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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Zero Hedge

Dollar Tumbles As Trump Blasts China, EU "Currency Manipulation", Fed "Tightening"

Courtesy of ZeroHedge. View original post here.

After bouncing yesterday following White House reassurances of Fed independence and PBOC's big weakening of the Yuan fix, the dollar is tumbling again this morning... accelerating after Trump tweeted that "China, EU are manipulating their currencies," adding that Fed "tightening now hurts all that we have done."

China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing...



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Insider Scoop

10 Stocks To Watch For July 20, 2018

Courtesy of Benzinga.

Some of the stocks that may grab investor focus today are:

  • Wall Street expects Stanley Black & Decker, Inc. (NYSE: SWK) to report quarterly earnings at $2.04 per share on revenue of $3.50 billion before the opening bell. Stanley Black & Decker shares gained 0.98 percent to close at $139.65 on Thursday.
  • Microsoft Corporation (NASDAQ: ...


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Phil's Favorites

Why Comcast and Disney's bidding war for Sky has reached astronomical heights

 

Why Comcast and Disney's bidding war for Sky has reached astronomical heights

Courtesy of John Colley, Warwick Business School, University of Warwick

The bidding war between Comcast and Disney for European pay-TV giant Sky’s operations seems to have paused at Comcast’s latest bid. But not before reaching astronomical heights, reflective of the dubious thinking that is driving a lot of mergers and acquisitions at the moment.

Bidding by the two major US entertainment businesses for Sky had reached US$34 billion – with Comcast trumping Disney’s previous bid in the region of US$32 billion. This is ...



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Chart School

Small Caps Enjoy Best of Action

Courtesy of Declan.

There wasn't a whole lot going on today except Small Caps were able to attract some buyers despite finishing below resistance; bulls have been taking advantage of the 20-day MA test. Today's action coincided with 'buy' signals in the MACD and +DI/-DI.


The S&P held its breakout and today's losses - despite higher volume selling - didn't do a whole lot of damage.

...

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Digital Currencies

Citadel CEO Says Bitcoin Still A "Head Scratcher" But Billionaire Lasry Sees $40,000 Soon

Courtesy of ZeroHedge. View original post here.

Ken Griffin, the CEO and founder of the Citadel hedge fund, has reiterated his negative stance on Bitcoin (BTC) in an interview with CNBC this morning.

Speaking at the Delivering Alpha Conference in New York, ...



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Biotech

How summer and diet damage your DNA, and what you can do

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

 

How summer and diet damage your DNA, and what you can do

Bright sun and fatty foods are a bad recipe for your DNA. By Tish1/shutterstock.com

Courtesy of Adam Barsouk, University of Pittsburgh

Today, your body will accumulate quadrillions of new injuries in your DNA. The constant onslaught of many forms of damage, some of which permanently...



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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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ValueWalk

Buffett At His Best

By csinvesting. Originally published at ValueWalk.

Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS...



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Kimble Charting Solutions

The Stock Bull Market Stops Here!

 

The Stock Bull Market Stops Here!

Courtesy of Kimble Charting

 

The definition of a bull market or bull trends widely vary. One of the more common criteria for bull markets is determined by the asset being above or below its 200 day moving average.

In my humble opinion, each index above remains in a bull trend, as triple support (200-day moving averages, 2-year rising support lines, and February lows) are still in play ...



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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)

 

"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

"You’ve probably heard by now that Cambridge Analytica, which is backed by the borderline-psychotic Mercer family and was formerly chaired by Steve Bannon, had a decisive role in manipulating voters on a one-by-one basis – using their own personal data to push them toward voting ...



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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

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

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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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