After the devastating damage caused by the imposition of the oil drilling moratorium in the deep waters of the Gulf of Mexico after the BP (NYSE:BP) oil spill, U.S. Interior Secretary Kenneth Salazar has asked via his lawyers that U.S. District Judge Martin Feldman throw out the suit because it's irrelevant now that the Obama administration has lifted it.
In a court filing, Ignacia Moreno, an assistant attorney general in the Justice Department’s environmental division, said this: "The secretary’s termination of the suspensions under the July directive has eradicated the effects of the alleged violations by providing plaintiff with the relief it was seeking. The termination directive has mooted plaintiff’s claims."
I wonder how it has eradicated the effects of the devastation while the moratorium was in effect? It's about as ignorant a statement I've ever heard from a lawyer in my life.
That's like saying I've torn up your property over the last three months, but since I'm no longer doing it, the lawsuit your filed against me should be thrown out because it is no longer doing you any harm. Guess what? The victim still has to pay to get the property restored, and that's why the lawsuit against the administration needs to be allowed to continue by the judge.
It's arguable as to whether or not the moratorium has been lifted besides in word, as new regulations basically keep it in place, and companies probably won't start drilling again for at least a month, and probably much longer.
That's why Salazar lifted the moratorium, in an attempt to secure a little political capital going into the election season, as it would have been able to be used by several people running for office in the Gulf states against their Democrat opponents; although I'm sure they'll bring it up anyway, although some Democrats from the Gulf states did oppose the oil moratorium as well.
So we have the moratorium lifted but no drilling allowed to be performed in the Gulf at this time. That means the moratorium never had any relevancy, and the arrogance of Salazar and the Obama administration in imposing the moratorium after it was rejected by the judge, shows the bizarre length they'll go to force their will on the American people.
Hopefully the judge will allow the lawsuit to go forward so we can be reminded of what the Obama administration did, and maybe end up having to pay for their deeds.
Showing posts with label Oil Drilling. Show all posts
Showing posts with label Oil Drilling. Show all posts
Thursday, October 14, 2010
Wednesday, June 2, 2010
Environmentalists Cause of BP (NYSE:BP) Disaster
Energy Policy:
To save the environment, a senator from Pennsylvania wants to shut off a major source of natural gas. Weren't the roads to the Exxon Valdez and Deepwater Horizon disasters paved with equally good intentions?
Environmentalism did not cause the Deepwater Horizon oil disaster, but it did help make it possible, just as 1989's Exxon Valdez disaster, which the Gulf Oil spill has now eclipsed, was also ironically made possible by a desire to protect the environment.
The original plan when oil was discovered at Prudhoe Bay on Alaska's North Slope was to build a pipeline directly to the northern border of the 48 contiguous states. Groups like the Sierra Club waged a major battle against both the Prudhoe Bay development and the pipeline.
They lost on the drilling but won a small victory in forcing the pipeline to not traverse the continent via a safer land route but to dead end at the port of Valdez, Alaska. The rest, as they say, is history.
Had the oil companies gotten their way, there would have been no tanker to be run aground by its captain on March 24, 1989, causing 10.8 million gallons of crude oil to be dumped into Alaskan waters.
Rest of Story
To save the environment, a senator from Pennsylvania wants to shut off a major source of natural gas. Weren't the roads to the Exxon Valdez and Deepwater Horizon disasters paved with equally good intentions?
Environmentalism did not cause the Deepwater Horizon oil disaster, but it did help make it possible, just as 1989's Exxon Valdez disaster, which the Gulf Oil spill has now eclipsed, was also ironically made possible by a desire to protect the environment.
The original plan when oil was discovered at Prudhoe Bay on Alaska's North Slope was to build a pipeline directly to the northern border of the 48 contiguous states. Groups like the Sierra Club waged a major battle against both the Prudhoe Bay development and the pipeline.
They lost on the drilling but won a small victory in forcing the pipeline to not traverse the continent via a safer land route but to dead end at the port of Valdez, Alaska. The rest, as they say, is history.
