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Posts Tagged ‘Gulf of Mexico oil spill’

BP Oil Spill – U. S. Fund Agreement Completed

August 9, 2010 Leave a comment

President Obama meet with representatives of BP today in a Houma, Louisiana claims center.  A fund agreement for this huge environmental catastrophe was reached, BP will be financing a fund which will compensate those whose jobs and incomes have been affect by the oil spill.  BP will be paying a total of $20 to this fund.  Up to August 7th, 145,ooo claims had been filed.   Thus far BP has addressed 103, 900 of these claims in the amount of $319.

As of today, BP has deposited $3 billion which was the agreed upon amount on June 16th  between Barack Obama and the BP.   For the remainder of the $20 billion owed to the fund, BP is obligated to pay $5 million into an escrow account for the next four years.  The London-based company will also pay $2 billion in the fourth quarter and an additional $1.25 billion each quarter until the agreed upon $20 billion is meet.

If all goes according to plan, those affected by the oil spill will be able to have access to the claims facility this month.  The facility will be administered by
Garden City Group of New York and the law firm BrownGreer of Richmond, Virgninia.  Local as well as state governments will be able to file a claim with BP as well.  Do you think $20 billion is enough to cover those affected by this environmental catastrophe?

To find out more on the topic, click on the following articles

BP Oil Spill – 62,000 Barrels of Oil in the Gulf a day

BP Oil Spill- And the Gallons Keep Piling Up

BP Oils Spill Debate

BP Oil Spill leaves them at the bottom of the Ocean

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BP Oil Spill – 62,000 Barrels of Oil in the Gulf a day

August 3, 2010 1 comment

On Monday, the government reported that they had under estimated the amount of oil flowing from the well by about 10-12 times the amount. Imagine, an estimated 62,000 barrels of oil leaking into the Gulf of Mexico each and every single day. Although a temporary cap was placed on the well by BP 18 days ago, estimates are that 4.9 million barrels of oil surged into the gulf.

BP Oil Spill

In the interim, BP is set to begin the process of commencing a “static kill” on Tuesday. This is a process that forces down remaining gas and oil in the well by means of pumping in heavy drilling mud in order to cement the well close. This is a process that could last into Wednesday.

“We’ll just be slowly pumping the mud in initially and it will gradually build up pressure. We’ll be carefully monitoring the pressures and the volumes. The team will be looking and making sure we do everything to get this well killed, if at all possible.”

Get more of an update on the BP oil spill by reading this article by McClatchy writers Erika Bolstad and Lesley Clar . In their article, they disclose more information on other processes that BP has undergone in attempts to control environmental man made catastrophe as well as the affects it has had one way or another.

BP Oil Spill- And the Gallons Keep Piling Up

June 18, 2010 1 comment

Wow- I just past this article by Steve Gelsi with the latest figures on the oil spill. Apparently BP has “managed to increase the amount of oil collected from the leaking Macondo well in the Gulf of Mexico to 25,290 barrels on Thursday, eclipsing its earlier pace of 15,000 barrels a day, the oil major said in its latest update. BP ramped up use of the Q4000 semi-submersible rig to draw oil from the well’s blow-out preventer.”

To read up more on this and get more figures, check out Steve Gelsi’s article, “BP siphons 25,000 barrels from leak in last day“.

BP Oils Spill Debate

June 16, 2010 1 comment

BP Oil Spill leaves them at the bottom of the Ocean

June 16, 2010 1 comment

..Metaphorically speaking that is.  As BP shares tank there is a lot of buzz going on in regards to bankruptcy.  Yet again, shares have taken a major dip today after another sell off took place last week in New York that devalued the London based oil company over $82 million.

52 days after the gargantuan spills in the Gulf of Mexico, shares have fallen over 50%.  This has left people talking about the possibilities of BP filling for bankruptcy.  All the while, politicians in the United States are still pressing the company to cease dividend payments in order to pay more compensation for the spill.

Fortune Magazine’s Matt Simmons stated that BP is likely to “run out of cash from lawsuits, cleanup and other expenses.  He continued to state that “one really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is that they’ll panic and go into Chapter 11.”