances, she permitted coffee at the table in the meeting room.
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Thad Allen, Obama's Oil Point Man, STILL Trusts Discredited BP CEO Tony Hayward

It is Obama's job to protect and defend the citizens and land of the US. Obama needs to nationalize this, put BP into temporary receivership and take over what has been Mickey Mouse efforts by BP to handle this catastrophe.



And when BP hasn't been Mickey Mousing, it's been nickel-and-diming all efforts to contain the damage. BP's been contracting pleasure craft (the ski & fishing boats of doctors, lawyers, etc., who use their boats for family outings) to clean up the crude instead of the commercial fishing and charter boats of those whose living is made in those waters. And too d@mned few, too. If you've wondered why oil-soaked boom isn't replaced, leaving oil to soak marshes, beaches and barrier islands, that's why.



http://www.thedailybeast.com/blogs-and-stories/2010-06-03/gulf-oil-spill-bp-pleasure-boat-scandal/?cid=bsa:moreauthor1



What's needed is the best command and control organization in the world, and that’s the U.S. military. That's why General Russel Honore was brought in post-Katrina. This is a job for the US Army and Navy. The US Coast Guard is not equipped for this. They're strained beyond any capability they ever had to begin with.
About Gulf Oil Spill
Read the Article at HuffingtonPost

Read more...

Thad Allen, Obama's Oil Point Man, STILL Trusts Discredited BP CEO Tony Hayward

What's needed is the best command and control organization in the world, and that’s the U.S. military. That's why General Russel Honore was brought in post-Katrina. This is a job for the US Army and Navy. The US Coast Guard is not equipped for this. They're strained beyond any capability they ever had to begin with.



Obama needs to nationalize this, put BP into temporary receivership and take over what have been Mickey Mouse efforts (and inept at that) by BP to handle this catastrophe.



And when BP hasn't been Mickey Mousing, it's been nickel-and-diming all efforts to contain the damage. BP's been contracting pleasure craft (the ski & fishing boats of doctors, lawyers, etc., who use their boats for family outings) to clean up the crude instead of the commercial fishing and charter boats of those whose living is made in those waters. And too d@mned few, too. If you've wondered why oil-soaked boom isn't replaced, leaving oil to soak marshes, beaches and barrier islands, that's why.



http://www.thedailybeast.com/blogs-and-stories/2010-06-03/gulf-oil-spill-bp-pleasure-boat-scandal/?cid=bsa:moreauthor1
About Gulf Oil Spill
Read the Article at HuffingtonPost

Read more...