The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

Share price sharp fall since late yesterday? ..........

Huge oil plume found in Gulf
By Stephanie Kirchgaessner in Washington -- Published: August 19 2010 19:06

Scientists say they have discovered a huge plume of oil below the surface of the Gulf of Mexico, a remnant of the catastrophic BP spill that gushed nearly 5m barrels of oil into the sea.

It was not yet clear whether the plume, 22 miles long, more than a mile wide and 3,500ft under the sea, was a significant threat to the gulf, but its existence proved that the oil was persisting for longer periods than we would have expected, scientists at the Woods Hole Oceanographic Institution , an independent marine research body, said in a report on Thursday

Even as BP prepares a final operation to kill the ruptured Macondo well which has been further delayed until next month the report in the journal Science underscores that much is still unknown about the long-term environmental implications of the spill.

It also inflamed a debate between US authorities who claim most of the oil has been cleaned up or dispersed naturally, and scientists who say such statements are premature.

Richard Camilli, WHOI scientist and report author, said research proved that the plume did not occur from natural oil seepage, but had to have emanated from the blown-out well.

The National Oceanic and Atmospheric Administration, which is monitoring the spill, on Thursday said the mission that discovered the plume had taken place from June 19-28.

These findings confirm what NOAA and our federal partners have reported about the presence and concentration of subsurface oil, and provide an additional piece of the puzzle as we continue to monitor the fate of the oil in the gulf, said Steve Murawski, NOAAs chief scientist.

US authorities have in recent weeks reported that oil had become difficult to find on the seas surface an indication that either the clean-up had been remarkably successful or that the oil could no longer be detected easily.

On Thursday, Mr Camillis team said some oil was trapped under the sea. The researchers detected a class of petroleum hydrocarbons at concentrations of more than 50 micrograms per litre. The samples had no odour of oil and were clear.

The plume was not a river of Hersheys syrup. But thats not to say it isnt harmful, said Christopher Reddy, another author of the study.

Contrary to previous assumptions by scientists, the WHOI team found no so-called dead zones, or regions with oxygen depletion where little marine life could exist. The report found that of dozens of samples taken, only a few measured below expected levels of oxygen, and that those were only slightly depleted.

If the oxygen data from the plume layer are telling us it isnt being rapidly consumed by microbes near the well, the hydrocarbons could persist for some time. So it is possible oil could be transported considerable distances from the well before being degraded, said Benjamin Van Mooy, another WHOI investigator.

US authorities claim about one-quarter of the spill was burnt, skimmed or recovered from the well. Another 25 per cent evaporated or dissolved and 24 per cent dispersed as microscopic droplets into gulf waters. The remaining 26 per cent was at or near the ocean surface or was buried in the sand and sediment.

Heading back to 350p.

vile innit, along with the rest of the market

entry at 325p would be nice.

Another early morning shake-out.

Aug. 29 - 2010(Bloomberg

BP Plc s internal investigation of the Deepwater Horizon rig disaster found company engineers misinterpreted pressure data that indicated a blowout was imminent, according to a person familiar with the report.

BP managers aboard the Transocean Ltd .-owned rig misread a test of the Macondo wells stability on April 20 and began replacing drilling fluid, which is heavier than oil and natural gas, with seawater, said the person, who spoke on condition of anonymity because the reports findings havent been publicly released.

The seawater was too light to prevent natural gas that had begun leaking into the well from shooting up the pipe to the rig, where it exploded and killed 11 workers. The damaged well eventually spewed more than 4 million barrels of crude into the sea, enough to fill two supertankers.

BP intends to announce the findings of their internal probe in the next 10 days, the person said. Scott Dean , a U.S.-based spokesman for BP, didnt return messages left after regular business hours on his office and cellular phones.

The 200-page report was compiled by a team of BP investigators led by Mark Bly, the London-based companys head of safety and operations. The report concluded BP bears at least partial responsibility for the incident that led to the largest oil spill in U.S. history, the person said. Blys team also found that Transocean shares the blame, the person said.

Blys team began conducting interviews and reviewing internal documents just days after the Macondo well erupted about 40 miles (64 kilometers) off the Louisiana coast in the Gulf of Mexico.

375p -4.30p

WTI Crude Oil down -1.54% @ $73.55

Climbing nicely back up.

Moving forward over the last couple of days and hopefully make 4 before long.

Looking like Divi's starting again in the New Year...should crank the sp up over the coming months.

4.50 getting close :-)

ADR's finished nicely up last night so hopefully the Yanks will keep buying today, when NY opens, and may get close to 4.50 here by knockoff.

Could do with Wall Street having a good day and turning the LSE a bit more Blue!

Results due tomorrow.

Favourable reaction from the market so far this morning, with the results:-)

4.50 looking like it will be reached/passed today...providing the Yanks play Ball this Afternoon.

4.50 breached and now to see if it will hold till the close:-)

sp getting solid above the 4.50 mark now :-)

is this the talk to ur self chav thread......good luck

lol...thanks marky ,although BP is one stock you don't really need luck with at this price. I got some more DES at 1.2275 this morning which will feed my adrenaline side whilst I watch BP creep up with my slipppers on and Cocoa in hand!

I think of BP as a Bank where I put my spare cash and it makes good interest till I need it for something else.