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House Panel Votes to Keep BP From Obtaining Offshore Leases
Posted on 7/14/10 at 11:44 am
Posted on 7/14/10 at 11:44 am
1
Posted on 7/14/10 at 12:34 pm to jeff967
fricking stupid.
Posted on 7/14/10 at 12:42 pm to tigerdup07
gubermint
Posted on 7/14/10 at 12:45 pm to tigerdup07
It's dumb, but I would gladly let them keep BP out of the game for a while if they would let the other safe and responsible companies start drilling in deepwater again.
Posted on 7/14/10 at 12:47 pm to notiger1997
quote:
It's dumb, but I would gladly let them keep BP out of the game for a while if they would let the other safe and responsible companies start drilling in deepwater again.
bp is the ones that keep these drilling companies working.
Posted on 7/14/10 at 12:51 pm to tigerdup07
quote:
bp
There are a lot of companies that shouldn't be allowed to operate in the GOM but BP is NOT one of them.
Posted on 7/14/10 at 12:51 pm to tigerdup07
Well my bad then. Guess I didn't understand the process.
Posted on 7/14/10 at 1:04 pm to notiger1997
quote:
bp is the ones that keep these drilling companies working.
Sounds like they would have to reduce their stake in leases to become minority partners which would require other partners to step up their stake and become operators. Not sure how much of an effect this would have on contracts with drilling companies.
Posted on 7/14/10 at 1:10 pm to lsugradman
a minority interest holder can be designated the operator. it doesn't happen a whole lot, but it does happen.
Posted on 7/14/10 at 1:13 pm to oilfieldtiger
way to overreact on this D.C. 
Posted on 7/14/10 at 1:22 pm to mylsuhat
quote:
a minority interest holder can be designated the operator. it doesn't happen a whole lot, but it does happen.
Yeah I know that but what company is going to take on that added risk when they arent going to get the majority of the revenue from the asset? Especially after the hit BP is taking from this. I think the more likely scenario would be for BP to have to reduce their stake and give up operatorship.
Posted on 7/14/10 at 1:26 pm to lsugradman
quote:
Yeah I know that but what company is going to take on that added risk when they arent going to get the majority of the revenue from the asset? Especially after the hit BP is taking from this. I think the more likely scenario would be for BP to have to reduce their stake and give up operatorship.
I'm not sure legally if the government could force BP to cede operations and or their interest. I suppose the government could prohibit BP from entering into new leases, but on the leases which are currently active there would likely have to be a major breach of the contract, would there not? Seems like the legally binding contracts would be difficult for the government to break. This seems similar to what doomed the failed suits by the government in the Kerr-McGee royalty relief case recently. Never underestimate the stupidity of politicians.
Posted on 7/14/10 at 1:30 pm to TigerDog83
I agree its ridiculous and probably unconstituational but thats what they are contemplating doing. Not only forbidding them to be operator on new leases but revoking their operatorship on existing leases. Maybe Obama will call up his boy Chavez and ask him how to pull that off.
Posted on 7/14/10 at 1:57 pm to lsugradman
quote:
Chavez and ask him how to pull that off.
They usually take the rig over with the military until things are sorted out. All work stops, nobody comes or goes.
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