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Chevron Corp (CVX) Financial News - BP Delaying Wells Worsens Fall in Production

Chevron Corp (CVX)

BP Delaying Wells Worsens Fall in Production

Quote: Chevron Corp. (CVX)BHP Billiton Ltd. (BHP)Royal Dutch Shell Plc (RDSA)bureau’s website. While BP hasn’t applied to drill any of its own wells, it is a partner in several fields that have been granted permits. That includes the Europa field, operated by Shell, that received a permit for drilling last week. In the year before the April 20 Macondo accident, BP received more new deepwater well approvals than any other company, according to information from the bureau. BP’s outputin the region has dropped to 250,000 barrels a day from about390,000 barrels a day before the spill. Output ‘Uncertainty’ Jason GammelLondon. “The declines could be as high as 30 percent. It’s a key uncertainty for BP.” BP has five rigs under contract in the Gulf of Mexico, none of which are drilling. Transocean owns GSF Development Driller II and Development Driller III, leased at $580,000 a day and $403,000 a day, according to a company filing from the rig owners. BP is also leasing the Discoverer Enterprise, which is still in port after helping in the spill cleanup and is under contract to BP at $435,000 a day. It will be handed back to Transocean in August 2012. Seadrill Ltd. (SDRL)’s West Sirius rig at $474,000 day, Seadrill spokeswoman Hilde Waaler said. Slow Permits “It’s taking longer than we thought to bring the Gulf back to full capacity,” said Kim Andre Uggedal, an analyst at Terra Markets AS in Oslo. “Drillers are talking about the end of 2012 or the middle of 2013 before permits are approved as quickly as they were before the spill.” Guy Cantwell declined to comment on rig fees. BP reported last week that it took a $300 million charge for idle rigs in the Gulf and other costs in the second quarter. BP spokesman Wine declined to comment on how much of the charge was related to the rigs. Transocean published an 854-page report on the Macondo blowout on June 22 that l...
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