The hope of a lucrative find in Libyan waters seems to be diminishing for companies drilling offshore, including BP (NYSE:BP), which is prepared to begin exploration in the region this year.
By the end of 2010, BP says they're planning on drilling five deep-water wells in the Gulf of Sirte. The fields in the Gulf haven't been explored as a lot of other areas have.
Talking to the Financial Times, Wood Mackenzie analyst Ross Cassidy said prospects for oil in Libya could be hyped.
"We are coming up to the end of a 5-year period where there has not been a lot of notable exploration success to point to," said Cassidy. "Results have been poor when you compare with what was expected and hoped for."
The waters being drilled in off of Libya are close to 600 feed deeper than the Macondo well in the Gulf.
Showing posts with label BP Libya. Show all posts
Showing posts with label BP Libya. Show all posts
Friday, August 27, 2010
Thursday, August 26, 2010
BP (NYSE:BP) Tony Hayward Says No to Testifying
While everyone agrees it was a mistake to release the man convicted of bombing Pan Am Flight 103 over Lockerbie, Scotland, the pursuit of BP (NYSE:BP) by desperate Democrats attempting to find any issue to hang their hats on, is getting tiring and despicable.
BP CEO Tony Hayward, who will be stepping down soon, has rightly refused to testify before U.S. Senators on the matter.
British and Scottish leaders have already cleared BP in the matter, and said there was no specific request by BP to have bomber Abdel Baset al-Megrahi in exchange for oil contracts.
Hayward said, "BP has nothing to add to these clear, unequivocal statements."
It has been public knowledge for years that BP and the British government supported a prisoner exchange in relationship to oil exploration contracts, but that had nothing to do directly with al-Megrahi, as far as having a specific request made for his release. It was a general deal, according to the British.
BP CEO Tony Hayward, who will be stepping down soon, has rightly refused to testify before U.S. Senators on the matter.
British and Scottish leaders have already cleared BP in the matter, and said there was no specific request by BP to have bomber Abdel Baset al-Megrahi in exchange for oil contracts.
Hayward said, "BP has nothing to add to these clear, unequivocal statements."
It has been public knowledge for years that BP and the British government supported a prisoner exchange in relationship to oil exploration contracts, but that had nothing to do directly with al-Megrahi, as far as having a specific request made for his release. It was a general deal, according to the British.
Monday, August 16, 2010
BP (NYSE:BP) Launching Libyan Drilling by October
After some delays, BP (NYSE:BP) will start to drill off the coast of Libya at the latest by October, according to the leading oil official in Libya - Shokri Ghanem.
Ghanem, who is chairman of Libya's National Oil Corp., said this, "They are delaying because of technical problems. They want to be assured that all the instruments are working well, and they don't want a repeat of Macondo. It may take another two months at most."
Libya has been the center of some controversy for BP, as there was the attempt to connect them to the release of the Lockerbie bomber in exchange for oil business in the country, by some overzealous Democrats.
Ghanem, who is chairman of Libya's National Oil Corp., said this, "They are delaying because of technical problems. They want to be assured that all the instruments are working well, and they don't want a repeat of Macondo. It may take another two months at most."
Libya has been the center of some controversy for BP, as there was the attempt to connect them to the release of the Lockerbie bomber in exchange for oil business in the country, by some overzealous Democrats.
Monday, August 2, 2010
Radical Environmentalists Oppose BP (NYSE:BP) Drilling in Libya
Feeble attempts by radical environmentalists, and politicians they own, have focused on attempting to halt drilling for oil in Libya, as well as off the coast of the Shetland isles in Britain.
Attempts to pressure lawmakers to impose a moratorium on both areas as the misguided Obama administration has in the U.S. is unlikely to produce any results, as the fallout in every area, including jobs and energy makes it ridiculous in the first place, and dangerous as well. That doesn't take into account the tax revenue either, which shrinks the political will to do something in this regard.
As far as nationally, this is mostly instigated by Italy, which has absolutely no jurisdiction either of the oil wells, and neither does the European Union, concerning Libya.
The well in Libya will be about 820 feet deeper than the Macondo well, which is the one attempting to be plugged by BP in the Gulf of Mexico. It is will be about 5,740 feet deep.
The other well is near the Shetland islands, about 60 miles west of them, off the coast of Scotland. The well there would be up to 4,265 feet deep, and is at this time subject to the approval of the government.
The British government has said the won't give approval until assurances are offered that highest standards of safety and training are in place and have been implemented.
Attempts to pressure lawmakers to impose a moratorium on both areas as the misguided Obama administration has in the U.S. is unlikely to produce any results, as the fallout in every area, including jobs and energy makes it ridiculous in the first place, and dangerous as well. That doesn't take into account the tax revenue either, which shrinks the political will to do something in this regard.
As far as nationally, this is mostly instigated by Italy, which has absolutely no jurisdiction either of the oil wells, and neither does the European Union, concerning Libya.
The well in Libya will be about 820 feet deeper than the Macondo well, which is the one attempting to be plugged by BP in the Gulf of Mexico. It is will be about 5,740 feet deep.
The other well is near the Shetland islands, about 60 miles west of them, off the coast of Scotland. The well there would be up to 4,265 feet deep, and is at this time subject to the approval of the government.
The British government has said the won't give approval until assurances are offered that highest standards of safety and training are in place and have been implemented.
