Tuesday, June 15, 2010

Fire on BP (NYSE:BP) Oil Processing Vessel

Earlier today BP (NYSE:BP) had to stop capturing and processing oil as a fire broke out on the Discoverer Enterprise, the oil tanker being used to collect the oil on a daily basis since the cap was placed on the oil well.

There was reportedly no permanent damage to the BP vessel, and the oil processing stoppage was only temporary.

Conjecture is the fire probably started as a result of the ship being hit by lighting, which caused the stoppage in oil recovery at about 10:30 AM EDT.

Another ship in the area, Q4000, may begin operations for capturing oil in the area today, which would add approximately 50 percent more capacity to capturing the oil, reaching up to 28,000 barrels a day.

With no one really sure as to how much oil is escaping the oil well, it seems BP is taking a incremental strategy to attack the problem, although if they need to, they're ready to capture up to 50,000 barrels of oil if there is that much leaking into the Gulf.

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