Sapan Ghai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 511.00
Bid: 511.00
Ask: 511.10
Change: 6.90 (1.37%)
Spread: 0.10 (0.02%)
Open: 506.10
High: 511.30
Low: 505.30
Prev. Close: 504.10
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

BP drilled doomed U.S. well despite early problems-expert

Wed, 27th Feb 2013 17:58

By Kristen Hays

NEW ORLEANS, Feb 27 (Reuters) - BP Plc took chancesdrilling its doomed Macondo well long before it ruptured in2010, a well design and pressure expert said on Wednesday in thesecond day of testimony in the civil trial over the Gulf ofMexico oil spill.

Alan Huffman, chief technology officer for Fusion PetroleumTechnologies Inc, said BP forged ahead with drilling the well in2009 outside the margin considered safe in the industry and byregulators.

He said there was a "kick" in the well during one of manyintervals in drilling, which indicates pressure was unstable andthere could be a rupture or other problem. Rather than stopdrilling, the work forged ahead with another interval.

"It is truly egregious to drill that extra 100 feet knowingyou could lose the well in the process," Huffman testified.

He said the well was "dangerous and fragile" and "theyshould not have drilled ahead at all."

BP's legal team had yet to cross-examine Huffman, whotestified on behalf of the U.S. Justice Department, Gulf statesaffected by the spill, and plaintiffs suing BP and its partners.

In this first of the trial's three phases, U.S. DistrictJudge Carl Barbier will seek to allocate blame between wellowner BP, driller Transocean Ltd, cement servicesprovider Halliburton Co and others, unless a settlementcuts the trial short.

The April 2010 blowout caused an explosion that killed 11men and sent more than 4 million barrels of crude spewing intothe Gulf.

Earlier on Wednesday, plaintiffs played an excerpt of avideotaped deposition of Kevin Lacy, former senior vicepresident of Gulf drilling operations for BP, who resigned fromthe company a few months before the spill because of concernsabout BP's safety practices.

He testified that he was under heavy pressure from top BPmanagement in 2008 and 2009 to shave hundreds of millions ofdollars in costs and received bonuses for doing so. In 2009, histeam cut up to $300 million in costs and had pressure to keep itup in 2010.

"I was never given a directive to cut corners or to deliversomething not safely," Lacy said. "But there was tremendouspressure on costs."

Also on Wednesday, Lamar McKay, BP's global head ofexploration and production, finished his live testimony and heldfast that BP was partly, not wholly, responsible for the spill.

He resisted Transocean lawyer Kerry Miller's aggressivequestions seeking an admission of complete responsibility.

"We've agreed that we're part of the responsibility for thistragic accident. We've apologized for that. We've acceptedresponsibility for that in many different ways," McKaytestified.

Don Godwin, a lawyer for Halliburton, took a similar tackwith McKay. BP has held that Halliburton made substandard cementused to plug the well before the rupture.

Godwin pushed on whether BP would have known there was aproblem with the cement had the company's well site leadercorrectly interpreted results of a critical pressure test. BPhas acknowledged that a correct interpretation of the test wouldhave alerted those on the rig that the well was dangerouslyunstable.

"It was not an effective barrier," McKay said of the cement.

"Because the negative pressure test was misinterpreted?"Godwin asked.

"Potentially, yes," McKay replied.

Also on tap to testify this week is Mark Bly, global head ofsafety and operational risk who ran BP's internal probe of thespill in 2010.

The case is In re: Oil Spill by the Oil Rig "DeepwaterHorizon" in the Gulf of Mexico, on April 20, 2010, No.10-md-02179, in the U.S. District Court, Eastern District ofLouisiana.

More News
28 Dec 2023 09:02

LONDON MARKET OPEN: China-exposed firms rise as stocks drift higher

(Alliance News) - Stock prices in London opened slightly higher on Thursday, with investors feeling quietly optimistic on the penultimate day of trading for 2023.

Read more
23 Dec 2023 12:30

Poland's Orlen files Venture Global LNG arbitration case -Bloomberg News

Dec 23 (Reuters) - Polish oil and gas firm Orlen has lodged an arbitration case against Venture Global LNG which alleges that the U.S. exporter of liquefied natural gas was not honouring a long-term contract, Bloomberg News reported on Saturday.

Read more
22 Dec 2023 19:54

More ships carrying oil avoid Red Sea route

HOUSTON, Dec 22 (Reuters) - At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Read more
22 Dec 2023 19:29

More ships carrying oil avoid Red Sea route

HOUSTON, Dec 22 (Reuters) - At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Read more
22 Dec 2023 19:24

Equinor takes stakes in 2 Angola oil exploration blocks

OSLO, Dec 22 (Reuters) - Equinor has secured stakes in two more oil exploration blocks offshore Angola as it seeks to extend its presence in the country, the head of the Norwegian company's Africa operation said in a statement on Friday.

Read more
22 Dec 2023 19:20

Equinor takes stakes in 2 Angola oil exploration blocks

OSLO, Dec 22 (Reuters) - Equinor has secured stakes in two more oil exploration blocks offshore Angola as it seeks to extend its presence in the country, the head of the Norwegian company's Africa operation said in a statement on Friday. (Reporting by Terje Solsvik, editing by Essi Lehto)

Read more
22 Dec 2023 11:00

US offshore wind poised for success next year after turbulent 2023

NEW YORK, Dec 22 (Reuters) - The U.S. offshore wind industry is eying a brighter 2024, with work expected to start on several projects following a year marked by stalled developments and billions of dollars in write-offs.

Read more
20 Dec 2023 18:16

US Gulf of Mexico oil auction is largest since 2015

Dec 20 (Reuters) - A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.

Read more
20 Dec 2023 17:37

US Gulf of Mexico oil auction raises $382 million in high bids

Dec 20 (Reuters) - A Biden administration auction of Gulf of Mexico drilling rights raised more than $382 million on Wednesday, the highest total for a federal offshore oil and gas auction since 2015.

Read more
20 Dec 2023 17:00

Sustainable Finance Newsletter - This time it's different for US SEC climate rules

Dec 20 (Reuters) -

Read more
20 Dec 2023 15:36

Shipping container price surge to reverse due to overcapacity -logistics platform

MUMBAI, Dec 20 (Reuters) - Higher prices for containers used by merchant ships caused by attacks on Red Sea shipping are likely to fall back in three to nine months to levels seen in early December due to market overcapacity, the head of an online container logistics platform said on Wednesday.

Read more
20 Dec 2023 15:05

London close: Stocks rise as UK inflation slows further

(Sharecast News) - London's stock markets saw a notable upswing on Wednesday, driven by encouraging data revealing a greater-than-anticipated slowdown in UK inflation for November.

Read more
19 Dec 2023 20:11

Norwegian Johan Sverdrup crude prices soar on Red Sea shipping issues

LONDON, Dec 19 (Reuters) - Prices for Norway's Johan Sverdrup crude soared on Tuesday, a move traders said could be linked to mounting concerns around the security of crude flows into Europe following maritime attacks by Yemen's Houthis in the Red Sea.

Read more
19 Dec 2023 19:10

US launches Red Sea force as ships reroute to avoid attacks

Crisis is spillover from Israel-Hamas war

*

Read more
19 Dec 2023 17:14

Shippers mask positions, weigh options amid Red Sea attacks

Dec 19 (Reuters) - A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.