Thursday, July 29, 2010
Democrats Continue Sham Attack on BP (NYSE:BP) Over Lockerbie
Democrats are scrambling to keep the attention off of their dismal record since they took control of the country, and continue to pursue BP (NYSY:BP) over the so-called issue concerning Scotland's release of the Lockerbie bomber.
Every single lawmaker in Britain has already said there is absolutely no connection between BP and the release of Abdelbaset Ali Mohmet al-Megrahi, who was believed to have only three months to live at the time because of cancer.
Democratic Senator Robert Menendez has resumed the faux whining about the circumstance, with Democrats evidently angry over it not taking hold in the minds of the American public, who, for the most part, don't believe BP had anything to do with it.
Now the Democrats look like Chicago thugs rather than statesmen, as they went so far as to call the non-existent event one of "blood money," causing an even bigger rift in relations with one of our strongest historical allies, Britain.
Menendez has now invoked the name of Tony Hayward in an attempt to revive the issue, knowing how deeply angry the public is with him, and that he can get away with bashing him, this time about not showing up for the media show which had meant to be created to make Democrats look tough for their base.
The attempt to create a circus in order to probe the lame duck CEO of BP backfired on them, as they've had to reschedule it for September, even though it's highly unlikely Hayward will attend.
The September date was mentioned because of the elections to come soon afterwards, which the Democrats would use the highly emotional issue to attempt to draw votes in an election where they are expected to get crushed in.
Too bad Democrats don't mind destroying relationships with allies of the American people in order to garner a few votes.
Every single lawmaker in Britain has already said there is absolutely no connection between BP and the release of Abdelbaset Ali Mohmet al-Megrahi, who was believed to have only three months to live at the time because of cancer.
Democratic Senator Robert Menendez has resumed the faux whining about the circumstance, with Democrats evidently angry over it not taking hold in the minds of the American public, who, for the most part, don't believe BP had anything to do with it.
Now the Democrats look like Chicago thugs rather than statesmen, as they went so far as to call the non-existent event one of "blood money," causing an even bigger rift in relations with one of our strongest historical allies, Britain.
Menendez has now invoked the name of Tony Hayward in an attempt to revive the issue, knowing how deeply angry the public is with him, and that he can get away with bashing him, this time about not showing up for the media show which had meant to be created to make Democrats look tough for their base.
The attempt to create a circus in order to probe the lame duck CEO of BP backfired on them, as they've had to reschedule it for September, even though it's highly unlikely Hayward will attend.
The September date was mentioned because of the elections to come soon afterwards, which the Democrats would use the highly emotional issue to attempt to draw votes in an election where they are expected to get crushed in.
Too bad Democrats don't mind destroying relationships with allies of the American people in order to garner a few votes.
Monday, July 26, 2010
BP (NYSE:BP) Ready to Launch Libya Offshore Drilling
In deal three years in the making, BP (NYSE:BP) is poised to launch its drilling program into Libyan offshore waters, in a well that will be deeper than the Macondo field well, which has been leaking oil into the Gulf of Mexico until a second containment cap stopped the spill from continuing to enter the waters.
The Libya deepwater drilling will be in the Gulf of Sirte, and is set to start in the next several weeks.
BP spokesman David Nicholas said to AFP news on Saturday: "We expect to begin the first well in the next few weeks," also saying it "can take six months or more to drill."
Concerning the outrageous accusations by Democrats in America that BP and/or the British government had released the Lockerbie bomber in order to secure the oil contracts, UK Foreign Secretary William Hague said this, "There is no evidence that corroborates in any way the allegation of BP's involvement in the Scottish Executive's entirely separate decision to release him on compassionate grounds."
According to Scottish Justice Secretary Kenny MacAskill, all the material related to the incident is in the public domain, and nothing is left to be relieved, other than the communication between the governments of the US and the UK over the matter. That can only be released if given permission from the United States.
Every politician asked in Britain has said there is no connection between BP and the Lockerbie bomber release, and the accusation and showcase hearings meant to distract the American people away from the horrid performance of the Democrats is ridiculous and needs to be stopped.
It underscores the desperate plight of the Democrats who have rejected the will of the American people and forced through unwanted legislation, along with uncontrolled spending, which generations of Americans will have to pay back.
To risk solid relations with the UK in order to protect themselves, well, from themselves, is the ultimate in reckless behavior.
The Libya deepwater drilling will be in the Gulf of Sirte, and is set to start in the next several weeks.
BP spokesman David Nicholas said to AFP news on Saturday: "We expect to begin the first well in the next few weeks," also saying it "can take six months or more to drill."
Concerning the outrageous accusations by Democrats in America that BP and/or the British government had released the Lockerbie bomber in order to secure the oil contracts, UK Foreign Secretary William Hague said this, "There is no evidence that corroborates in any way the allegation of BP's involvement in the Scottish Executive's entirely separate decision to release him on compassionate grounds."
According to Scottish Justice Secretary Kenny MacAskill, all the material related to the incident is in the public domain, and nothing is left to be relieved, other than the communication between the governments of the US and the UK over the matter. That can only be released if given permission from the United States.
Every politician asked in Britain has said there is no connection between BP and the Lockerbie bomber release, and the accusation and showcase hearings meant to distract the American people away from the horrid performance of the Democrats is ridiculous and needs to be stopped.
It underscores the desperate plight of the Democrats who have rejected the will of the American people and forced through unwanted legislation, along with uncontrolled spending, which generations of Americans will have to pay back.
To risk solid relations with the UK in order to protect themselves, well, from themselves, is the ultimate in reckless behavior.
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