BP Outlines Plan To Capture As Much As 80,000 Barrels A Day

Energy

Published: June 14, 2010 5:47 pm

Last Updated: June 15, 2010 5:56 am

Faced with unrelenting pressure to show that it can fix the Deepwater Horizon rig wreck oil leak, BP plc (NYSE: BP) has written Rear Admiral James Watson of the Coast Guard outlining aggressive plans to increase the amount of crude it collects each day. On June 11, Watson wrote BP’s COO Douglas Suttles demanding that the company speed the rate at which leaking oil was prevented from flowing into the Gulf.

By mid-June, BP plans to bring in new equipment from as far away as Brazil to capture 20,000 to 28,000 barrels a day. The next set of improvements to the capture mechanism will increase capacity to 40,000 to 53,000 barrels a day by late June. Adding two new risers by mid-July will increase capture capacity to 60,000 to 80,000 barrels a day.

At this point, the oil leak rate is estimated to be as high as 40,000 barrels a day. That means if everything goes right no crude will be leaking into the environment within a month. That’s — of course — barring any new leaks, a breakdown in equipment, or a hurricane.

Douglas A. McIntyre

In 20 Years, I Haven’t Seen A Cash Back Card This Good

After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.

A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.

Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.