Rig firm makes $270m profit from Gulf of Mexico oil spill

bp-oil-spill-disaster

THE owner of the oil rig that exploded in the Gulf of Mexico, killing 11 people and causing a giant slick, has made a $270m (£182m) profit from insurance payouts for the disaster.

The revelation by Transocean, the world’s biggest offshore driller, will add to the political storm over the disaster. The company was hired by BP to drill the well.

The “accounting gain” arose because the $560m insurance policy Transocean took out on its Deepwater Horizon rig was greater than the value of the rig itself. Transocean has already received a cash payment of $401m with the rest due in the next few weeks.

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US Oil Spill Disaster Is Now ‘Out Of Control’

The windfall, revealed in a conference call with analysts, will more than cover the $200m that Transocean expects to pay to survivors and their families and for higher insurance costs.

Congressional hearings begin this week. Lamar McKay, chairman of BP’s American arm, Steve Newman, Transocean’s chief executive, and managers of several other companies involved in the drilling will testify.

Read moreRig firm makes $270m profit from Gulf of Mexico oil spill

Gulf of Mexico oil spill: BP tower fails to contain oil

• First oil washes ashore in Alabama
• BP engineers admit rethink is needed
• Failed 100-tonne tower lifted off the seabed

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Oil is seen on the surface of the Gulf of Mexico as BP tries to stop oil leaking from the Deepwater Horizon wellhead in the Gulf of Mexico. (Reuters)

Hopes of a quick fix to stop oil from the Deepwater Horizon oil rig gushing into the Gulf of Mexico were dashed on Saturday, when a build-up of crystallised gas blocked the pipes in the huge metal containment tower, which then had to be lifted from the seabed.

While BP engineers wrestled with the problem, reports came in of the first tar balls and tar beads washing up on the white sand beaches of Dauphin Island, off Alabama.

The metal tower, specially designed and constructed to cap the leak, is the height of a four-storey building and weighs 100 tonnes. The hope was it would hold the oil still gushing out of the well, which could then be siphoned out of the top, but the blocked pipes made that impossible.

The chief operating officer, Doug Suttles, said: “I wouldn’t say it’s failed yet. What I would say is what we attempted to do last night didn’t work because these hydrates plugged up the top of the dome.”

He predicted that it could take another 48 hours to find a resolution.

The problem is blamed on methane gas, partly frozen into slush by the cold temperatures on the seabed at 1,500 metres (5,000ft). Engineers anticipated the problem, but not the volume of the gas build-up in the pipes. Suttles said that solutions could include heating the area, or adding methanol to break up the hydrates.

Read moreGulf of Mexico oil spill: BP tower fails to contain oil

BP: Trail of Accidents, Scandals Stretches to Alaska

See this:

Gulf of Mexico Oil Spill: New NOAA Projection Map; BP’s High-Stakes Mission; And More News

Criminals with one goal profit!


BP, the most important oil company in Alaska and the corporation at the heart of the Gulf of Mexico oil-drilling disaster, has struggled with perhaps the oil industry’s worst environmental and safety record of the last decade.

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BP’s Alaska unit over two massive oil spills in Prudhoe Bay

The British oil company BP produced the largest oil spill ever on Alaska’s North Slope, faced criminal charges for intentionally dumping hazardous waste near Prudhoe Bay and was excoriated by Congress for a string of oil-pipeline leaks on the tundra.

Members of Congress — Republicans and Democrats alike — have accused the company of everything from profiteering at the expense of employee safety to pressuring government contractors to whitewash draft reports that criticized its upkeep of worn-out Alaskan oil pipelines.

“BP’s policies are as rusty as its pipelines,” Rep. Joe Barton, R-Texas, told BP executives during a heated September 2006 hearing. “I’m even more concerned about BP’s corporate culture of seeming indifference to safety and environmental issues. And this comes from a company that prides itself in their ads on protecting the environment. Shame. Shame. Shame.”

Read moreBP: Trail of Accidents, Scandals Stretches to Alaska

Gulf of Mexico Oil Spill: New NOAA Projection Map; BP’s High-Stakes Mission; And More News

sea-turtle-in-the-gulf
A sea turtle in the gulf surfaced Wednesday to feed, swimming through patches of oxidizing oil mingling with chemical dispersants used by BP to break up oil.

Poisonous chemicals used to fight Gulf oil slick (MSNBC):

As they struggle to plug a leak from a ruptured oil well in the Gulf of Mexico, BP and federal officials are also engaging in one of the largest and most aggressive experiments with chemical dispersants in the history of the country, and perhaps the world.

With oil continuing to gush from the deep well, they have sprayed 160,000 gallons of chemical dispersant on the water’s surface and pumped an additional 6,000 gallons directly onto the leak, a mile beneath the surface.

New NOAA Projections Show Slick Curling Ominously Around The Louisiana Coast (Business Insider):

(Click on image to enlarge.)
noaa-projection-map

Gulf of Mexico oil spill: giant dome sent to capture leaking crude (Telegraph):

BP has dispatched a giant concrete “dome” on a high-stakes mission to contain the Gulf of Mexico oil spill, knowingt that failure would leave crude spewing into the sea for months and magnify the risk of an environmental catastrophe.

