Friday, June 11, 2010

BP (NYSE:BP) Oil Siphoning Doubling in July

BP (NYSE:BP) (LON:BP) said the amount of oil they'll be able to capture through their siphoning system will double by the middle of July, according to Coast Guard Admiral Thad Allen.

Collection capacity will reach as high as 50,000 barrels a day, which evidently means another ship or two would be needed, the current ship only is able to process at most, 18,000 barrels a day.

It could be they are counting on flaring or burning off the rest, as they have a second ship in the area which will be activated next week, and that one is an oil-flaring rig.

At 50,000 barrels a day, assuming there is that much to capture, it would be a huge waste simply burn it off rather than use it, but they'll probably wait till they are able to determine how much oil is actually escaping the oil well before making those decisions.

New week a new containment system will be put in place, which is why the amount of oil captured could reach the 50,000 barrels a day mark.

1 comment:

Anonymous said...

But I thought that this was only currently producing about 12000 barrels a day? Hmmm...something is amiss I fear. Could it possibly be that BP has been, wait for it, LYING all this time. Else how could they capture 50k barrels per day.