Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

BP cements oil spill plan

Aug 05 2010 17:03

Related Articles

BP readies killer punch for oil spill

New BP CEO to outline recovery

BP plugs oil well

BP to resume oil spill clean-up

Lift 'reckless' oil drilling ban - Gulf residents

Gulf focus shifts, but where is all the oil?

 

Top Stories

Cell C move sparks price war

May 27 2012 11:21

There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.

MyCiti buses running at a loss

May 28 2012 07:53

The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.

Another golf estate victim

May 27 2012 13:09

The oversupply of golf estates has claimed another victim.

 
Share Share line Print

New Orleans - BP got the go ahead to seal in cement its runaway well in the Gulf of Mexico on Thursday, one of the final steps to plug the oil spill at the center of the worst US environmental disaster.

US officials cautioned that a great deal of clean-up work remained and that the long-term impact of the disaster could be felt for years, even decades. In the long-awaited breakthrough, BP brought the well under control on Wednesday after pumping heavy drilling fluid into the busted Macondo well for eight hours, forcing the oil back down into the reservoir miles beneath the seabed.

We "have reached a static condition in the well that allows us to have high confidence that there will be no oil leaking into the environment", spill response chief Thad Allen told reporters at a White House briefing.

BP said it would begin on Thursday to cement over the well, permanently shutting it in, after Allen authorised the British energy giant to proceed.

The US pointman also said, however, that he had "made it clear" to the company that the cementing should "in no way delay the completion of the relief well", expected to be finished in mid-August to seal the well permanently.

"So, the long battle to stop the leak and contain the oil is finally close to coming to an end. And we are very pleased with that," President Barack Obama said. "Our recovery efforts, though, will continue. We have to reverse the damage that's been done."

It took 106 days to shut the well down in the wake of a devastating explosion April 20 that killed 11 workers and sank the BP-leased Deepwater Horizon rig, unleashing a torrent of oil into the Gulf.

At 4.9m barrels - or enough oil to fill 311 Olympic-sized swimming pools - the disaster is the biggest maritime spill on record.

It threatened the fish and wildlife-rich US Gulf coast with environmental ruin and plunged residents of coastal communities into months of anguish over their livelihoods and the region's future.

A government report released Wednesday found that a third of the oil was captured or mitigated through burning, skimming, chemical dispersion and direct recovery from the wellhead.

Heat from the sun helped some of the chemicals in the crude evaporate. Waves and currents broke the slick up into smaller patches. Then the microbes which feed on natural oil seeps in the Gulf got to work, it said.

"At least 50% of the oil that was released is now completely gone from the system," said Jane Lubchenco, head of the national oceanic and atmospheric administration.

"And most of the remainder is degrading rapidly, or is being removed from the beaches."

But Lubchenco was quick to stress that scientists will not be able to determine for a long time the full extent of the damage.

"The oil that was released and has already impacted wildlife at the surface, young juvenile stages and eggs beneath the surface, will likely have very considerable impacts for years and possibly decades to come," she told reporters at the White House briefing.

The problem, she explained, is that oil is still toxic even when it has been broken down into very small droplets.

About 24% of the Gulf's federal waters remain closed to fishing, and even when fishermen are able to fill their nets they fear consumers might not believe the seafood is safe to eat.

With tourists likely to avoid Gulf beaches for years and oil industry jobs under threat from Obama's moratorium on new deep sea drilling permits, the future remains bleak for many coastal communities.

BP, meanwhile, is hoping to rebuild its shattered reputation but must also meet the claims of thousands  and businesses whose livelihoods have been washed away, while a mammoth civil trial looms.

BP senior vice president Kent Wells expressed relief that 20 days after the flow of oil in the sea was stemmed with a temporary cap "it's very difficult for us to find any oil anywhere on the surface."

He refused, however, to declare victory until the well is permanently sealed.

- AFP

 
 
Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
It pays to know the cost and what you’re getting in return
May 28 2012 09:33

Investors may not have a clue what they’re paying their money managers or they type of service they’re getting, or, whether they can actually negotiate lower fees. (Reuters)

Sasha

"In the short term this is true, Greece will dominate the headlines on a day to day basis, until their next elections when there would be some clarity to answer the question, "What next for Greece?" Amazingly everyone except the politicians seem to be lining themselves up for worst case scenario, b... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...