The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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: 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
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Spill Responders Brace For Hurricane Season's First Storm

Thu, 24th Jun 2010 22:55

By Susan Daker and Angel Gonzalez Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--Responders to the worst offshore oil spill in U.S. history have struggled for two months to kill the flow from the mile-deep Gulf of Mexico well. The challenge will soon be compounded by the arrival of powerful storms that pummel the region in the summer. Metereologists say a tropical wave brewing in the Caribbean could become Alex, this season's first named storm, by this weekend. BP Plc (BP, BP.LN), which owns the well, and federal authorities have been making preparations to mitigate the impact of storms on their oil containment efforts, but their plans hinge on a hurricane hitting later in the summer. If Alex materializes and heads over the site of the Deepwater Horizon spill, the 1,800-person flotilla that has been painstakingly assembled by BP and the U.S. Coast Guard will have to scatter days in advance. That means that the gusher, which has been somewhat contained by two storage vessels vacuuming crude from the damaged Macondo well, would once again freely flow into the water. The drilling of the two relief wells that are supposed to permanently kill the leak by early August would be stalled for days. Moreover, if a storm shows up next week, BP's plans to double the rate of capture to 53,000 barrels a day by bringing a third collecting ship next week could be temporarily dashed. Scientists currently estimate that the well is spewing 35,000 to 60,000 barrels of oil a day. Hurricanes are nothing new to the Gulf Coast, and oil companies routinely evacuate their personnel and sometimes shut down production platforms when a storm approaches. But the oil collection effort, the result of several failures and improvisations, is still a fragile construct. It stops at the slightest sign of bad weather: if lighting is seen within five miles of the well the system must be halted, U.S. Coast Guard Adm. Thad Allen has said. Moreover, the combined onshore and offshore response effort has brought thousands of additional people to hurricane country, which would be need to be evacuated too. There are over 6,000 response vessels from Florida to Louisiana that are helping in the effort to spot oil and place protective booms. The interruption of BP's delicate dance above the spill site would have to begin six to seven days before the arrival of a storm, Adm. Allen said in a recent news conference. "We're going to have to look at the tracks of these storms, look at the probabilities, and have to act very early on," said Adm. Allen. Any storm entering the area between the Yucatan Channel and the Straits of Florida "should prompt action at that point." At the Deepwater Horizon site, the Discoverer Enterprise would have to be the first ship to unplug from the collection, six to seven days before a storm arrives. BP spokesman David Nicholas said it could take "a couple of days" to disconnect the fixed riser that captures oil from the well and ships it to the vessel. The Q4000, a smaller collecting vessel, would take less time to disconnect because it is connected to the well via flexible hoses, Nicholas said. The 15 or so subsea robots that crawl around the seabottom would have to be pulled up into their home vessels, and the two drilling rigs, each of which have 150 people on board, must also pick up and leave, Nicholas said. He added that the company would act with utmost caution to the perceived threat of a storm. "The safety of the people is paramount," he said. Efforts Underway To Improve Hurricane Readiness BP and the federal government have proposed several plans to toughen up the response effort's resistance to hurricanes. On Tuesday, BP expects the Helix Producer, a third containment vessel, to arrive on scene. This ship can withstand harsher weather conditions but if the tropical wave becomes a full-fledged storm the Helix may not arrive in time. Another "hurricane efficient" ship, the Toisa Pisces, is also expected to join the collection effort later this summer, according to a letter sent by BP Chief Operating Officer Doug Suttles to the federal government. Energy Secretary Steven Chu and Interior Secretary Ken Salazar spoke with representatives of oil producers in the Gulf of Mexico last week in Washington about the possibility of using nearby platforms or pipelines to contain spilling oil. Some pipelines can still operate during hurricanes, which is why using them would make it an attractive option. "We've actually identified a couple of platforms that are in the area that might be capable of taking the product," Adm. Allen said. The rerouting of pipelines and other infrastructure is "quite complex" and could impact existing production in the area, said a person familiar with the situation. Oil companies operating this infrastructure are still in discussions with the government and no decision has been made, the person said. That may be too late to avoid the first named storm of the season. Jim Rouiller, a senior energy meteorologist for Planalytics, said Thursday that a cluster of thunderstorm activity in the Caribbean had a high chance of becoming Alex. Right now models show that the storm could hit anywhere from the mouth of the Mississippi River to Tampico, Mexico, Rouiller said. There are some models that put the storm hitting near Corpus Christi, an oil refining center in south Texas or in Brownsville on the Texas-Mexico border, he said. The storm could be in the Gulf by early next week. The National Oceanic and Atmospheric Administration's forecast calls for an 85% chance of an above-normal season, with a 70% probability of 14 to 23 named storms, eight to 14 hurricanes and three to seven major hurricanes. NOAA says that depending on whether the storm hits, it could push the oil slick closer to the shore or further offshore. The high winds could help break down the oil, although they could also help it spread over a wider area. Storms' surges could carry crude far inland. -By Susan Daker and Angel Gonzalez, Dow Jones Newswires; 713-547-9208;susan.daker@dowjones.com;angel.gonzalez@dowjones.com (Isabel Ordonez and Jason Womack contributed to this article) (END) Dow Jones Newswires June 24, 2010 17:55 ET (21:55 GMT)
More News
27 Mar 2024 08:31

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

Read more
25 Mar 2024 16:51

LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks

(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.

