The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen 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: 524.80
Bid: 525.20
Ask: 525.30
Change: -1.50 (-0.29%)
Spread: 0.10 (0.019%)
Open: 529.30
High: 530.70
Low: 522.30
Prev. Close: 526.30
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
2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

Read more
2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

Read more
2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

Read more
2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

Read more
2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

Read more
1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

Read more
1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

Read more
1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

Read more
1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

Read more
30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
Porvair PLCFull Year Results
Trident Royalties PLCTrading Statement
Vodafone Group PLCTrading Statement
Tuesday 6 February 
Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

Read more
29 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks slightly down pre US Fed, Bank of England

(Alliance News) - Stock prices in London closed mutedly lower on Monday, ahead of a busy week of interest rate decisions and economic data.

Read more
29 Jan 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 nudges higher ahead of rate decisions

(Alliance News) - Stock prices in London were mixed going into Monday afternoon, ahead of a busy week of interest rate decisions and economic data.

Read more
29 Jan 2024 08:41

LONDON MARKET OPEN: BP, Shell higher amid Middle East tensions

(Alliance News) - Stock prices in Europe opened mostly lower, ahead of an important week of central bank decisions and economic data.

Read more
26 Jan 2024 23:06

Equinor, Orsted bid for better contract in NY offshore wind auction

Jan 26 (Reuters) - New York State said on Friday it received bids to supply power from three offshore wind projects in its expedited fourth solicitation that allowed developers to exit old contracts and re-offer projects at higher prices.

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.