Wednesday, May 05, 2010

ExxonMobil makes statement about assistance to BP for Deepwater Horizon Incident

ExxonMobil has issued a press release, dated April 30, regarding the British Petroleum BP-Deepwater Horizon Incident in the Gulf of Mexico, link here.

Exxon says it has “offered the use of a drilling rig as a staging base, two supply vessels, an underwater vehicle and support vessel and has provided experts to respond to BP’s request for technical advice on blowout preventers” and that it supports “Tier 3 spill response and cleanup cooperatives, such as Marine Spill Response Corporation, Clean Gulf, and Oil Spill Response Ltd., to provide personnel and equipment, such as dispersants, fire boom and radios.”

Exxon was responsible for the Valdez spill in 1989 off the coast of Alaska, which was apparently the result of negligent behavior by the skipper.

In the meantime, fears continue to mount that loop currents could carry oil into some of the Everglade marshes in Florida and even around Florida into the Atlantic Ocean as far north as North Carolina.

XOM stock has been relatively steady or declined only slightly during the disaster.

The Deepwater Horizon disaster occurred on April 20. BP stock ADR’s did drop about 20% (from 60) in the days following the catastrophe.

A BP refinery in Texas City, TX (on the Gulf) exploded in March 2005. In 2006, BP had to shut down operations near Prudhoe Bay, Alaska, due to corrosion in its pipelines.

All of this puts the president, with his recent swing to support offshore drilling and more production, in a difficult position.

Wikipedia attribution link for NASA space photograph of spill area, here.

Update: May 8

MSNBC has a story, "Report: Gas bubble triggered rig blast; Gulf spill likely bigger than Exxon Valdez, claims expert", link here. The report talks about methane hydrate crystals in the sea bed, that could cause enormous greenhouse gas emissions.

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