Posts Tagged ‘top kill’

Well Integrity Test Has Now Started, But Oil Industry Experts Ask “What the Hell Are They Doing?”

Well Integrity Test Has Now Started, But Oil Industry Experts Ask "What the Hell Are They Doing?"

Courtesy of Washington’s Blog

Admiral Thad Allen just announced that the well integrity test will commence tonight. For background on what this means, see this and this.

As I noted yesterday, BP suspended the "top kill" operation for 16 hours – because, according to numerous experts, it was creating more damage to the well bore – without even telling the media, local officials or the public that it had even delayed the effort until long afterwards.

Similarly, it took more than 5 hours for BP to publicly announce the delay of the well integrity test after the decision to delay was made.

Oil industry expert Rob Cavner – who has been right about virtually everything so far, previously explaining that there is damage in the oil well beneath the seafloor, and that BP has to let the oil spill keep on gushing to avoid further damage to the well bore until the well can be killed with relief wells (subsequently confirmed by BP) – now says that he is worried that the well integrity test could further damage the well bore and could blow out the entire well:
 

And as Cavner points out today, the government and BP are fooling around instead of killing off this monster once and for all with the relief wells:

 
 

What? Well integrity test? I’ve looked back through all of my notes, blog entries, and reviewed BP’s and the Unified Command’s communications. I’ve even done multiple internet searches, and found the first mention of a "well integrity test" related to BP on this past Sunday, July 11. Certainly I could have missed something, but I don’t recall even a single mention of what I consider to be probably the most significant (and risky) operation BP has conducted since the much hailed, and utterly failed, top kill procedure that kept the masses enthralled during the Memorial Day weekend.

***

This morning, we learned that, even thought the stack has now been set for 3 days, they actually haven’t hooked up the two new valves. He also announced that yesterday, they pulled all of the ships off site to run


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Catastrophe in the Gulf: How Bad Could It Get?

Catastrophe in the Gulf: How Bad Could It Get?

By Bryan Walsh, courtesy of TIME

 

Peter van Agtmael / Magnum for TIME

When Captain James Peters kicks his three engines into high gear, hold on to your hat — and your body too, if you don’t want to end up overboard in the Mississippi Delta. Ordinarily on a clear June day like this one, Peters would be taking out a pack of eager sport fishermen from his home port in the southeastern Louisiana town of Venice, a community that proudly bills itself as the fishing capital of the world. But since the Deepwater Horizon oil rig exploded on April 20 — triggering a spill that is bleeding hundreds of thousands of gallons of oil a day into the Gulf of Mexico — there hasn’t been a whole lot of fishing in Louisiana. So instead, Peters has been escorting scientists and environmentalists like Maura Wood, the program manager for the National Wildlife Federation’s Louisiana coastal program, to see the oil and its effects on the wetlands firsthand.

As the boat roars out of the marshes and into the open water southwest of Venice, Wood and her colleagues pass the oil and gas platforms scattered just beyond the Mississippi Delta, oddly birdlike with their long steel legs and tightly nestled mechanical bodies elevated above the water. It takes a while, but 16 miles (26 km) into the Gulf, Wood finds what she’s looking for: a long band of reddish oil, thick enough to muffle the wake of Peters’ boat. Up close, the petroleum — refracting the punishing Gulf sunlight — looks like a malignant lesion on the skin of the water. Wood puts on a respirator to protect herself from the fumes and drops a hand into the muck. It emerges with brown, sludgy crude clinging to the blue latex of her glove. "You can see how it adheres and what that…
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BP Robots to Cut Damaged Pipe; Oil Dispersant Maker Says ‘We Have Nothing to Hide’; Oil Déjà Vu

BP Robots to Cut Damaged Pipe; Oil Dispersant Maker Says ‘We Have Nothing to Hide’; Oil Déjà Vu

Courtesy of Mish

Oiled Guillimot after Empress oil spill,West Wales

With Top Kill officially dead, BP has moved on to an option involving underwater robots to cut the pipe, followed by another funneling scheme.

Please consider BP’s Robots to Begin Next Attempt to Curb Record Oil Spill

BP Plc will use undersea robots to begin cutting damaged pipe from its leaking oil well off Louisiana as early as today, risking temporarily increasing the flow as it makes another attempt to end the largest oil spill in U.S. history.

