Replies to This Discussion

Permalink Reply by drilltheshale on June 23, 2010 at 10:42

As long as we have oil and gas, they will come. O&G companies do and have done business for decades in countries that can and have seized their assets on a whim and they always will take that risk. C'mon, the big oil companies do business in Saudi Arabia, Iraq, Mexico, Iran, South America, Russia (and its unstable spinoffs), even Afghanistan! They even work and contract with state-owned oil companies!

The US along with Europe are by far the most stable places for them to operate and always will be. And BP surely could have deferred to their day in court over voluntarily agreeing to the trust fund. Companies generally do what is in their financial interest and apparently they decided ponying up $20 billion was in that interest.

The "rule of law" problem was apparently BP's problem--they don't seem to understand it.

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Permalink Reply by drilltheshale on June 24, 2010 at 5:34

Point taken and I value your opinion as a true veteran of this business.

Your statement does (somewhat) reinforce my point that O&G players will (and do) suffer the interference of governments (even the US, as now) to do business when it is in their business interest.

I'm seeing your main point is that the blowout and ensuing disaster has disenchanted some of the companies in and of itself and the moratorium is either irrelevant or just icing on the cake. I'm sorry to hear that because I believe that DW drilling can be done safely, although I think public confidence needs to be restored somewhat.

Thanks.

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Permalink Reply by drilltheshale on June 24, 2010 at 5:43

Shalers, I just wanted to say that I value the debate and your opinions (and facts) and I value this forum or I wouldn't be here (although I generally like to keep it less about political personalities). I'm of a less than conservative persuasion, obviously, than many, but I'm native Louisiana and I know the value of the O&G industry to our great state. Like most of you, I learn even from those who have the greatest differences with me. I do believe if the public and political debate played out like it does here in this forum when we're at our best, our state would be better for it.

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Permalink Reply by sesport on June 25, 2010 at 16:31

DTS - re. "... the value of the O&G industry to our great state."

I agree, we are most fortunate to benefit from these resources. In most instances I believe risks are minimized, but yet there still are risks. And, as we explore with the new technologies, we are pushing the envelope in a way.

Therefore, wouldn't it be prudent to proceed with utmost caution? And one must wonder, with news always unfolding, whether some with power to wield should really take a back seat and allow more impartial, objective minds decide. As in the judge's decision regarding the moratorium. Wouldn't the definition for recusing apply?

http://news.yahoo.com/s/ynews/20100625/ts_ynews/ynews_ts2856

"His 2009 disclosure, which was released today for the first time, shows that he had sold off the Transocean investment but continues to own stock in a variety of companies that might have been directly or indirectly affected by the ban. The updated disclosure form constitutes the most recent publicly available record of his finances."

best & thanks 80)

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Permalink Reply by bret rothwell on June 24, 2010 at 14:25

Seems like the public is due a shock. BP is more similar than different than its peers in the industry. Even outfits much smaller will steal from ya, given a chance. A lot of leases written today do just that. BP has a corporate objective to make investments that turn a profit. It is not a social welfare institution. It is not founded to conduct fair trade in business practices. It is a huge outfit because of the power of money. None of the efforts at Macondo are being ignored by industry lawyers. Even Cheers, the CEO of Anadarko, is lining up to avoid being responsible for the cleanup cost. BP and partners broke it.....by any conservative measure, they should be held responsible for fixing it, including the cleanup cost and payment of royalty to the US Treasury for the lost production....just as any other royalty owner expects......Do you think the N.O. federal judge will rule for the royalty owners....against BP and partners????? Less than 2% of the 36,000 wells in the GUlf are in Deep Water...We had lots of failure on the Shelf in the drilling through the early 1980s....until it became the Dead Sea. Most of the material losses and pollution occurred during development operations.....contrary to GOP spokesputts. And for those who wouldn't object to wells drillling in their front yards.....go join the Army and fight for freedom for a change....ya don't know what you're talking about...

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Permalink Reply by Spring Branch,mineral owner on June 24, 2010 at 14:50

I wasn't aweare that the shelf was the dead sea.

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Permalink Reply by BirdDawg, plain ole' idiot on June 24, 2010 at 14:58

Bret Slothwell,
All that drilling on the shelf on the now "Dead Sea". Isn't that where all the charter fishing boats used to go? And catch tons of fish?
And yeah, a lot of us know what we are talking about.

Glad you think you are so smart.

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Permalink Reply by bret rothwell on June 26, 2010 at 11:05

The Dead Sea refers to the real decline in exploration activity in the late 1980s after 4 cycles of area-wide lease sales had leased up all but the lows in structure. Revival offshore would wait another downturn in the late 1990's before CAPEX targets were exhausted and DW seismic resolution imporved.

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Permalink Reply by Mac Davis on June 24, 2010 at 15:12

I think BP is different from their competitors in the O&G industry.

I believe BP suffers from extremely bad management stupidity. I've heard from several sources about BP doing frankly stupid things. Not just things where they were being greedy, cheap or cutting corners. Things where they were simply too bureaucratic to do things right. They didn't save money, make things easier for themselves, or get extra profits. They simply keep shooting themselves in the foot.

BP is like the the drunk driver of the O&G industry.

Don't get me wrong, BP does have its share of corporate evil. It's just that they're ruled by stupidity and bureaucracy more than the competition.

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Permalink Reply by essay on June 24, 2010 at 17:23

that's well said from where i sit, mac. the drunk driver analogy is very apt.

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