Had the oil companies gotten their way, there would have been no tanker to be run aground by its captain on March 24, 1989, causing 10.8 million gallons of crude oil to be dumped into Alaskan waters.
Rest of Story
Friday, May 28, 2010
Marathon (NYSE:MRO), Anadarko (NYSE:APC), Shell (NYSE:RDS-A), Most Exposed to Gulf Ban
As the market digests the move by Barack Obama to ban drilling at 33 locations in the Gulf of Mexico, those companies most affected by the ban are Marathon (NYSE:MRO), Anadarko (NYSE:APC), Shell (NYSE:RDS-A), along with Eni SpA, which are based in Rome.
Shell leads the way of those with most exposure to the drilling ban, with five wells affected, while Marathon, Anadarko, and Eni SpA each have three. That's according to an official at the Minerals Management Service who asked not to be named.
Shell, Marathon and Anadarko were all hit hard as the market found out about their exposure, with Anadarko taking the brunt of it with a drop of $3.24 a share, or 5.83 percent, ending the session at $52.33; Marathon lost $0.55 a share, or 1.74 percent, falling to $31.09 on the day; and Shell wasn't far behind them, losing $0.61 a share, or 1.15 percent, closing at $52.40.
Anadarko has more exposure through it 25 percent non-operating ownership in the Deepwater Horizon, which is lying at the bottom of the ocean.
Shell leads the way of those with most exposure to the drilling ban, with five wells affected, while Marathon, Anadarko, and Eni SpA each have three. That's according to an official at the Minerals Management Service who asked not to be named.
Shell, Marathon and Anadarko were all hit hard as the market found out about their exposure, with Anadarko taking the brunt of it with a drop of $3.24 a share, or 5.83 percent, ending the session at $52.33; Marathon lost $0.55 a share, or 1.74 percent, falling to $31.09 on the day; and Shell wasn't far behind them, losing $0.61 a share, or 1.15 percent, closing at $52.40.
Anadarko has more exposure through it 25 percent non-operating ownership in the Deepwater Horizon, which is lying at the bottom of the ocean.
Exxon Mobil (NYSE:XOM) Suspends Drilling at Hoover Diana Well
As a result of the ban on drilling in the Gulf of Mexico, Exxon Mobil (NYSE:XOM) has suspended operations at its Hoover Diana well in the area.
Barack Obama ordered a moratorium on drilling in the region.
According to Exxon Mobil spokeswoman Cynthia Bergman, this is the second well in the area affected by the order.
The other was an exploratory well at their Hadrian project in the Gulf, which is delayed till further notice.
New drilling in the Gulf has been halted for those in deep waters, and that has been extended to six months.
The ban will remain until it is discovered what caused the Deepwater Horizon oil rig to explode and spew oil into the area.
BP (NYSE:BP) had leased the oil rig from Transocean (NYSE:RIG).
Barack Obama ordered a moratorium on drilling in the region.
According to Exxon Mobil spokeswoman Cynthia Bergman, this is the second well in the area affected by the order.
The other was an exploratory well at their Hadrian project in the Gulf, which is delayed till further notice.
New drilling in the Gulf has been halted for those in deep waters, and that has been extended to six months.
The ban will remain until it is discovered what caused the Deepwater Horizon oil rig to explode and spew oil into the area.
BP (NYSE:BP) had leased the oil rig from Transocean (NYSE:RIG).
Thursday, May 27, 2010
ATP Oil & Gas (Nasdaq:ATPG) Down on Obama Drilling Ban
ATP Oil & Gas (Nasdaq:ATPG) is being crushed today on the news of Obama stopping drilling operations at 33 deep-water rigs in the Gulf of Mexico.
The stock finished down by almost 4 percent, to $12.05, a 49 cent decline.
Obama has also halted the sale of leases in the Gulf of Mexico, obviously a move of political expediency.
