Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth 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: 462.30
Bid: 462.20
Ask: 462.30
Change: 1.90 (0.41%)
Spread: 0.10 (0.022%)
Open: 462.95
High: 463.80
Low: 460.70
Prev. Close: 460.40
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-BP oil spill probe did not address cost overruns -exec

Thu, 28th Feb 2013 22:35

By Kristen Hays

NEW ORLEANS, Feb 28 (Reuters) - BP Plc's investigation of its disastrous 2010 Gulf of Mexico blowout didnot address cost overruns on the well, the executive who ran theprobe said on Thursday - the final day of testimony this week inthe massive civil trial over the spill.

Plaintiffs contend that cost concerns prompted crew memberson the doomed Deepwater Horizon rig to rush wrap up thedrilling. The executive who led BP's internal investigation saidthe company did not focus on that angle.

"I don't recall it being part of our discussions," Mark Bly,BP's global head of safety and operational risk, said when askedabout cost overruns at the Macondo well on the third day oftestimony in the trial.

Bly, whose name is on the report of BP's internal probe,said he and the then-chief executive, Tony Hayward, set thescope of the probe three days after the explosion in April 2010,and did not include budgetary issues.

Plaintiffs lawyer Paul Sterbcow noted the Macondo welloperation had been $60 million over budget and more than a monthpast schedule at a cost of $1 million per day.

The U.S. Justice Department, Gulf Coast states andplaintiffs are suing well operator BP, rig owner Transocean Ltd, well cement provider Halliburton Co and others.

The plaintiffs have argued BP put profits above safety, andnoted forensic engineer Bob Bea, co-founder of the Center forCatastrophic Risk Management at the University of California,Berkeley, testified this week that there was "ample evidence ofintense pressure" from BP to save time and money.

Bly told Justice Department trial attorney Mike Underhillthat BP forged ahead with its plan to pump Halliburton-madecement into the well as part of finishing the job without havingreceived all the tests Halliburton conducted on the mixture tomake sure it would harden as required.

Bly said he thought they got results of some tests, but notall. When asked if that decision to move ahead was a decisionmade by BP supervisors on the rig or onshore, Bly replied, "Ibelieve that would be an onshore decision."

BP contends that Halliburton made substandard cement, whichfailed to provide an adequate barrier to oil and gas that laterblew out. Halliburton disputes that contention.

Underhill, in a rare light-hearted moment at the trial, hadstarted his questioning of Bly with a joke about automaticfederal spending cuts due to take effect on Friday. "You get meone day before my employer furloughs me," Underhill said.

Bly, who said he plans to retire in about two months, waspromoted to serve on the London-based oil company's executivemanagement committee shortly after CEO Bob Dudley took the helmin October 2010.

He earlier went through his conclusions in the report, whichspread the blame for mistakes that led to the well rupture andexplosion, which killed 11 men and let more than 4 millionbarrels of crude oil foul the Gulf.

The report laid most of the blame on Transocean, setting thetone for finger-pointing among the companies.

Allocation of blame is one of two focuses in this firstphase of the non-jury trial before U.S. District Judge CarlBarbier, which will run for months if it does not settle first.The other focus is severity of negligence among the companies.

Bly said BP's well site leader and Transocean crewsmisinterpreted a pressure test that signaled possible trouble inthe well, losing key reaction time. If pressure in the oilreservoir deep under the seabed is higher than that in the well,oil and gas will flow upward.

"That risk was neither recognized or addressed until it wastoo late?" Sterbcow asked.

"There were signs that the well was flowing," Bly said. "Itdidn't seem to be recognized or reacted to."

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
4 Jun 2024 17:16

European shares snap three-day winning streak on commodities' drag

Energy shares hit over two-month lows, biggest drag

*

Read more
4 Jun 2024 17:03

Sector movers: Miners, Big Oil weigh on FTSE 350

(Sharecast News) - Commodity related stocks were the chief drag on the FTSE 350 amid a combination of growth concerns and risk aversion.

Read more
4 Jun 2024 17:01

London stocks log declines as losses in miners weigh

FTSE 100 down 0.4%, FTSE 250 falls 0.9%

*

Read more
4 Jun 2024 16:53

LONDON MARKET CLOSE: Cooling US job market boosts rate cut hopes

(Alliance News) - Stock prices in London closed lower on Tuesday, with New York tracking down, amid some disappointing economic data from the US.

Read more
4 Jun 2024 11:59

LONDON MARKET MIDDAY: BP and Shell take hit as oil prices retreat

(Alliance News) - Stock prices in London were lower at midday Tuesday, with oil majors BP and Shell dragging the index lower as oil prices took a hit.

Read more
30 May 2024 20:55

Trinidad court recognizes ConocoPhillips' $1.3 bln claim against Venezuela

May 30 (Reuters) - A Trinidad and Tobago court order has granted ConocoPhillips the right to enforce a $1.33 billion claim against Venezuela for past expropriations, a decision that could complicate proposed offshore gas ventures between Trinidad and Venezuela.

Read more
29 May 2024 21:16

BP, Trinidad's NGC receive US license for gas development with Venezuela

May 29 (Reuters) - British oil major BP and Trinidad and Tobago's state energy firm NGC have received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad's energy minister said on Wednesday.

Read more
27 May 2024 11:00

BP, EOG Resources in talks to jointly develop Trinidad gas field

May 27 (Reuters) - Oil major BP and U.S. shale producer EOG Resources are in discussions to jointly develop a natural gas field off the coast of Trinidad and Tobago, the British company said.

Read more
25 May 2024 17:56

South Africa's Central Energy Fund acquires Durban refinery land, assets

CAPE TOWN, May 25 (Reuters) - South Africa's state-owned Central Energy Fund has acquired land and assets at the country's largest refinery which has been out of operation for the last two years, the energy ministry said on Saturday.

Read more
23 May 2024 21:40

Republican-led states ask Supreme Court to quash Big Oil climate lawsuits

May 23 (Reuters) - Nineteen Republican attorneys general have filed a rare complaint directly with the U.S. Supreme Court asking it to block several Democratic-led states from pursuing climate change-related litigation against major oil and gas companies in state courts.

Read more
22 May 2024 21:54

US lawmakers urge Justice Department to probe climate deception by Big Oil

May 22 (Reuters) - U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate whether the industry deceived the public about fossil fuels' impact on climate change.

Read more
22 May 2024 02:00

British firms expecting hard time in China market, lobby group warns

BEIJING, May 22 (Reuters) - British firms expect doing business in China to become harder over the next five years, a British business lobby group said on Wednesday, as Beijing strives to halt a retreat in foreign funds from a market once seen as the engine of global growth.

Read more
22 May 2024 00:01

US Cash Products-Chicago RBOB surges after refinery issues

NEW YORK, May 21 (Reuters) - Cash differentials for RBOB gasoline surged on Tuesday after a refinery that has faced operational issues in recent days bid higher for supplies, traders said.

Read more
16 May 2024 17:53

European shares snap nine-day winning streak as Siemens weighs

Roche gains on obesity drug results from early-stage trial

*

Read more
16 May 2024 17:33

FTSE 100 ends lower on disappointing corporate updates, BT Group soars

BT Group up after CEO aims for more than double free cash flow

*

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.