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BP is one of the world's largest oil and gas companies with operations in more than 100 countries across six continents. The company's main businesses are exploration and production of oil and gas; refining, manufacturing and marketing of oil products and petrochemicals; transportation and marketing of natural gas; and BP Alternative Energy, a growing business in renewable and low-carbon power and next generation energy technologies.
BP halts Gulf relief operations due to storm, CEO Hayward to testify before US Congress
The US government has ordered BP (LON:BP) to suspend the drilling of the relief well in the Gulf of Mexico as tropical storm Bonnie appears to be on course to enter the area and jeopardise the oil and gas supermajor’s operations.
The well is being drilled as a relief for the ruptured MC252 well, which has caused an oil spill that has developed into the worst environmental disaster in US history, contaminating the Gulf waters, ruining local fishing and tourist industries and killing wildlife in the area. BP said that the MC252 well remained shut-in, as it had been for the past seven days. The company intends to continue monitoring the ruptured well for “as long as weather permits” and the duration of the suspension will hinge on the weather.
The halt could last for as long as two weeks.
BP has recently installed a new containment cap on the well to completely stop the leak for the first time since the inception of the crisis on 20 April, when a Transocean operated rig leased by BP for its Gulf operations erupted, killing 11 workers and causing the disastrous oil spill that has so far wiped out more than a third of the company’s value.
Battered chief executive Tony Hayward has been called to testify before US Congress about BP’s role in Scotland’s decision to release Libyan terrorist Abdel Basset al-Megrahi last year.
Shares in BP were flat at 399 pence this morning.