Natixis Bleichroeder analyst, Curtis Trimble, said ATP isn't on the group of rigs being stopped, but the 6-month moratorium on permits could have a significant impact on the Telemark well, which could extend it to 2011, rather than in 2010.
Trimble rightly noted that selling off ATP was overreactive, and he maintains a buy rating on the company and a price target of $23.
The stock finished down by almost 4 percent, to $12.05, a 49 cent decline.
Obama has also halted the sale of leases in the Gulf of Mexico, obviously a move of political expediency.
Natixis Bleichroeder analyst, Curtis Trimble, said ATP isn't on the group of rigs being stopped, but the 6-month moratorium on permits could have a significant impact on the Telemark well, which could extend it to 2011, rather than in 2010.
Trimble rightly noted that selling off ATP was overreactive, and he maintains a buy rating on the company and a price target of $23.
BP (NYSE:BP) Stops "Top Kill"
BP (NYSE:BP) has temporarily halted their attempt to "Top Kill" or plug the oil leak in the Gulf of Mexico, saying there was far too much drilling fluid escaping while being injected into the well.
The assumption is they are revamping their techniques and will continue on once they're satisfied.
A technician stated it wasn't a major challenge, and "We're still quite optimistic. It is not assured and its not a done deal yet. All of this will require some time."
Plans are to continue pumping the fluid around midnight local time.
The assumption is they are revamping their techniques and will continue on once they're satisfied.
A technician stated it wasn't a major challenge, and "We're still quite optimistic. It is not assured and its not a done deal yet. All of this will require some time."
Plans are to continue pumping the fluid around midnight local time.
Wednesday, May 26, 2010
BP (NYSE:BP), Oil Industry, Battling New Drilling Restrictions
BP (NYSE:BP) is targeting its Democratic friends and connections in order to minimize the fallout from the oil leak resulting from the explosion on the Deepwater Horizon oil rig.
While the oil industry outraged by BP's accident, as it will cause them many problems and public relations issues in the future, they still backup and agree with BP concerning not having drilling limits imposed on the industry.
BP is using its Democratic connections particularly to attempt to influence the outcomes, specifically Hilary Rosen and Tony Podesta, who are working behind the scenes on BP's behalf.
Rosen was a former Democratic congressional staffer, while currently an editor-at-large for the highly controversial HuffingtonPost.com. Rosen refused to respond to the story.
Tony Podesta is the brother of former Clinton chief of staff John Podesta, who is now the head of a liberal think tank, and led the transition team for Barack Obama.
BP has also gone to bed with Democrats and radical environmentalists connected to the climate-change hoax and its legislative goals, which it has backed up in a manner which raises a lot of questions as to their motives.
While the oil industry outraged by BP's accident, as it will cause them many problems and public relations issues in the future, they still backup and agree with BP concerning not having drilling limits imposed on the industry.
BP is using its Democratic connections particularly to attempt to influence the outcomes, specifically Hilary Rosen and Tony Podesta, who are working behind the scenes on BP's behalf.
Rosen was a former Democratic congressional staffer, while currently an editor-at-large for the highly controversial HuffingtonPost.com. Rosen refused to respond to the story.
Tony Podesta is the brother of former Clinton chief of staff John Podesta, who is now the head of a liberal think tank, and led the transition team for Barack Obama.
BP has also gone to bed with Democrats and radical environmentalists connected to the climate-change hoax and its legislative goals, which it has backed up in a manner which raises a lot of questions as to their motives.
Saturday, May 22, 2010
Anadarko (NYSE:APC): JPMorgan (NYSE:JPM) Keeps Overweight on Them
Anadarko (NYSE:APC) has retained its overweight from JPMorgan (NYSE:JPM), as they recommend them as a buy, believing they're going to outperform their competitors, not only in the short term but the long term as well.
Analyst Joseph Allman said he and his team see the value of Anadarko as standing at $46.03 a share after operational costs, and an NAV of $81.93 a share. It last traded at $53.83 a share, but was down in electronic trading by over 3 percent on Saturday.
