Another Oil Leak
Posted on 27 July 2010 by LynThomas in Uncategorized
Adding to the woes of those fighting the BP oil disaster in the Gulf of Mexico, there is now a 20 foot geyser of oil spewing into Mud Lake, which is part of a network of bayous and lakes, north of Barataria Bay. This is an ecologically sensitive coastal estuary, which authorities have been fighting to save from the waves of oil from the Gulf spill.
The Coast Guard says it saw a tow boat, Pere Ana C, hit the wellhead. No injuries were reported.
The Coast Guard does not know who owns the small well, or how much oil has leaked, though a sheen has been spotted in the lake.
A helicopter has been dispatched to survey the area, which is accessible only by boat.
On the BP front, BP is reporting a $17b loss for the past quarter and looking for management changes.
Under current law, the economic liability for a company responsible for a spill is $75 million, or if the company has not made a profit in the past four quarters, it would be liable for $150m, or twice the current cap.
BP however, says it has set aside several billion into an escrow account, to assist the spill victims. Analysts now estimate the cost of clean-up operations in the Gulf, to top $30b. The relief well is nearly complete for the final stage, a “bottom kill” in which mud and cement are pumped in to the leaking well.
BP CEO, Tony Hayward, has announced he will step down from his post in October. However, he feels he has been ‘demonized’ in the U.S., according to U.K.’s Guardian. He may be “too busy” to attend the hearings on the Gulf Oil spill.
“I believe this tragedy will leave BP a different company. I believe for it to move on in the United States it needs new leadership and it is for that reason I have stood down as the CEO,” Hayward said.
Hayward will walk away with a payout of $1.6m, plus $11m pension fund, though there has been talk of a key job at TNK-BP, in Russia, for Hayward. The Russian venture accounts for a quarter of the company’s production.
An American, BP executive Robert Dudley, looks set to replace Hayward. After a dispute with the Russian shareholders, Dudley was forced to flee Russia in 2008.
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[...] Adding to the troubles of those struggling to fight the BP oil leak in the Gulf of Mexico, there is now a 20 foot geyser of oil spewing into Mud Lake, which is part of a network of bayous and lakes, north of Barataria Bay. This is an ecologically sensitive coastal estuary, which authorities have been fighting to save from the waves of oil from the Gulf spill. Read more… [...]