BP Looks For Better Week Ahead

Last week chief executive Tony Hayward , was grilled by the US lawmakers.

Hayward’s testimony was panned by the House of Representative panel, and press alike. Hayward not unexpectedly sought to delay certain answers until conclusive results had been determined,.

With anything up to 60,000 barrels of oil spilling into the Gulf everyday, the anger from politicians was to be expected. BP for their part is obviously a company in crisis and is making every possible effort to contain, limit and ultimately cut the wellhead spill completely.

The key issue appears to be , can BP make significant advances in containment over the coming weeks with the distinct hope that the two relief wells will be completed during August?

Given the public outcry and impact on the local communities, it is hardly surprising that tempers are so high. With the proposed, 20 billion escrow fund, BP are offering a significant potential reparation to the communities of the Southern States.

What now seems to be the issue is whether or not a level of calmness can envelope the whole situation.

More anger, more ire, more press overreaction and more financial market instability would not help BP get the job done any faster. The weekend’s press reaction to Tony Hayward, back in the UK, taking some leisure time to go sailing is extreme over reaction.

BP management due to all the pressures that prevail has been living this nightmare for every hour of the day for the last 2 months.

It has to be recognized that given the finite amount of oil to be discovered on the planet and our never-stopping desire for energy, means that off-shore drilling will have to continue. In saying that certainly the industry would have to change its working practices and be affected by increased regulations so that a spill of this magnitude is not repeated.

This disaster like this was always potentially going to happen. In our desperate search for energy, drilling at these depths and in other extreme locations was always going to difficult.

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Posted by PNeedham on Jun 22 2010. Filed under Featured News, Health, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry