BP slashes oil capture estimates for Gulf spill

[maddezmom]

Source: Reuters

LONDON, May 24 (Reuters) - BP (BP.L) said the oil it is siphoning off from a ruptured well in the Gulf of Mexico was on average less than half its estimate for the amount leaking each day and well below previous rates.

BP said on Monday the oil collected by the mile-long siphon tube was at times as low as 1,360 barrels of oil per day in the six days to May 23 with the tube capturing an average 2,010 barrels per day in the time period.

The average figure is less than half the 5,000 barrels per day the company estimates is leaking into the sea and comes after it said it was managing to siphon off around 5,000 barrels per day a few days ago. Some experts have given significantly higher estimates for the size of the leak.

BP said the spill which has seen oil flowing into the sea for more than a month after a rig explosion in April had cost it $760 million so far, up from the $625 million estimate it reported on May 18.



Read more: http://www.reuters.com/article/idUSLDE64N04R20100524?type=marketsNews

[tomm2thumbs]

1. if this is how they do math, I can't imagine they are engineering a solution that will work...

... seems to me these people need to get jobs working for FoxNews because they don't know a thing of what they are talking about

[Divine Discontent]

2. Mr President, please put your size 11.5 sized boot on BP's neck, soon. They scream incomps!

I'm sure the president is ticked off at this point. I would love to see him give a prime time update on this for the country. But, BP clearly has been failing for over a month, and I am quite unsure about their next moves - who says they don't make it much worse.

[pundaint]

3. May 24, and Reuters is still going with 5K barrels and no challenge? Oil appears to own Reuters too

[ima_sinnic]

4. but we're "forced to rely on BP because only they have the technical know-how"

In addition, Obama's "moratorium" on new drilling permits is being ignored, as is the EPA order to stop using Correxit.

So who's really in charge?

[aquart]

5. Not us.

[Stuart G]

6. This will cost them hundreds of billions...also.

I believe that down the line, parts of BP will be sold off like a garage sale. (I don't think that BP will be able to limit its liability)
Don't worry, those parts will be born again as parts of Exxon, Chevron, and Shell.