At this time the stock is weighed down by the costs of the Macondo oil spill, but its exploration projects in the Gulf of Mexico and West Africa positions it for a strong upside going forward.
In West Africa alone it is now drilling about 30 deep-water, offshore wells, and also has some land positions in the United States.
JPMorgan retained their price target of $82 on the company, expected to be reached in December 2010, which will be quite a move upward in the current climate.
Analyst Joseph Allman said he and his team see the value of Anadarko as standing at $46.03 a share after operational costs, and an NAV of $81.93 a share. It last traded at $53.83 a share, but was down in electronic trading by over 3 percent on Saturday.
At this time the stock is weighed down by the costs of the Macondo oil spill, but its exploration projects in the Gulf of Mexico and West Africa positions it for a strong upside going forward.
In West Africa alone it is now drilling about 30 deep-water, offshore wells, and also has some land positions in the United States.
JPMorgan retained their price target of $82 on the company, expected to be reached in December 2010, which will be quite a move upward in the current climate.
Friday, May 14, 2010
Citigroup (NYSE:C) on Government Oil Drilling Ban
Citigroup (NYSE:C) said today that a new ban on oil drilling permits would end up losing from 80,000 to 100,000 of barrels of oil equivalent a day.
These were based on estimates made from Wood Mackenzie Consultants.
It never fails that the government will step in with knee-jerk reactions like this based on one incident.
Sure it's tragic what happened in the Gulf, as the Deepwater Horizon explosion claimed 11 lives, and then fell to the bottom of the ocean floor, which resulted in the oil spill now attempted to be contained, but to stop all exploration and drilling permits does absolutely nothing.
This is part of doing business and providing fuel and energy for people. There is no way to make something perfect in this world, although it's a good thing to do everything to the highest level a business can to prevent something like this from happening.
What would be better would be to heighten efforts to improve all elements and products used on the oil drilling rigs in order to improve their performance even more.
When you consider that accidents at this level are extremely rare and have only happened several times in history, the idea that we need to shut things down as if it's an imminent danger is ignorant at best.
All we can do is do the very best we can to ensure a minimum number of these types of accidents happen. It's called being human. And that means there will sometimes be mistakes. No legislation in the world can ever change that from being the reality we live in, and always will live in.
These were based on estimates made from Wood Mackenzie Consultants.
It never fails that the government will step in with knee-jerk reactions like this based on one incident.
Sure it's tragic what happened in the Gulf, as the Deepwater Horizon explosion claimed 11 lives, and then fell to the bottom of the ocean floor, which resulted in the oil spill now attempted to be contained, but to stop all exploration and drilling permits does absolutely nothing.
This is part of doing business and providing fuel and energy for people. There is no way to make something perfect in this world, although it's a good thing to do everything to the highest level a business can to prevent something like this from happening.
What would be better would be to heighten efforts to improve all elements and products used on the oil drilling rigs in order to improve their performance even more.
When you consider that accidents at this level are extremely rare and have only happened several times in history, the idea that we need to shut things down as if it's an imminent danger is ignorant at best.
All we can do is do the very best we can to ensure a minimum number of these types of accidents happen. It's called being human. And that means there will sometimes be mistakes. No legislation in the world can ever change that from being the reality we live in, and always will live in.
Friday, April 16, 2010
Exxon Mobil's (NYSE:XOM) Record Oil Well
Exxon Mobil (NYSE:XOM) announced it has drilled the longest extended-reach oil well in the world on a fixed offshore platform from a drilling rig.
The rig, located off the coast of California, is over 7,000 feet below sea level, and then extends another 6 miles horizontally.
Located in the Santa Ynex Unit close to Santa Barbara, the area has produced over 450 million barrels of oil since 1981, claims Exxon, and the record drilling will result in an additional 5.8 million barrels of oil.
