Daily Archives: June 22, 2010

Sheila McNulty

Anadarko Petroleum has no choice but to sue BP in hopes of forcing the UK company to cover all cleanup costs from the gushing oil well they co-own with Mitsui. But even if it wins that case, lasting damage may have been done. Scott Hanold, a managing director at RBC Capital Markets, says the US independent has $40bn in asset value – far higher than the $5bn maximum he and many analysts estimate Anadarko could be forced to pay as a 25 per cent owner in the leaking well if it is determined they are responsible along with BP.

But nobody knows how high any potential liabilities might be, and that uncertainty has spooked investors. The well has been leaking since April 20, and BP is counting on a relief well in August to stop it. Guy LeBas of Janney Capital Markets, said in a recent report:

Drilling a well thousands of feet into rock to hit a target no more than six inches wide isn’t exactly a sure thing…For that reason, despite assurances from the company and public officials, there remains a risk that the leak could continue past August.

 Read more

Kate Mackenzie

The administration has come under criticism for not accepting more foreign assistance in providing boom, dispersants and operational support. Are gasoline prices another reason for given foreign ships more freedom in US ports? Read more

Kate Mackenzie

Has Thad Allen, incident commander for the Gulf oil spill, reassured those fearing a problem deeper rupture in the well casing?  Read more

While Europeans will be cautious of eastern gas disputes spiralling out of control, most analysts will agree this is hardly comparable to the deadlock faced by western Europeans in 2009 or 2006. Read more

Kate Mackenzie

The effects of the Gulf of Mexico oil spill (or gusher, if you like) may be having a negible effect so far on world oil markets, but oil companies not involved with the Deepwater Horizon are seeing implications well beyond the threat of tighter regulations. Read more

Kate Mackenzie

- A colossal fracking mess

- The gusher era

- Why isn’t the ‘spill’ called a ‘gusher’?

- BP, Transocean tap a well of lobbyists

- An ‘acoustic anomaly’ in the Gulf

- Cutting working hours to save power

- A serious take on a humorous take on energy independence Read more

Kate Mackenzie

- Hayward acts to stem BP identity crisis – FT

- Democrats scour for BP sympathisers – FT

- Reliance paused for US shale gas deal – FT

- Energy secretary says ‘top kill’ should have been tried earlier – LA Times

- Enel’s green credentials challenged ahead of IPO – FT

- Shell penalised by bond market – Bloomberg

- Russia cuts gas supplies to Belarus – FT [And more] Read more