Oil companies will need to work hard to convince Americans and their leaders that they have the technology, expertise and culture to safely carry out deepwater exploration in the Gulf of Mexico and the Arctic. Read more
The US administration is looking into bringing possible criminal charges over the Gulf oil spill. Read more
Last year’s Montara oil leak in the Timor Sea, was eventually stopped by a relief well operation after more than 10 weeks. It provides plenty of examples of just how difficult relief well operations can be even today — some more relevant to BP’s Macondo well than others. Read more
By Gwen Robinson
The news on BP and its seemingly uncontainable oil leak in the Gulf of Mexico “just gets worse”, as Lex observes in typically understated style on Tuesday.
That’s on both the financial and leak-containment fronts, though of course the two are inseparable (just look at this oil leak video link and updates in this Energy Source post). The latest desperate measure to plug the leak — trying to attach a cap so the oil can be collected — follows the weekend failure of BP’s attempt to “top kill” the leaking oil by plugging it.
BP shares are also on a disastrous trajectory. As FT Alphaville noted earlier, the stock plunged more than 11 per cent shortly after London’s open and fell another few percent after that to 420p by 9.10am BST. As of Friday, the company had lost nearly 25 per cent, or $46bn, from its market value since mid-April.
And now, amid rising costs of the containment effort and an intensifying backlash — from investors, the US government, environmentalists and, increasingly, from the Gulf of Mexico states – come growing mutterings that BP itself might be a takeover target. Read more
A quick recap of efforts to stop the Gulf of Mexico oil leak so far: Read more
How much did the weekend’s Deepwater top-kill failure hurt BP? This much: Read more
Forgot West Africa, the Falkland Islands and even Greenland for exotic new oil frontiers. Two western small oil companies are funding exploration in North Korea’s waters. Read more
- Obama’s opportunity to move the US beyond oil
- BP’s Tony Hayward wants his life back Read more
- BP opts for containment to tackle crisis – FT
- Experts seek to learn from Ixtoc blowout – FT
- Shares in BP slide as ‘top kill’ effort fails – FT
- Spill could last months – FT
- China sees safety tweaks after Macondo – UpstreamOnline
- Shadow falls across Spanish solar industry – FT
- Rich-poor rift stalls progress at UN climate talks – Reuters [And more] Read more