Gulf of Mexico oil spill: Transocean-BP rig had safety valve problem in UK (Telegraph):

UK regulators issued a safety warning over a North Sea oil rig operated by Transocean and leased by BP five years ago.

Congressmen raised concerns about BP safety before Gulf oil spill (Guardian):

Letter pointed out that three BP pipelines on Alaska’s North Slope had ruptured or clogged, leading to a risk of explosions

In the months before BP’s Deepwater Horizon rig sank in a ball of fire in the Gulf of Mexico, the company had four close calls on pipelines and facilities it operates in Alaska, according to a letter from two congressmen obtained by ProPublica.

Gulf of Mexico oil slick hits wildlife reserve beaches (Telegraph):

The first tentacles of the giant Gulf of Mexico oil slick have washed up on beaches that are part of a wildlife refuge off the Louisiana coast.

Rusty streaks of crude could be seen closing in on the Chandeleur Islands and small, dark patches of oily sheen lapped ashore in some places close to flocks of birds.

The uninhabited island chain, 60-miles from New Orleans, is home to endangered brown pelicans, least tern and piping plover shore birds.

It is the easternmost point of Louisiana and forms part of the Breton National Wildlife Refuge, which is the second oldest wildlife refuge in the United States.


Related articles:

Gulf of Mexico Oil Spill: The Halliburton Connection (Los Angeles Times)

US Oil Spill Disaster Is Now ‘Out Of Control’

See also:

BP warned of rig fault ten years ago (Times)

US oil spill could bill could exceed $14 billion (Reuters)

Current timeline to shut down Gulf of Mexico oil spill: three months (Christian Science Monitor)

BP accused as size of oil slick triples in a day (Independent)

BP and Shell ‘not meeting safety standards on North Sea oil rigs’ (Guardian)

Whistleblower: BP Risks More Massive Catastrophes in Gulf (Truthout):

A former contractor who worked for British Petroleum (BP) claims the oil conglomerate broke federal laws and violated its own internal procedures by failing to maintain crucial safety and engineering documents related to one of the firms other deepwater production projects in the Gulf of Mexico, according to internal emails and other documents obtained by Truthout.


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A Northern Gannet found in the Gulf of Mexico, south of Louisiana, is given treatment (Reuters)

President Barack Obama will today visit the Gulf of Mexico coastline threatened by the giant oil spill, as experts warn that the spill from a ruptured oil rig might be growing five times faster than previously estimated.

The oil is gushing from BP’s sunken Deepwater Horizon rig at 25,000 barrels a day and could reach 50,000 barrels a day, according to the National Oceanic and Atmospheric Administration. Earlier estimates had put the leak at 5,000 barrels a day.

Professor Ian MacDonald, an ocean specialist at Florida State University, said the new estimate suggested that the leak had already spread 9 million gallons of heavy crude oil across the Gulf. This compares with 11 million that leaked from the Exxon Valdez tanker when it hit a reef off Alaska in 1989.

Hans Gruber, a Miami University researcher, said that satellite images of the slick on Friday showed that it was three time bigger than estimated, covering an area of 3,500 sq miles (9,000 sq km), similar in size to Puerto Rico.

Read moreUS Oil Spill Disaster Is Now ‘Out Of Control’

Gulf of Mexico: Oil well hit by fatal explosion produces slick the size of Hong Kong

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An oil slick covering 400sq miles is threatening a slow-motion catastrophe for the Gulf of Mexico’s delicate marine life, with 42,000 gallons (160,000 litres) a day now gushing from an uncapped well after a rig explosion.

Two days after declaring that there was no leak and that oil on the surface was residue from on board the Deepwater Horizon drilling platform that burst into a fireball on Tuesday, officials revealed that the slick was coming from the seabed and was now 25 times the size it was on Friday.

“It’s 1,000 barrels [a day] emanating from 5,000ft below the surface,” said Rear-Admiral Mary Landry, of the US Coast Guard, who is overseeing the emergency response. “Absolutely, this is a very serious oil spill.”

BP, which leased the rig, said last week that it was doing everything in its power to contain the spill and resolve the situation “as rapidly, safely and effectively as possible”, using underwater robots, 700 personnel, five aircraft, 32 vessels, and nearly 200 miles of floating booms.

Read moreGulf of Mexico: Oil well hit by fatal explosion produces slick the size of Hong Kong

What You Didn’t Know About The War


Added: 22. Oktober 2009

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Gustav May Hit Gulf Platforms Harder Than Katrina

Aug. 31 (Bloomberg) — Hurricane Gustav threatens to hurt U.S. oil and natural-gas production and refining more severely than hurricanes Katrina and Rita did three years ago.

Gustav, downgraded to a Category 3 storm by the National Hurricane Center in Miami this morning, may strengthen to Category 4 later today and will make landfall as a “major” hurricane. The storm shut three-quarters of oil output in the region and refineries operated by Valero Energy Corp., the largest U.S. refiner, ConocoPhillips, Marathon Oil Corp. and Exxon Mobil Corp. There will be a special trading session today at the New York Mercantile Exchange.

