Deepwater

More than four years after it originally proposed construction of a deepwater liquefied natural gas (LNG) terminal to be sited on a man-made island off the coasts of New York and New Jersey, Atlantic Sea Island Group LLC (ASIG) has shelved the project, citing the recent retirement of ASIG founder and CEO Howard Bovers and current economic conditions.

Shares of BP plc shot up 7.57% to close at $38.92 Thursday — the first day since the April 20 Deepwater Horizon rig catastrophe that the company has been able to choke off all of the oil flowing from the ruptured well.

Over the weekend BP plc began replacing the lower marine riser package (LMRP) containment cap over the Deepwater Horizon’s failed blowout preventer with a new sealing cap assembly. On Monday COO Doug Suttles said the company expected to install the new cap later in the day.

Alabama Gov. Robert Riley has been granted an extension until Sept. 14 to decide whether to allow a proposed deepwater liquefied natural gas (LNG) terminal offshore Alabama in the Gulf of Mexico (GOM) to move forward, a spokesman said.

Producers worldwide will continue to pursue deepwater drilling for natural gas and oil because the world will need a huge amount of fossil fuels for decades to come, Royal Dutch Shell plc CEO Peter Voser said last month in Cape Town, South Africa.

Producers worldwide will continue to pursue deepwater drilling for natural gas and oil because the world will need a huge amount of fossil fuels for decades to come, Royal Dutch Shell plc CEO Peter Voser said Sunday in Cape Town, South Africa.

BP plc shares resumed their slide Monday, closing down nearly 10% at $30.67 on the New York Stock Exchange nearly two months after the drilling rig Deepwater Horizon exploded and sank at the company’s Macondo well site in the Gulf of Mexico (GOM).

BP plc was able early Thursday to shear off the damaged riser pipe connected to the Macondo well in the deepwater Gulf of Mexico but “it’s simply the beginning,” CEO Tony Hayward said in Houston.

The first cargo of liquefied natural gas (LNG) is expected to arrive at the GDF Suez Neptune LNG deepwater port offshore Gloucester, MA, some time in August, a company spokesperson confirmed. Carol Churchill told NGI the port’s south buoy has been successfully tested and is operational. “The LNG deliveries that were made during the testing process actually resulted in gas entering the pipeline system and being delivered to New England customers,” she noted. “We continue to work on the north buoy. The GDF SUEZ Cape Ann, the second of two shuttle and regasification vessels, is expected to arrive in August. We still need to test that vessel as well as the north buoy. The GDF SUEZ Neptune made its first delivery to the Neptune port during the testing process in March.”