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Started By
Message
The Oil Spill
Posted on 4/29/10 at 10:50 am
Posted on 4/29/10 at 10:50 am
Was talking to a guy in the know. New estimates are its releasing 250,000 gallons a day. Renters are already cancelling for the summer all along the Ala-Fla gulf coast. This thing is going to be way worse than imagined. All the seafood processors are scared shitless.
Could mess up the oysster, shrimp, and tourism industries on the gulf for years to come.
Could mess up the oysster, shrimp, and tourism industries on the gulf for years to come.
5
Posted on 4/29/10 at 10:59 am to tgrbaitn08
This couldn't go in the topic with 13+ pages of posts?
Posted on 4/29/10 at 11:03 am to TigerDog83
quote:
This couldn't go in the topic with 13+ pages of posts?
Posted on 4/29/10 at 11:06 am to LSURussian
This was originally posted on the OT with about 4 other threads on the same topic. It obviously got moved to the money board.
Posted on 4/29/10 at 11:08 am to TigerDog83
Thanks for the explanation. I just spent 90 seconds of my life looking for a 13 page thread on this board regarding the oil spill......
Posted on 4/29/10 at 11:35 am to John Merlyn
Don't forget 11 families are still grieving from this tragedy.
Posted on 4/29/10 at 12:07 pm to LSURussian
quote:
Don't forget 11 families are still grieving from this tragedy.
Yeah. I'll bet that family that filed a lawsuit the day after the explosion is grieving real hard right about now.
Posted on 4/29/10 at 12:16 pm to TTB
Good article
"BP is required to pay for the cost of the cleanup"
Will eventually pass the cost along to consumers, but I see this stock nosediving unless a miracle fix can be made. 5,000 feet below the surface is a long way.
"BP is required to pay for the cost of the cleanup"
Will eventually pass the cost along to consumers, but I see this stock nosediving unless a miracle fix can be made. 5,000 feet below the surface is a long way.
Posted on 4/29/10 at 12:26 pm to John Merlyn
quote:
BP
quote:
I see this stock nosediving
Down $5.04 as of now. That's almost 10%
Posted on 4/29/10 at 12:39 pm to LSUGUMBO
I don't understand a word of this and have no clue who this guy is, but sounds fancy and believable. LINK
Whoever screwed that BOP up will be sued by businesses that are impacted. I don't understand the technical stuff well enough to know. Looks like CAM has taken the brunt of it.
quote:
I have some inside knowledge on this. I know people who are involved.
The Blow Out Preventer (BOP) on the sea bed manufactured by Cameron failed to close when an overpressure condition was sensed at this time it is unclear why but there are some things that may have played into that. A crew from Halliburton was on board in the process of cementing casing. They experienced a loss of circulation (meaning more cement was going down than brine was coming back up.) which indicates they probably were losing it to a gas pocket, which is compressible whereas brine is not. Compressible gasses in such a situation are bad news as they can store horrendous amounts of energy. When that energy is released you get what is known as a "kick" or pressure spike. There are two kinds of hydraulically operated (usually, although all electric wellheads are becoming in vogue these days) rams in a BOP. A pipe ram and a blind/shear ram. The pipe ram clamps around the production tubing/drill pipe and seals the annular area between the tubing and the casing (generally just called the annulus), the other type is part guillotine, part gate valve. It shears off the pipe, folds it over , and completely seals off the wellhead. the BOP should have activated automatically when the pressure spike occurred, but it did not, it should also have automatically activated when the "riser", a 22" I.D. pipe running from the drill floor to the subsea wellhead, broke away from the wellhead when the ship sank. The ship was a Dynamic Positioning vessel that uses thrusters, active ballast systems, and sophisticated GPS and subsea acoustic beacons to maintain position, when the fire broke out and the vessel lost power, the only thing holding it on station was the riser. I have come to learn that BP, which likes to give a lot of lip service to safety, violated a huge safety no-no (as BP is wont to do. They are very difficult to work for due to their safety demands on vendors and contractors, but they themselves violate safety procedures with abandon.). They apparently require a software lockout on the blind-shear rams during drilling on all their offshore vessels. There is one manual override for the software lockout. it is the drillers station which is on the drill floor. But in this situation if an explosion and fire has occurred, even if there was someone AT the driller's station, they'd be roasted alive. This could be the reason why the BOP failed to close.
Whoever screwed that BOP up will be sued by businesses that are impacted. I don't understand the technical stuff well enough to know. Looks like CAM has taken the brunt of it.
This post was edited on 4/29/10 at 12:40 pm
Posted on 4/29/10 at 12:47 pm to John Merlyn
quote:
Will eventually pass the cost along to consumers,
eh, tough in an industry where the major product is a commodity to 'pass the cost along', particularly when your market position is small.
The scope of the cost is the question. I think Exxon Valdez was about a billion... that would not be a big deal. Beyond that...
Posted on 4/29/10 at 1:04 pm to igoringa
quote:
eh, tough in an industry where the major product is a commodity to 'pass the cost along', particularly when your market position is small.
BP has a small market position?
Posted on 4/29/10 at 1:11 pm to John Merlyn
quote:
Could mess up the oysster, shrimp, and tourism industries on the gulf for years to come
like i said
invest in cameron
Posted on 4/29/10 at 1:37 pm to John Merlyn
quote:
BP has a small market position?
When compared to the total worldwide market all the western majors have small market positions. The national oil companies of the world all have much larger stakes, namely the middle east, China, Russia, and Venezuela. Here is one view of reserves.
Oil Company size
This post was edited on 4/29/10 at 2:09 pm
Posted on 4/29/10 at 1:38 pm to John Merlyn
quote:
BP has a small market position?
Extremely small. Including their equity investments, they produce about 2.5 million barrels a day. World production is 81.8 billion (in 2008).
Remember the 'majors' are minnows compared to the oil states.
Posted on 4/29/10 at 1:50 pm to igoringa
quote:
Extremely small. Including their equity investments, they produce about 2.5 million barrels a day. World production is 81.8 billion (in 2008).
Remember the 'majors' are minnows compared to the oil states.
Good information, very helpful.
Still doesn't mitigate the fact that they are responsible for 250,000 gallons of oil a day going into the Gulf. If the costs can't be passed along then I guess they will eat them (more bad news for BP)
Posted on 4/29/10 at 1:52 pm to igoringa
Wow. This is extremely interesting.
Posted on 4/29/10 at 1:52 pm to John Merlyn
quote:
Still doesn't mitigate the fact that they are responsible for 250,000 gallons of oil a day going into the Gulf. If the costs can't be passed along then I guess they will eat them (more bad news for BP)
Yup, it will be all about materiality
Posted on 4/29/10 at 1:54 pm to igoringa
Nigeria with 70,000,000 barrels. That is amazing.
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