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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Phil's Favorites

Pittsburgh trauma surgeon: 'Stop the Bleed' training saved lives after shooting, but stopping the need must be next

 

Pittsburgh trauma surgeon: 'Stop the Bleed' training saved lives after shooting, but stopping the need must be next

A SWAT team arriving at Tree of Life synagogue, Oct. 27, 2018. Gene J. Puskar/AP Photo

Courtesy of Matthew D. Neal, MD FACS, University of Pittsburgh

I am a trauma surgeon who cared for many of the critically wounded victims of the Tree of Life synagogue shooting. As we raced to find the source of blood loss in one of the most severely injured patients, one of my trauma surgeon partners, a U.S. Army veteran of multiple tours,...



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Zero Hedge

Apple Slumps Back Below Key Technical Support, Loses $150 Billion In A Week

Courtesy of ZeroHedge. View original post here.

Apple has never lost more market cap in seven short days... ever. The 'no brainer' stocks

Following yet another downgrade overnight (from Goldman this time), the world's largest market cap company fell back below its 200DMA at the open, attempted to stage a comeback,

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Kimble Charting Solutions

Party Like 1999 & 2000 or respect bearish divergences?

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

This 4-pack looks at the DJ Home Construction, Banks, Junk Bonds and the S&P 500, highlighting that bearish divergences took place in 1999 and 2007 at each (1). These assets were sending bearish topping messages “BEFORE” the tops in 2000 & 2007.

Looking at this year, each asset has been creating bearish divergence since early 2018 at each (2).

Are each of these assets sending an important Risk/Reward message again or will it be different this time?

Just the Facts Ma’am– The majority of stock indices remain above respectiv...



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Insider Scoop

28 Stocks Moving In Tuesday's Pre-Market Session

Courtesy of Benzinga.

Gainers
  • Globus Maritime Limited (NASDAQ: GLBS) rose 34.9 percent to $10.59 in pre-market trading following Q3 results. Globus Maritime reported third-quarter earnings of 0.08 per share, up from $(0.05) in the same quarter of last year. Sales came in at $4.861 million, up from $3.982 million year-over-year.
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Members' Corner

NY Times: OPERATION INFEKTION

 

This is a three-part Opinion Video Series from NY Times about Russia’s meddling in the United States’ elections as part of its "decades-long campaign to tear the West apart." This is not fake news. Read more about the series here.

OPERATION INFEKTION

RUSSIAN DISINFORMATION: FROM COLD WAR TO KANYE

By Adam B. Ellick and Adam Westbrook

EPISODE 1

MEE...



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Chart School

Weekly Market Recap Nov 11, 2018

Courtesy of Blain.

This past week was saw another positive move up by bulls – especially in the Dow and S&P 500; the NASDAQ was not quite as enthusiastic.   Wednesday’s rally was on the legs of an election that was seen as market friendly or at least not as bad as it could have been.   Essentially – paying people a lot of money to get nothing done the next 2 years – woo hoo!

The market is interpreting Wedneday’s result as insuring that “no big things will get done,” in Washington between now and 2020, Craig Birk, chief investment officer at Personal Capital told MarketWatch. “The market appreciates the relative certainty of the slow legislative agenda.” he said.

“As President Trump plans his 2020 reelection campaign, a gridlocked Congress is unlik...



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Digital Currencies

Bitcoin's high energy consumption is a concern - but it may be a price worth paying

 

Bitcoin's high energy consumption is a concern – but it may be a price worth paying

Shutterstock

Courtesy of Steven Huckle, University of Sussex

Bitcoin recently turned ten years old. In that time, it has proved revolutionary because it ignores the need for modern money’s institutions to verify payments. Instead, Bitcoin relies on cryptographic techniques to prove identity and authenticity.

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ValueWalk

Vilas Fund Up 55% In Q3; 3Q18 Letter: A Bull Market In Bearish Forecasts

By Jacob Wolinsky. Originally published at ValueWalk.

The Vilas Fund, LP letter for the third quarter ended September 30, 2018; titled, “A Bull Market in Bearish Forecasts.”

Ever since the financial crisis, there has been a huge fascination with predictions of the next “big crash” right around the next corner. Whether it is Greece, Italy, Chinese debt, the “overvalued” stock market, the Shiller Ratio, Puerto Rico, underfunded pensions in Illinois and New Jersey, the Fed (both for QE a few years ago and now for removing QE), rising interest rates, Federal budget deficits, peaking profit margins, etc...



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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

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