View Poll Results: Will BP survive Deepwater Horizon ?

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  • Yes

    21 65.63%
  • No

    10 31.25%
  • No Opinion

    1 3.13%
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  1. #51
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    Having worked for both European owned and US owned oil field companies, I found that safety and engineering procedures were dictated by the head offices. Cowboys, at a local level who flaunted or ignored either, were relieved quite quickly. In fact, the review of accidents, contributing factor, prevention, recommendations for future prevention, etc, were readily available to the rest of the oil sector, with change quite readily adopted. Granted some of the safety features of North Sea rigs are not adopted in other parts of the world for obvious reasons, this also applies in the reverse.

    Engineering procedures are vastly different from field to field and even vary well to well in the same field. New technology, equipment, support material, etc, seem to change/improve after they have been found to function as required. Many times this comes about as more hostile conditions are encountered. If Engineers could foresee the unknown and plan for it prior to it rearing its ugly head, The industrialized world would be hard pressed to accept, what could be called future tellers.

    In my opinion the BP blowout was not caused by ignoring safety regs in place or the need to add more. The info would indicate that Engineering procedures set out prior to drilling the well, standard oil field practice, and procedures were ignored, even when pointed out to the BP personnel, by third party people. If this was due to pressure in regard to 'bottom line' or perceived time schedule deadline , will probably never be known, other than by those directly involved.

  2. #52
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    Quote Originally Posted by Muadib View Post
    ^ Lest anyone forget, the well plan for this well was approved by the MMS prior to implementation...

    Things are looking grim for BP... Paying their dividends is the least of their worries...

    If BP loses much more market cap, they will no longer be able to float short-term money for operations... Sure, they have cash on hand, but with obligations rising it will not be long before they will technically become insolvent with their only option being bankruptcy for their US operations... They are attempting to float a $20 billion in bonds... This will be but a drop in the bucket with everyone and their pelican lining up with their hand out...
    Agree, it looks like BP is in for a rocky ride. Anadarko is attempting to show they have no liability, as they have no obligation/interest in this stage of the well. Even with this disclosure their stock has plummeted. BP legal staff are probably looking at options and paying for additional input from other legal entities as this will probably be the most costly legal proceedings in their history. The rig personnel fatalities/injury, equipment loss, and affected individuals/industries over, as yet a unknown area, plus the clean up cost will probably be incomparable to past man made disasters.

    Not sure that bankruptcy on US operations will fully protect the Parent company if there are records of monetary interaction between the US entity and the parent company. I only mention this as I was involved with a company who tried this and it came back to haunt them. Not the same circumstances but the legal thinking of attempting to protect assets of the parent company from a spin offs liability.

  3. #53
    Thailand Expat HermantheGerman's Avatar
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    This is the end beautiful friend ? This is the end my only friend, the end of our elaborate plans, the end. Of everything that stands, the end
    No safety or surprise. The End ?


    THE British government is drawing up contingency plans for a possible collapse of BP.

    This is amid mounting fears that the oil giant could be broken up or taken over in the wake of the Gulf of Mexico oil disaster.
    The talks, which are being led by officials at the Department for Business and the Treasury, reflect growing concern within Whitehall about the implications that a corporate failure of BP, formerly Britain's biggest company, would have on British interests domestically and around the world.
    BP, whose value has more than halved since the April 20 accident, has liabilities of up to $US70 billion ($84bn), according to estimates by Goldman Sachs.
    The company employs 10,105 British staff directly and generated tax receipts of pound stg. 5.8bn ($10bn) in 2009.


    Britain prepares for the collapse of BP | The Australian

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