“BP and the government have no choice but to proceed,” Jason Kenney, an Edinburgh-based analyst for ING Commercial Banking, who rates the shares a “buy” and owns none, said yesterday in an interview. “This is war. As in all wars, it rarely goes smooth.”

Using remote-controlled vehicles at the mile-deep well, BP plans to shear away most of the damaged pipe that once rose from the well to the Deepwater Horizon. Then it will make a more precise cut with a diamond-toothed band saw, BP Managing Director Robert Dudley said in television interviews yesterday.

That will make a clean junction for a gasket-lined cap intended to catch most of the oil and route it to the surface through a pipe, Dudley said.

The new funnel may enable BP to capture as much as 90 percent of the oil and gas escaping from the well, Dudley said on “Face the Nation.” BP is also preparing a second blowout preventer that may be bolted on in place of the cap and used to try again to stop all leakage, he said.

The spill may cost BP $22 billion should it continue through early August, when the company expects to plug the leak with one of the relief wells, Kenney, the ING analyst, said yesterday. That compared with his estimate of $5.3 billion had the latest attempt to plug the well worked.

BP fell 5 percent to 494.8 pence in London trading on May 28 and has lost 25 percent of its market value since the blast.

Well Could Leak Until August 

An aide to Obama says US Spill could last until August.

Oil could gush into the Gulf of Mexico from the BP BP.L. rig until August and the U.S. government is "preparing for


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BP Abandons Top Kill; More Images; Failed Politics and Policies; Can BP do Anything Right?

BP Abandons Top Kill; More Images; Failed Politics and Policies; Can BP do Anything Right?

Courtesy of Mish

Gulf Coast Struggles With Oil Spill And Its Economic Costs

It’s back to the drawing board. BP has given up with the idea of sinking mud, golf balls, tires, and other junk into the well to plug it. Top Kill is officially dead.

Bloomberg reports BP Abandons ‘Top Kill’ Plan That Failed to Cap Leak.

BP Plc said it will switch to a new strategy to cap a leaking oil well in the Gulf of Mexico after a three-day effort to stop the flow with a blast of pressurized fluids was unsuccessful.

At a press conference today, Doug Suttles, the BP executive in charge of the spill response, said the top kill strategy didn’t work. BP will now try a containment device known as a lower-marine riser package cap, Suttles said.

Oil from the spill may have spread underwater for 22 miles toward Mobile, Alabama, researchers aboard a University of South Florida vessel reported May 27. Initial tests aboard the Weatherbird II show the highest concentrations of “dissolved hydrocarbons” were 400 meters (1,312 feet) below the surface.

BP plans to install the new blowout preventer on top of the existing one, Suttles said. BP will then try to use the valves on the new blowout preventer to stop the flow.

“We’re still looking at a month before we get this thing killed,” Les Ply, a retired mud engineering consultant for the oil industry, said today in a telephone interview. “I think we’re looking at a week to 10 days to get this riser and cap in place.”

The new method, if successful, would stop the leak long enough for a so-called relief well to be drilled nearby and provide a permanent seal.

Crews are ahead of schedule in drilling a relief well and are about halfway to the end, with around 6,000 feet left to go, Suttles said. Completion of the well is still expected by about early August, he said.

Drilling on the second of two relief wells, which was temporarily suspended so that its blowout preventer could be available if the top kill failed, is expected to resume “shortly,” David Nicholas, a spokesman for BP, said today in a telephone interview.

BP’s costs from the spill rose to $940 million, the London- based company, the largest producer of oil and gas from the


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Simmons Says Obama Should Detonate Nukes to Seal Oil Leak; Obama Suspends Deep Water Drilling Programs; Scientists Locate Another Vast Oil Plume

Simmons Says Obama Should Detonate Nukes to Seal Oil Leak; Obama Suspends Deep Water Drilling Programs; Scientists Locate Another Vast Oil Plume

Courtesy of Mish

BP uses Top Kill method to try to stop oil leak in the Gulf of Mexico

News in the gulf regarding BP’s oil leak is grim. The "Top Kill" plan has reportedly failed although BP says it will continue efforts.

Worse yet, Matt Simmons says "Top Kill" is a sideshow, misses the big problem, and we might need nukes to seal the leak.

Let’s take a look at those stories starting with BP Engineers Making Little Headway on Leaking Well.

BP engineers struggled Friday to plug a gushing oil well a mile under the sea, but as of late in the day they had made little headway in stemming the flow.

