Posts Tagged ‘well integrity test’

Pressure Test Failing, Stopping Short of Target

Oil Pressure Stopping Short of Target … Does that Mean the Well Integrity Test Is Failing?

Courtesy of Washington’s Blog

COCODRIE, LA - JULY 15: Workers (L) use absorbent boom to clean oil from a marsh on July 15, 2010 near Cocodrie, Louisiana. BP has resumed work on capping its leaking Gulf of Mexico oil well. (Photo by Mario Tama/Getty Images)

The well integrity test is arguably failing, as the pressures are not reaching the 8,000 psi minimum target.

CBS News notes:

The federal pointman for the BP oil spill says results are short of ideal in the new cap but the oil will stay shut in for another 6 hours at least.

Retired Coast Guard Adm. Thad Allen said on a Friday afternoon conference that pressure readings from the cap have not reached the level that would show there are no other leaks in the well.

He said the test will go ahead for another 6-hour period before being reassessed to see if BP needs to reopen the cap and let oil spill out again.

MSNBC writes:

Allen said two possible reasons were being debated by scientists: The reservoir that is the source of the oil could be running lower than expected three months into the spill. Or there could be an undiscovered leak somewhere down in the well.

The New York Times reports:

Thad W. Allen, the retired Coast Guard admiral who is overseeing the response to the gulf oil spill, said that while there were indications from the test that the well was in good shape, it was not yet possible to rule out damage that could complicate efforts to halt the leak permanently. 

“We want to be careful not to do any harm or create a situation that could not be reversed,” he said in a conference call with reporters Friday afternoon. 

***

Admiral Allen said the test would continue in six-hour increments and that any new data would be reviewed by scientists and engineers from the government, BP and other companies. He said there would be “enhanced monitoring” of the seabed, including acoustic tests that could detect tiny bubbles of methane gas coming from the bed, which would be evidence of damage to the well.

*** 

Admiral Allen said that such a pressure buildup suggested that the well was not damaged. But he said that the pressure level reached — about 6,700 pounds per square inch, or more than 450 times atmospheric pressure — was below that expected for an intact well.

One explanation for the ambiguity, he said, is


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Is the Well Integrity Test Failing?

Is the Well Integrity Test Failing?

Courtesy of Washington’s Blog

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 delayed the effort until long afterwards.

BP also admitted - many days after it stopped the top kill attempt – (1) that BP had to stop because mud was leaking out below the seafloor, and (2) that capping the well from the top could blow out the whole well.

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.

So BP doesn’t have a great track record of promptly informing us of what is happening.

But now that the well integrity test (background here and here) is underway, can we somehow tell if it’s working or not?

The government previously announced that the test would succeed if pressure in the well of 8,000-9,000 psi were observed for a sustained period. As Coast Guard admiral Thad Allen said:

We are looking for somewhere between 8,000 and 9,000 PSI inside the capping stack, which would indicate to us that the hydrocarbons are being forced up and the wellbores are being able to withstand that pressure. And that is good news.

If we are down around in the 4,000 to 5,000, 6,000 range that could potentially tell us that the hydrocarbons are being diverted someplace else, and we would have to try and assess the implications of that. And as you might imagine, there are gradations as you go up from 4,000 or 5,000 PSI up to 8,000 or 9,000. …

We will at some point try to get to 8,000 or 9,000 and sustain that for some period of time, and these will be done basically, as I said — if we have a very low pressure reading, we


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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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Trump's 'all-out effort' on climate is derelict and risky

 

Trump's 'all-out effort' on climate is derelict and risky

Floodwaters surround farm equipment in the aftermath of Hurricane Florence near Trenton, N.C., on Sept. 16, 2018. (AP Photo/Steve Helber)

Courtesy of Sameer H. Shah, University of British Columbia; Devyani Singh, University of British Columbia, and Scott McKenzie, University of British Columbia

...

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Zero Hedge

India's NPL Crisis Erupts: A Major Shadow Bank Defaults On Three Debt Payments

Courtesy of ZeroHedge. View original post here.

IL&FS Investment Managers, a unit of India’s Infrastructure Leasing & Financial Services (IL&FS) - an Indian infrastructure development and finance company and one of the nation's largest "shadow banks" - which announced three debt defaults on Friday, said on Saturday morning its Managing Director Ramesh Bawa had resigned as managing director and chief executive officer as a management exodus begins. The company's independent directors - Renu Challu, Surinder Singh Kohli, Shubh...



