Sinking

The blowout of BP plc’s Macondo well and sinking of the Deepwater Horizon drilling rig nearly a year ago sent ripples around the globe, causing a number of foreign offshore producing nations take a hard look at their safety practices, particularly with respect to blowout preventers (BOP), energy ministers and officials said last Thursday.

The blowout of BP plc’s Macondo well and sinking of the Deepwater Horizon drilling rig nearly a year ago sent ripples around the globe, causing a number of foreign offshore producers to take a hard look at their safety practices, particularly with respect to blowout preventers (BOP), energy ministers and officials said Thursday.

An investigation into the cause of the blowout of BP plc’s Macondo well in the Gulf of Mexico and the sinking of the Deepwater Horizon drilling rig “suggest[s] the lack of a suitable approach for managing the inherent risks, uncertainties and dangers associated with deepwater drilling operations and a failure to learn from previous ‘near misses,'” according to preliminary findings by a committee of the National Academy of Engineering and National Research Council.

An investigation into the cause of the blowout of BP plc’s Macondo well in the Gulf of Mexico and the sinking of the Deepwater Horizon drilling rig “suggest[s] the lack of a suitable approach for managing the inherent risks, uncertainties and dangers associated with deepwater drilling operations and a failure to learn from previous ‘near misses,'” according to preliminary findings by a committee of the National Academy of Engineering and National Research Council.

With cooling load sinking rapidly, especially in the South, prices fell at nearly all points Wednesday. The previous day’s 2.9-cent decline by September futures as they entered their three-day countdown to expiration also contributed to cash softness.

W&T Offshore Inc. CEO Tracy W. Krohn called the April 20 explosion and sinking of Deepwater Horizon and the resulting oil spill in the Gulf of Mexico (GOM) a terrible accident and said W&T is willing to help in any way “as most companies would be in our industry.”

W&T Offshore Inc. CEO Tracy W. Krohn called the April 20 explosion and sinking of Deepwater Horizon and the resulting oil spill in the Gulf of Mexico (GOM) a terrible accident and said W&T is willing to help in any way “as most companies would be in our industry.”

On a jam-packed information day for U.S. natural gas, traders were dealt two bearish reports on Thursday, which ended up sinking June natural gas futures back below $4.

Last week’s sinking of Transocean Ltd.’s Deepwater Horizon rig following an apparent well blowout went from tragic to worse over the weekend as oil began leaking from the well the rig had been drilling on Mississippi Canyon Block 252 (MC252). Last Friday evening the search for 11 missing crew members was abandoned.