BP Outlines Plan To Capture As Much As 80,000 Barrels A Day
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…
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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
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.