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 Libya Oil. Show all posts
Showing posts with label Libya Oil. Show all posts
Friday, August 27, 2010
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.
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.
Tuesday, June 29, 2010
Libya Remains Confident in BP (NYSE:BP)
Libya said that it remains confident in BP (NYSE:BP) continuing operations in the country, according to the leading oil official in the state, Shokri Ghanem.
There will be no hindrance to them continue to drill for oil and gas in the country as a result of that confidence.
Ghanem, who also chairs the National Oil Corp. of Libya said this, “BP has huge capabilities, long-standing experience and high-standard abilities that it could use to tackle the spill and overcome the crisis.”
Libya holds more oil reserves than any other African country, and currently produces 1.55 million barrels daily.
There will be no hindrance to them continue to drill for oil and gas in the country as a result of that confidence.
Ghanem, who also chairs the National Oil Corp. of Libya said this, “BP has huge capabilities, long-standing experience and high-standard abilities that it could use to tackle the spill and overcome the crisis.”
Libya holds more oil reserves than any other African country, and currently produces 1.55 million barrels daily.
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