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Message
BP told feds it could handle oil spill 60 times larger
Posted on 5/19/10 at 12:07 pm
Posted on 5/19/10 at 12:07 pm
BP told feds it could handle oil spill 60 times larger than Deepwater Horizon
Some highlights:
[QUOTE]
In its 2009 exploration plan for the Deepwater Horizon well, BP PLC states that the company could handle a spill involving as much as 12.6 million gallons of oil per day, a number 60 times higher than its current estimate of the [URL="https://www.al.com/news/gulf-oil-spill/"]ongoing Gulf disaster[/URL].
In associated documents filed with the U.S. Minerals Management Service, the company says that it would be able to skim 17.6 million gallons of oil a day from the Gulf in the event of a spill.
As of Tuesday, BP reported recovering 6 million gallons of oily water since the ongoing spill began four weeks ago. BP spokesman Tom Mueller said that only about 10 percent of the skimmed liquid was oil, which would amount to about 600,000 gallons of oil collected thus far.
...
An emergency would activate the company's Oil Spill Response Plan, a 582-page document submitted to federal regulators in 2008 and designed to cover all BP operations in the Gulf of Mexico.
According to the document, the response plan is triggered "in the event the spill cannot be controlled." It also calls for the company to "assemble a team of technical experts to respond to the situation."
The document provides no detailed discussions of how a runaway well would be stopped, nor does it reflect any plan for devices such as an insertion tube, which is now recovering an estimated 84,000 gallons of oil daily, or the failed containment dome.
...
It says dispersants will be able to sink 6,080 to 7,600 barrels per day into the Gulf.
A safety data sheet about the principal dispersant that the company has reported using during the ongoing spill says "no toxicity studies have been conducted on this product," and labels "the potential human hazard: High."
[/QUOTE]
I think it's clear that the only real R&D on these deep water spills is being done right now. Just a little late
Some highlights:
[QUOTE]
In its 2009 exploration plan for the Deepwater Horizon well, BP PLC states that the company could handle a spill involving as much as 12.6 million gallons of oil per day, a number 60 times higher than its current estimate of the [URL="https://www.al.com/news/gulf-oil-spill/"]ongoing Gulf disaster[/URL].
In associated documents filed with the U.S. Minerals Management Service, the company says that it would be able to skim 17.6 million gallons of oil a day from the Gulf in the event of a spill.
As of Tuesday, BP reported recovering 6 million gallons of oily water since the ongoing spill began four weeks ago. BP spokesman Tom Mueller said that only about 10 percent of the skimmed liquid was oil, which would amount to about 600,000 gallons of oil collected thus far.
...
An emergency would activate the company's Oil Spill Response Plan, a 582-page document submitted to federal regulators in 2008 and designed to cover all BP operations in the Gulf of Mexico.
According to the document, the response plan is triggered "in the event the spill cannot be controlled." It also calls for the company to "assemble a team of technical experts to respond to the situation."
The document provides no detailed discussions of how a runaway well would be stopped, nor does it reflect any plan for devices such as an insertion tube, which is now recovering an estimated 84,000 gallons of oil daily, or the failed containment dome.
...
It says dispersants will be able to sink 6,080 to 7,600 barrels per day into the Gulf.
A safety data sheet about the principal dispersant that the company has reported using during the ongoing spill says "no toxicity studies have been conducted on this product," and labels "the potential human hazard: High."
[/QUOTE]
I think it's clear that the only real R&D on these deep water spills is being done right now. Just a little late
5
Posted on 5/19/10 at 12:12 pm to Indiana Tiger
I think BP's operations in the U. S. are likely to be in big trouble after this. It's fairly clear that they were just making shite up as they went along and they continue to do so.
Posted on 5/19/10 at 12:49 pm to YatTigah
yep.....sure seems that way.
Posted on 5/19/10 at 12:58 pm to MoreOrLes
If I owned stock in this company, I would sell it now. BP is going to be broke after this is all over.
Posted on 5/19/10 at 1:00 pm to Indiana Tiger
quote:What a slant. The MSDS for pesticides sprayed on your food say it's a deadly poison. And it is -in large enough dose. But... spread out into minute doses, it's harmless.
A safety data sheet about the principal dispersant that the company has reported using during the ongoing spill says "no toxicity studies have been conducted on this product," and labels "the potential human hazard: High."
Posted on 5/19/10 at 1:00 pm to beachdude
Just like Exxon went "broke" after the Exxon Valdez spill?
Posted on 5/19/10 at 1:05 pm to beachdude
quote:
If I owned stock in this company, I would sell it now. BP is going to be broke after this is all over.
Not sure what you base that on. Check out the reported revenues for BP last year. Close to $240 billion dollars. Profit in 2009 of close to $14 billion. Even if this thing costs BP $20 billion dollars it will take decades to settle claims and BP has plenty of assets to sell down if the expenses grew even further. Making claims about how BP is "going to be broke" because of this are unfounded and probably incorrect.