Exxon has adopted the technology from its need to adapt to conditions in the Sakhlin Island area of Russia, where they had to learn to tap wells deep under the ocean and miles away from the area.
The rig, located off the coast of California, is over 7,000 feet below sea level, and then extends another 6 miles horizontally.
Located in the Santa Ynex Unit close to Santa Barbara, the area has produced over 450 million barrels of oil since 1981, claims Exxon, and the record drilling will result in an additional 5.8 million barrels of oil.
Exxon has adopted the technology from its need to adapt to conditions in the Sakhlin Island area of Russia, where they had to learn to tap wells deep under the ocean and miles away from the area.
Monday, April 5, 2010
Diamond Offshore Drilling (NYSE:DO) Schedules Conference Call and Webcast for First Quarter 2010 Financial Results
Diamond Offshore Drilling Conference Call
Diamond Offshore Drilling (NYSE:DO), Inc. announced that it will issue a press release and host a conference call and web cast related to its first-quarter 2010 operating results on Thursday, April 22.
The conference call and web cast will include a discussion by management regarding the company's results of operation, as well as an operating overview. The call will begin at 9 a.m. CDT.
The number to participate in this conference call is 800-247-9979. Those individuals calling from international locations may participate by dialing 973-321-1100. The conference call host is Les Van Dyke and the Conference ID number is 66445989.
A digital replay of the conference call will be available until June 30, following the original call, after which it will be archived on the company's web site at: diamondoffshore.com.
The phone number for the digital replay is 800-642-1687, or internationally, 706-645-9291. The Conference Call ID number to access the replay is 66445989.
In addition, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its first-quarter 2010 operating results conference call. The live broadcast of our conference call will be available online at: diamondoffshore.com on April 22, beginning at 9 a.m. CDT.
The online replay will follow immediately after the call and continue until June 30.
Diamond Offshore provides contract drilling services to the energy industry around the globe.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Diamond Offshore Drilling (NYSE:DO), Inc. announced that it will issue a press release and host a conference call and web cast related to its first-quarter 2010 operating results on Thursday, April 22.
The conference call and web cast will include a discussion by management regarding the company's results of operation, as well as an operating overview. The call will begin at 9 a.m. CDT.
The number to participate in this conference call is 800-247-9979. Those individuals calling from international locations may participate by dialing 973-321-1100. The conference call host is Les Van Dyke and the Conference ID number is 66445989.
A digital replay of the conference call will be available until June 30, following the original call, after which it will be archived on the company's web site at: diamondoffshore.com.
The phone number for the digital replay is 800-642-1687, or internationally, 706-645-9291. The Conference Call ID number to access the replay is 66445989.
In addition, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its first-quarter 2010 operating results conference call. The live broadcast of our conference call will be available online at: diamondoffshore.com on April 22, beginning at 9 a.m. CDT.
The online replay will follow immediately after the call and continue until June 30.
Diamond Offshore provides contract drilling services to the energy industry around the globe.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Exxon Mobil (NYSE:XOM) Drilling Third Philippine Well in South Sulu Sea
Exxon Mobil drilling in Philippines
Exxon Mobil (NYSE:XOM) is ready to drill its third well in the South Sulu Sea of the Philippines, as they continue to search for oil reserves in the region.
The drill rig used on the previous two wells will be again put into use in the third well, and should be in the area no later than May, although there's a possibility it could arrive in April sometime.
Costs for drilling this well are estimated at $100 million.
There are an estimated 750 million barrels of oil at this particular location, according to the Philippine Department of Energy.
Exxon Mobil (NYSE:XOM) is ready to drill its third well in the South Sulu Sea of the Philippines, as they continue to search for oil reserves in the region.
The drill rig used on the previous two wells will be again put into use in the third well, and should be in the area no later than May, although there's a possibility it could arrive in April sometime.
Costs for drilling this well are estimated at $100 million.
There are an estimated 750 million barrels of oil at this particular location, according to the Philippine Department of Energy.
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