Read more
21 Mar 2024 15:00

UK dividends calendar - next 7 days

Friday 22 March 
easyJet PLCdividend payment date
FRP Advisory Group PLCdividend payment date
Gulf Investment Fund PLCdividend payment date
Henderson Opportunities Trust PLCdividend payment date
Hercules Site Services PLCdividend payment date
Impax Asset Management Group PLCdividend payment date
JLEN Environmental Assets Group Ltddividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Mattioli Woods PLCdividend payment date
Mobeus Income & Growth 2 VCT PLCdividend payment date
Mobeus Income & Growth 4 VCT PLCdividend payment date
Ramsdens Holdings PLCdividend payment date
Riverstone Credit Opportunities Income PLCdividend payment date
Ruffer Investment Co Ltddividend payment date
Samuel Heath & Sons PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Unilever PLCdividend payment date
Monday 25 March 
AstraZeneca PLCdividend payment date
Endeavour Mining PLCdividend payment date
Mountview Estates PLCdividend payment date
Shell PLCdividend payment date
Tuesday 26 March 
no events scheduled 
Wednesday 27 March 
abrdn Diversified Income & Growth PLCdividend payment date
Thursday 28 March 
Alliance Trust PLCdividend payment date
Balanced Commercial Property Trust Ltddividend payment date
Berkeley Group Holdings PLCdividend payment date
BHP Group Ltddividend payment date
BlackRock Energy & Resources Inc Trust PLCex-dividend payment date
BlackRock Sustainable American Income Trust PLCex-dividend payment date
BlackRock Throgmorton Trust PLCdividend payment date
BP PLCdividend payment date
City of London Investment Group PLCdividend payment date
Crown Place VCT PLCdividend payment date
CT UK Capital & Income Investment Trust PLCdividend payment date
Develop North PLCdividend payment date
Diversified Energy Co PLCdividend payment date
Downing Renewables & Infrastructure Trust PLCdividend payment date
Gateley Holdings PLCdividend payment date
Genus PLCdividend payment date
Hargreaves Lansdown PLCdividend payment date
HICL Infrastructure PLCdividend payment date
Idox PLCex-dividend payment date
Imperial Brands PLCdividend payment date
Melrose Industries PLCex-dividend payment date
Mid Wynd International Investment Trust PLCdividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
NextEnergy Solar Fund Ltddividend payment date
North Atlantic Smaller Cos Investment Trust PLCdividend payment date
Personal Group Holdings PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCdividend payment date
Quartix Technologies PLCex-dividend payment date
Renewables Infrastructure Group Ltddividend payment date
Schroder Real Estate Investment Trust Ltddividend payment date
SDCL Energy Efficiency Income Trust PLCdividend payment date
Smith & Nephew PLCex-dividend payment date
Taylor Wimpey PLCex-dividend payment date
Thames Ventures VCT 2 DSO 1 D PLCdividend payment date
Travis Perkins PLCex-dividend payment date
Utilico Emerging Markets Trust PLCdividend payment date
Vaalco Energy Incdividend payment date
Value & Indexed Property Income Trust PLCex-dividend payment date
VH Global Sustainable Energy Opportunities PLCdividend payment date
Volution Group PLCex-dividend payment date
Wynnstay Group PLCex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-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
19 Mar 2024 16:57

LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision

(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.

Read more
19 Mar 2024 11:52

LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

Read more
18 Mar 2024 11:49

LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

Read more
15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

Read more
15 Mar 2024 12:11

LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost

(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.

Read more
14 Mar 2024 11:54

BP details green credentials in similar push towards net zero as Shell

(Alliance News) - BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.

Read more
14 Mar 2024 10:19

BP picks up Ashford site to boost electric charging scope for trucks

(Alliance News) - BP PLC on Thursday stepped up plans to increase its electric charging capacity for heavy goods vehicles by buying one of the largest truck stops in Europe.

Read more
8 Mar 2024 13:42

BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

Read more
8 Mar 2024 12:20

IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

Read more
8 Mar 2024 10:33

BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

Read more
4 Mar 2024 15:29

London close: Stocks languish ahead of Wednesday's Budget

(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.

Read more
4 Mar 2024 10:43

Jefferies upgrades BP to 'buy'

(Sharecast News) - Jefferies upgraded BP on Monday to 'buy' from 'hold' and lifted the price target to 570p from 520p.

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.