Here is some info, although I'm sure the 10-K and other filings offer more.
BP quick facts
Posted on 5/19/10 at 1:07 pm to White Roach
This is a much, much bigger deal. The liability exposure potentially exceeds the assets of the company. Think of the property located on the Gulf of Mexico and South Florida. Think of the economic loss from loss of income from livelihoods, loss of property, enviornmental cleanup, etc. There is no comparison with the oil spill in Alaska.
Posted on 5/19/10 at 1:10 pm to Taxing Authority
quote:
What a slant. The MSDS for pesticides sprayed on your food say it's a deadly poison. And it is -in large enough dose. But... spread out into minute doses, it's harmless.
The point here is that action is being taken without knowing what the impact will be. I'm not saying that I disagree with the action, but we really don't know and some study should have been done by now. WRT dilution, you don't know how diluted that stuff is. Lots could be bound up with the oil creating a really toxic brew.
Posted on 5/19/10 at 1:12 pm to Indiana Tiger
Just like the City of New Orleans could handle a cat 5 hurricane. 
Posted on 5/19/10 at 1:17 pm to Taxing Authority
quote:
What a slant.
They just quoted the MSDS.
The point is that a toxic substance is being dumped into the Gulf in huge amounts where no one knows what the effects will be.
The Corexit is hardly being used in minute doses.
Posted on 5/19/10 at 1:17 pm to beachdude
quote:
This is a much, much bigger deal. The liability exposure potentially exceeds the assets of the company. Think of the property located on the Gulf of Mexico and South Florida. Think of the economic loss from loss of income from livelihoods, loss of property, enviornmental cleanup, etc. There is no comparison with the oil spill in Alaska.
Yes, this thing has totally eaten away entire buildings and condominiums. I'm not saying Florida won't see any impact to its beaches but until it does how has damage occurred? Using the data on BP even if this event ultimately costs BP $50 billion (which is highly unlikely at this point) they still could cover it. You aren't using any stats by stating that the liability of this exceeds the assets of the company.
Posted on 5/19/10 at 1:20 pm to wilceaux
quote:How many gallons have been used? Compare that with how many gallons of water in the GOM. What's the PPM look like?
The Corexit is hardly being used in minute doses.
Heck... sea water is toxic by itself.
This post was edited on 5/19/10 at 1:40 pm
Posted on 5/19/10 at 1:32 pm to TigerDog83
I wish they could cap the well tomorrow and clean up everything in a week. But, this has the potential to cost the company more than it can afford. I said potential, knowing the economic effect on the gulf and Florida in particular. Hopefully, not one glob of oil will befoul a beach. However, if you own beachfront property or property anywhere near a resort beach and your property devalues from $1,000,000 to $50,000 because the beach is ruined and you suffer that loss, who is going to have to pay you? BP. Now, multiply that loss by about 200,000 pieces of property at a minimum, not to mention loss of revenues by hotels etc and you'll get the picture.
Posted on 5/19/10 at 1:43 pm to beachdude
quote:
Hopefully, not one glob of oil will befoul a beach. However, if you own beachfront property or property anywhere near a resort beach and your property devalues from $1,000,000 to $50,000 because the beach is ruined and you suffer that loss, who is going to have to pay you
Most likely BP would have to pay to remove the oil from the beach which is costly yet practical on sandy beaches like those in Florida (much more so than the marsh). I doubt they would have to pay for entire structures. How are aesthetics valued anyways? Not to mention that the overinflated real estate market has already crippled itself along the Florida gulf coast.
Posted on 5/19/10 at 1:44 pm to TigerDog83
quote:
but until it does how has damage occurred?
Lost rental income.
Posted on 5/19/10 at 1:47 pm to Alatgr
quote:
Lost rental income.
Kind of hard to prove with no oil on the beaches there as of now I would think. Seems like the lawsuits would be better directed at the media for instilling fear in potential renters who back out. This would change if oil makes landfall on the coast.
Posted on 5/19/10 at 1:55 pm to TigerDog83
quote:
If I owned stock in this company, I would sell it now. BP is going to be broke after this is all over.
Right.
Posted on 5/19/10 at 2:35 pm to TigerDog83
quote:
I'm not saying Florida won't see any impact to its beaches but until it does how has damage occurred?
In a week or so, you will see the damage.
Posted on 5/19/10 at 2:41 pm to White Roach
quote:
Just like Exxon went "broke" after the Exxon Valdez spill?
Valdez occurred because a drunk tanker captain ran his ship aground, not because Exxon themselves ignored iffy pressure tests & took unnecessary risks for expediency.
not to mention that Prince William Sound <=> 5 states
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