“This storm will prove to be a worst-case scenario for the production region,” Jim Rouiller, senior energy meteorologist for Planalytics.com, said yesterday in an e-mailed message. “This storm will be more dangerous than Katrina.”

Read moreGustav May Hit Gulf Platforms Harder Than Katrina

Multinationals make billions in profit out of growing global food crisis

Speculators blamed for driving up price of basic foods as 100 million face severe hunger

Giant agribusinesses are enjoying soaring earnings and profits out of the world food crisis which is driving millions of people towards starvation, The Independent on Sunday can reveal. And speculation is helping to drive the prices of basic foodstuffs out of the reach of the hungry.

The prices of wheat, corn and rice have soared over the past year driving the world’s poor – who already spend about 80 per cent of their income on food – into hunger and destitution.

The World Bank says that 100 million more people are facing severe hunger. Yet some of the world’s richest food companies are making record profits. Monsanto last month reported that its net income for the three months up to the end of February this year had more than doubled over the same period in 2007, from $543m (£275m) to $1.12bn. Its profits increased from $1.44bn to $2.22bn.

Cargill’s net earnings soared by 86 per cent from $553m to $1.030bn over the same three months. And Archer Daniels Midland, one of the world’s largest agricultural processors of soy, corn and wheat, increased its net earnings by 42 per cent in the first three months of this year from $363m to $517m. The operating profit of its grains merchandising and handling operations jumped 16-fold from $21m to $341m.

Similarly, the Mosaic Company, one of the world’s largest fertiliser companies, saw its income for the three months ending 29 February rise more than 12-fold, from $42.2m to $520.8m, on the back of a shortage of fertiliser. The prices of some kinds of fertiliser have more than tripled over the past year as demand has outstripped supply. As a result, plans to increase harvests in developing countries have been hit hard.

The Food and Agriculture Organisation reports that 37 developing countries are in urgent need of food. And food riots are breaking out across the globe from Bangladesh to Burkina Faso, from China to Cameroon, and from Uzbekistan to the United Arab Emirates.

Read moreMultinationals make billions in profit out of growing global food crisis

Vaccines and Medical Experiments on Children, Minorities, Woman and Inmates (1845 – 2007)

Think U.S. health authorities have never conducted outrageous medical experiments on children, women, minorities, homosexuals and inmates? Think again: This timeline, originally put together by Dani Veracity (a NaturalNews reporter), has been edited and updated with recent vaccination experimentation programs in Maryland and New Jersey. Here’s what’s really happening in the United States when it comes to exploiting the public for medical experimentation:

(1845 – 1849) J. Marion Sims, later hailed as the “father of gynecology,” performs medical experiments on enslaved African women without anesthesia. These women would usually die of infection soon after surgery. Based on his belief that the movement of newborns’ skull bones during protracted births causes trismus, he also uses a shoemaker’s awl, a pointed tool shoemakers use to make holes in leather, to practice moving the skull bones of babies born to enslaved mothers (Brinker).

(1895)

New York pediatrician Henry Heiman infects a 4-year-old boy whom he calls “an idiot with chronic epilepsy” with gonorrhea as part of a medical experiment (“Human Experimentation: Before the Nazi Era and After”).

(1896)

Dr. Arthur Wentworth turns 29 children at Boston’s Children’s Hospital into human guinea pigs when he performs spinal taps on them, just to test whether the procedure is harmful (Sharav).

(1906)

Harvard professor Dr. Richard Strong infects prisoners in the Philippines with cholera to study the disease; 13 of them die. He compensates survivors with cigars and cigarettes. During the Nuremberg Trials, Nazi doctors cite this study to justify their own medical experiments (Greger, Sharav).

(1911)

Dr. Hideyo Noguchi of the Rockefeller Institute for Medical Research publishes data on injecting an inactive syphilis preparation into the skin of 146 hospital patients and normal children in an attempt to develop a skin test for syphilis. Later, in 1913, several of these children’s parents sue Dr. Noguchi for allegedly infecting their children with syphilis (“Reviews and Notes: History of Medicine: Subjected to Science: Human Experimentation in America before the Second World War”).

(1913)

Medical experimenters “test” 15 children at the children’s home St. Vincent’s House in Philadelphia with tuberculin, resulting in permanent blindness in some of the children. Though the Pennsylvania House of Representatives records the incident, the researchers are not punished for the experiments (“Human Experimentation: Before the Nazi Era and After”).

(1915)

Dr. Joseph Goldberger, under order of the U.S. Public Health Office, produces Pellagra, a debilitating disease that affects the central nervous system, in 12 Mississippi inmates to try to find a cure for the disease. One test subject later says that he had been through “a thousand hells.” In 1935, after millions die from the disease, the director of the U.S Public Health Office would finally admit that officials had known that it was caused by a niacin deficiency for some time, but did nothing about it because it mostly affected poor African-Americans. During the Nuremberg Trials, Nazi doctors used this study to try to justify their medical experiments on concentration camp inmates (Greger; Cockburn and St. Clair, eds.).

Read moreVaccines and Medical Experiments on Children, Minorities, Woman and Inmates (1845 – 2007)