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Friday 29th of May 2015

BP shares down over seepage fears

Story link: BP shares down over seepage fears by Kay Murchie
BP shares down over seepage fears

There are fresh concerns for beleaguered oil giant, BP, today after engineers have detected oil seepage, despite an announcement last week that the leak had finally been stopped

At the end of last week, Kent Wells, BP’s senior vice president of exploration and production, said a new sealing cap had been successful in shutting off the flow of oil.

However, shares fell 5% in early London trading this morning after news of seepage near the well.

In a letter to BP Chief Managing Director, Bob Dudley, retired Coast Guard Admiral Thad Allen said: “Given the current observations from the test, including the detected seep a distance from the well…I direct you to provide me a written procedure for opening the choke valve as quickly as possible without damaging the well.”

The letter added: “I remain concerned that all potential options to eliminate the discharge of oil be pursued with utmost speed until I can be assured that no additional oil will spill from the Macondo Well.”

The incident, which has been described as the worst US environmental disaster, happened after an explosion on a BP oil rig on 20 April, which took the lives of 11 people.

The explosion led to thousands of barrels of oil leaking from the damaged well.

In related news today, the company said total clean-up costs relating to the disaster have soared to $3.95 billion (£2.58 billion), up from $3.5 billion just a week ago.


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