Amid mixed messages about problems and progress, the effort — called a “top kill” — continued for a third day, with engineers describing a painstaking process of trying to plug the hole, using different weights of mud and sizes of debris like golf balls and tires, and then watching and waiting. They cannot use brute force because they risk making the leak worse if they damage the pipes leading down to the well.

Despite an apparent lack of progress, officials said they would continue with the process for another 48 hours, into Sunday, before giving up and considering other options, including another containment dome to try to capture the oil.

Deep Water Drilling Grinds to Halt

Bloomberg reports Oil Industry Faces Its ‘1,000-Year Flood’ as Drilling Is Halted

“The spill is like the 1,000-year flood: it’s the worst- case scenario,” said Brian Youngberg, an analyst with Edward Jones in St. Louis. “It’s hard to prepare for those extreme situations like that.”

Obama dropped plans to open waters off the coast of Virginia to drilling, canceled a lease sale in the Gulf, and suspended the permitting process for Royal Dutch Shell Plc’s planned wells off of Arctic Alaska. He said new safety rules will be imposed on offshore drilling.

U.S. oil output may be cut by 160,000 barrels a day next year as a result of the ban, according to Deutsche Bank AG. A one-year delay to deep-water projects would reduce global supplies by 500,000 barrels a day between 2013 and 2017, Sanford C. Bernstein said.

Shell has five wells affected by Obama’s call to halt drilling at 33 exploratory locations. Eni SpA, based in Rome, and


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BP Pressured Worker, 30-Year Old Playbook Response

BP Pressured Rig Worker to Hurry Before Disaster, Father Says

Oiled Guillimot after Empress oil spill,West Wales

By Joe Carroll and Laurel Brubaker Calkins, Bloomberg

May 28 (Bloomberg) — The highest-ranking crew member to perish aboard the Deepwater Horizon drilling rig warned his family that BP Plc was pressuring him to sacrifice safety for the sake of time and money, his father said.

Jason Anderson, one of 11 rig workers presumed dead after an April 20 explosion and fire sank the Deepwater Horizon and triggered the worst oil spill in U.S. history, told relatives in February and March that BP was urging him to accelerate work on the Macondo well off the Louisiana coast, said his father, Billy Anderson.

On previous wells drilled with the same rig, Jason Anderson, a 35-year-old employee of vessel owner Transocean Ltd., had been able to convince BP representatives to eschew shortcuts that he believed would compromise safety, his father said. But in the eight weeks preceding the disaster, BP stepped up the pressure and overruled safety objections, Billy Anderson, 66, said.

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BP Using 30 Year-Old Playbook in Responding to Oil Spill? 

Washington’s Blog

Preface for my conservative readers: Yes, I know … Maddow is very liberal. But her claims are either true or they are not true. Let’s focus on her claims. If anyone can refute them, let me know, and I’ll post a retraction.

Rachel Maddow claims that a top kill type maneuver – pumping in cement and saltwater – was tried during the giant 1979 Ixtoc oil spill, but didn’t work.

Maddow also says:

  • The precursor to the same company operating the Deepwater Horizon drilling well – Transocean – operated the Ixtoc rig
  • The cause of both oil spills was the same: a malfunctioning blowout preventer
  • The location of the spill was the same: the Gulf
  • The sizes of both spills were massive
  • A "top hat" operation was attempted unsuccessfully. During the Ixtoc spill, it was named


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ValueWalk

9 Tech Trends That Might Just Change The World

By Luke Fitzpatrick. Originally published at ValueWalk.

A lot can happen in a decade. Just take a look at how different life is today compared to 2010. Smartphones and automated technologies have made our lives much easier in a lot of ways, while the new age of constant connectivity has altered the way we work, shop, and relate to one another.

Far from slowing down, the pace of progress is getting faster all the time. Some of the new technologies on the horizon are prone to change the world as we know it. Here are 9 tech trends to keep an eye on this year.

1. Augmented human’s

Like the smartphones in our pockets, humanity itself is going to get an upgrade. If the rapid rise of wearable technology is anything to go by, it’s...



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Phil's Favorites

Economists: Biden's $1,400 COVID-19 checks may be great politics, but it's questionable economics

 

Economists: Biden's $1,400 COVID-19 checks may be great politics, but it's questionable economics

Most people used the first coronavirus check to pad their savings or pay down debt. AP Photo/Eric Gay

Courtesy of Robert H. Scott III, Monmouth University and Kenneth Mitchell, ...