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Chart School

Bitcoin Update - Bullish pressure present

Courtesy of Read the Ticker.

If Venezuela or Argentina conducted business in bitcoin then their savings and wealth would be a lot better off. Yes Bitcoin and Litecoin have been volatile over the last few years,  but nothing like Bolivar (Venezuela) or the Peso (Argentina). 

You say they could use the US dollar, yes maybe so, but those who use the US dollar have to the yield to the US Federal Reserve where as bitcoin is decentralized and those who use it yield to no one.

In the next 12 to 18 months the lightning network and atomic swaps logic will forge Bitcoin and Litecoin together as the go to crypto decentralized currency. Of course massive risk, so the investor should be warned you can lose all your funds.  

Time to review the demand ...

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ValueWalk

Blackstone President Jon Gray Talks About C Corp Status

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Transcript: Blackstone President Jon Gray Speaks with CNBC’s David Faber Today

WHEN: Today, Friday, September 21, 2018

WHERE: CNBC’s “Power Lunch

Image source: CNBC Video Screenshot

The following is the unofficial transcript of a FIRST ON CNBC interview with Blackstone President Jon Gray on CNBC’s “Power Lunch” (M-F 1PM – 3PM) today, Friday, September 21st. The following is a link to video of the interview on CNBC.com:

Blackstone president Jon Gray says company is open to, but still studying whether it should become a C-c...

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Members' Corner

Why obvious lies still make good propaganda

 

This is very good; it's about "firehosing", a type of propaganda, and how it works.

Why obvious lies still make good propaganda

A 2016 report described Russian propaganda as:
• high in volume
• rapid, continuous and repetitive
• having no commitment to objective reality
• lacking consistency

...

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Kimble Charting Solutions

Doc Copper breaking out after large decline, says Joe Friday

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

Doc Copper over the past few months has been hit hard, as sellers drove it down nearly 25%.

This decline brought it to the price point (2), where four different support lines came into play, which looks like a support cluster. As the decline was taking place, momentum was hitting oversold levels.

Joe Friday Just The Facts Ma’am– This week Doc Copper is experiencing its strongest rally this year, as it breaks above steep falling resistance.

Should Doc Copper contin...



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Insider Scoop

Cantor Fitzgerald's 7 Buys For 7 Biotechs

Courtesy of Benzinga.

Cantor Fitzgerald has high hopes for patients with rare and orphan diseases. 

“We believe that biotech has entered a golden age of innovation and productivity across many therapeutic areas,” the firm said in a Friday note. Cantor expanded its portfolio with seven new neuro-innovator and platform-enabled therapeutics companies.

The ...

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Digital Currencies

Mania to Mania

 

Mania to Mania

Courtesy of 

“Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017.”

This comes from a CNN money article, Bitcoin crash: This man lost his savings when cryptocurrencies plunged. From January 2017 through the peak in early 2018, Ethereum gained 16,915%.

Any time you have something go vertical, you just know that some peopl...



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Biotech

Gene-editing technique CRISPR identifies dangerous breast cancer mutations

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

 

Gene-editing technique CRISPR identifies dangerous breast cancer mutations

Breast cancer type 1 (BRCA1) is a human tumor suppressor gene, found in all humans. Its protein, also called by the synonym BRCA1, is responsible for repairing DNA. ibreakstock/Shutterstock.com

By Jay Shendure, University of Washington; Greg Findlay, ...



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Mapping The Market

Mistakes were Made. (And, Yes, by Me.)

Via Jean-Luc:

Famed investor reflecting on his mistakes:

Mistakes were Made. (And, Yes, by Me.)

One that stands out for me:

Instead of focusing on how value factors in general did in identifying attractive stocks, I rushed to proclaim price-to-sales the winner. That was, until it wasn’t. I guess there’s a reason for the proclamation “The king is dead, long live the king” when a monarchy changes hands. As we continued to update the book, price-to-sales was no longer the “best” single value factor, replaced by others, depending upon the time frames examined. I had also become a lot more sophisticated in my analysis—thanks to criticism of my earlier work—and realized that everything, including factors, moves in and out of favor, depending upon the market environment. I also realized...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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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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