+ BP abandons plan to develop Alaska field

Globe and Mail ^ | 11 July 2012 | Guy Chazan

[Lorianne]

BP PLC has decided not to proceed with a groundbreaking $1.5-billion (U.S.) offshore oil project in Alaska after concluding it would be too expensive.

A review carried out in the wake of BP’s 2010 Gulf of Mexico oil spill found that the plan for the Liberty field did not meet BP’s new, higher safety standards. Putting it right would have driven up project costs and caused further delays to a development that is already well behind schedule.

“At the moment we don’t feel it’s economically viable,” a spokesman said on Wednesday.

The move shows how the cautious, conservative approach BP has adopted since the explosion and fire at the Deepwater Horizon rig that killed 11 men and triggered the world’s worst offshore oil spill is already having an impact on its production plans.

[re_nortex]

Obama’s anti-business regulations strike again. The climate under his administration favors union thugs and job-crippling policies at the expense of energy independence.

[hosepipe]

Fire them and take their leases.. assign to somebody who will develop it..

BP was and is tools of a socialist administration.. both domestically and globally..

[Vanders9]

How do you come to that conclusion?

[Recon Dad]

Fire them and take their leases.. assign to somebody who will develop it..

BP was and is tools of a socialist administration.. both domestically and globally..

In the next 5 years BP plans upwards of a $150 Billion in developing and exploring energy on the wide global field. Someone will have the balls to compete. (regulations are the bane of existence)

[hosepipe]

I read.. “Going Rogue”...

[tdscpa]

You got it. They are going to drill off Brazil to sop up obama’s 2 billion investment there. (The BP kickback to obama will be $1.0 billion? $.5Billion?) Pick your number.

[Eva]

As far as I know, BP was banned from drilling or owning additional interests in Alaska when they took over ARCO. That’s when they switched from supporting drilling in the ANWR to opposing drilling in the ANWR and signing onto the KYOTO Treaty.

[Eva]

BP may be abandoning the off shore Alaska project in favor of the coal terminal that BP wants in WA state to export their calcinated coke. Obama also wants this coal terminal to benefit his crony partners, Goldman Sachs and Warren Buffet’s BNSF, as well as the Powder River Basin sub-bituminous coal owners, Peabody Coal. It’s crony capitalism all the way, better known as fascism.

[thackney]

As far as I know, BP was banned from drilling or owning additional interests in Alaska when they took over ARCO.

That is not correct. They had to turn over some of the existing assets at the time. They were not bared from future assets.

[Eva]

Well, I remember clearly, that BP switched its position supporting drilling in the ANWR to opposing drilling in the ANWR at the time of the ARCO take over. BP also advocated signing onto the KYOTO treaty at that time.