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BP sees higher Q1 upstream production
(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.
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Share Price Information for BP (BP.)
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Share Price:
510.40
Bid:
509.40
Ask:
509.50
Change:
-5.40 (-1.05%)
Spread:
0.10 (0.02%)
Open:
516.30
High:
516.60
Low:
506.10
Prev. Close:
515.80
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Sun, 20th Jun 2010 15:52
By Angel Gonzalez Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--BP PLC (BP, BP.LN) said Sunday it captured about 21,040 barrels of oil and flared 43.4 million feet of natural gas on Saturday from a mile-deep leak in the Gulf of Mexico. The decreased rate, lower than Thursday's record of more than 25,000 barrels a day, was the result of a technical upset Friday night, which combined with bad weather, led to the 10-hour shutdown of the larger of two oil-collecting vessels, the Discoverer Enterprise. BP restarted the collection aboard the ship effort early Saturday, after cleaning a blocked flame arrestor--a vent that prevents collected oil from catching fire. Of the oil recovered, about 11,050 barrels were collected and 9,990 barrels were burned, BP said. All the gas captured was flared. So far the containment effort has recovered a quarter of a million barrels of crude; that's approximately the amount of oil leaked by the Exxon Valdez in 1989. The spill BP is trying to contain is estimated to be leaking between 35,000 and 60,000 barrels of oil every day into the Gulf's waters. The closely-watched figures for oil recovery reflect the intense pressure BP is under to contain the spill. The leak, one of the worst environmental disasters ever to afflict the Gulf region, continues to grow nearly two months after a rig leased by BP, the Deepwater Horizon, exploded and sank some 50 miles from the Louisiana shore, killing 11. The company aims to increase its capture rate to more than 50,000 barrels a day by the end of June and to as much as 80,000 by mid-July by bringing in new equipment. BP executives and the U.S. Coast Guard admiral overseeing the response effort, Thad Allen, have warned that further disruptions are likely if storms pass through the area during this summer, as responders would need to evacuate. Even as collection efforts at the surface intensify, BP is moving forward with a parallel strategy to permanently shut down the leaking well by intersecting it with another well and flooding it with cement. A BP executive said Friday that it expected to do so by early August. -By Angel Gonzalez, Dow Jones Newswires; 713-547-9214; angel.gonzalez@dowjones.com (END) Dow Jones Newswires June 20, 2010 10:52 ET (14:52 GMT)
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