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Zero Hedge

Afternoon Wood: ARK Founder Says "Carnage" Coming In Energy & Finance, "Optimistic" About Tech Names

Courtesy of ZeroHedge

Cathie Wood made the first appearance in her Monday media tour when she took to CNBC at 3PM eastern to talk about the tech rout, which has crushed numerous ARK ETFs. ARKK was plumbing new lows when the conversation started with "the woman who has captured the attention of Wall Street", as CNBC's Wilfred Frost introduced her.

About The Sell Off

When asked how concerned she was about the market, Wood did not attribute the tech pullback to rates rising. "We've been struck that the market never priced in 0.5%, 1% or 1.5% interest rates," she said. "Over time markets have used a normalized 3% to 5%, and we don't think that's why the market is correcting." ...



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Kimble Charting Solutions

China Creates Back To Back Bearish Patterns At 6-Year Resistance!

Courtesy of Chris Kimble

Could China be sending an important message to stocks around the world? Very possible!

This chart looks at the Shangai Index on a monthly basis since the early 2000s.

The index has peaked twice in the past 6-yeas at its 50% Fibonacci retracement level. These peaks took place in 2015 and 2017 and were followed by declines of at least 25%.

The past two months it has tested this 6-year resistance line/50% Fibonacci level, where it created back-to-back monthly bearish reversal patterns.

If the index closes much below risi...



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Chart School

Who is King? The Bond Market or the FED

Courtesy of Read the Ticker

The King Arthur story is battle between a false KING and the true KING. Generally the movie involves surprises, love and violence, and all this coming to the risk on markets very soon. 

The financial blog space expects the FED to do some sort of Yield Curve Control (YCC) to hold interest rates down while inflation moves higher, this is allowing inflation to run hot. The FED wishes to do this over time to deflate the debt away. Very similar to the 1940's post WW2, yields were pegged to 2% and risk on assets went sky high.

However Peter Boockvar suggest the FED may soon learn it is not in control and the true king of the markets is the BOND MARKET. Peter says simply the bond market is telling the FED to bite me!

The FED is not us...

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Biotech/COVID-19

88% Of COVID Deaths Occurred In Countries Where Over Half Of Population Overweight

Courtesy of ZeroHedge View original post here.

A new report by the World Obesity Federation found that 88% of deaths in the first year of the pandemic occurred in countries where over half of the population is classified as overweight - which is defined as having a body mass index (BMI) above 25. Of note, BMI values above 30 - considered obese - are associated with 'particularly severe outcomes,' accor...



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Politics

Why repressive Saudi Arabia remains a US ally

 

Why repressive Saudi Arabia remains a US ally

A demonstrator dressed as Saudi Arabian Crown Prince Mohammed bin Salman with blood on his hands protests outside the Saudi Embassy in Washington, D.C., on Oct. 8, 2018. Jim Watson/AFP via Getty Images

Courtesy of Jeffrey Fields, USC Dornsife College of Letters, Arts and Sciences

Saudi Crown Prince Mohammad bin Salman “approved an operation … to capture or kill Saudi journalist Jamal Khashoggi,” according to a...



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Mapping The Market

Which Governments Ordered Johnson & Johnson's Vaccine?

 

Which Governments Ordered Johnson & Johnson's Vaccine?

Courtesy of Niall McCarthy, Statista

On Wednesday, U.S. regulators announced that Johnson & Johnson's Covid-19 vaccine being developed by its subsidiary Janssen Pharmaceuticals in Belgium is effective at preventing moderate to severe cases of the disease. The jab has been deemed safe with 66 percent efficacy and the FDA is likely to approve it for use in the U.S. within days.

The Ad26.COV2.S vaccine can be stored for up to three months in a refrigerator and requires a single shot, ...



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Digital Currencies

Crypto - It Is Different This Time

 

Crypto – It Is Different This Time

Courtesy of Howard Lindzon

?I have been astonished as you know by the growth of crypto.

I remember back in 2017 when I noticed that Stocktwits message volume on Bitcoin ($BTC.X) surpassed that of $SPY. I knew Bitcoin was here to stay and Bitcoin went on to $19,000 before heading into its bear market.

Today Bitcoin is near $50,000.

Back in November of 2020, something new started to happen on Stocktwits with respect to crypto.

After the close on Friday until the open of the futures on Sunday, all Stocktwits trending tickers turned crypto. The weekend messages on Stocktwits have increased 400 percent.

That has continued each weekend...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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