Not Logged In Log In   Sign Up   Points Leaders
Follow Us    1:30 AM

GasBuddy News Article

50
votes
U.S. Halts Drilling on Gulf Wells With Flawed Bolts

bloomberg.com -- Deep-water oil exploration has been disrupted from the Gulf of Mexico to Brazil by the discovery of faulty bolts used in safety equipment less than three years after the worst-ever U.S. maritime crude spill.

Energy explorers such as Chevron Corp., Royal Dutch Shell Plc and Transocean Ltd. said they have been directed by U.S. regulators to suspend work aboard rigs that employ General Electric Co. devices connecting drilling tubes to safety gear and the seafloor. The equipment must be retrieved so defective bolts can be replaced, the U.S. Bureau of Safety and Environmental Enforcement said in an alert issued on Jan. 29.

Installing new bolts and resuming drilling may take as long as three weeks for each rig, Credit Suisse Group AG said. For oil companies paying upwards of $600,000 a day


Read the Full Article

Submitted Feb 08, 2013 By: teafortwo
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. Halts Drilling on Gulf Wells With Flawed Bolts Back to Topics
REPLIES (newest first) Post a Reply
Chris46
Champion Author Dayton

Posts:50,638
Points:2,849,340
Joined:Sep 2005
Message Posted: Feb 11, 2013 11:22:55 PM

This article made sense. Nice story.
LetemEatCake
Champion Author Oklahoma City

Posts:5,705
Points:1,360,915
Joined:Mar 2008
Message Posted: Feb 9, 2013 11:39:01 PM


I agree with Ned....nice article!
NedW
Champion Author Indianapolis

Posts:8,118
Points:1,729,345
Joined:Mar 2008
Message Posted: Feb 9, 2013 5:02:50 AM

Thank you for submitting this, teafortwo.
52MPG
Champion Author Dayton

Posts:10,516
Points:2,521,350
Joined:Apr 2006
Message Posted: Feb 9, 2013 3:21:10 AM

Better to spend millions to fix the problem now than spend Billions in the future to clean up a mess.
LetemEatCake
Champion Author Oklahoma City

Posts:5,705
Points:1,360,915
Joined:Mar 2008
Message Posted: Feb 9, 2013 12:41:53 AM


PDQ...cause a low priority on safety is expensive, and Big Oil bets they won't get caught! Usually it take a big spill or accident to bring these problems to the public's attention!

In this case...they LOST!
PDQBlues
Champion Author San Diego

Posts:10,313
Points:2,225,200
Joined:Jan 2009
Message Posted: Feb 8, 2013 7:06:11 PM


You would think these companies would learn to put greater priority on safety, but you would be wrong.
Tomeboy
Champion Author Twin Cities

Posts:7,083
Points:1,338,915
Joined:Apr 2009
Message Posted: Feb 8, 2013 11:05:21 AM


This certainly could push gasoline prices... even higher for beleaguered consumers. This gives speculators more opportunity to earn even more money on their investments.

Installing new bolts and resuming drilling may take as long as three weeks for each rig, Credit Suisse Group AG said. For oil companies paying upwards of $600,000 a day to rent the most- sophisticated deep-water vessels and another $500,000 a day to staff and supply each of them, the delays may be significant, said Craig Pirrong, director of the University of Houston’s Global Energy Management Institute.

“This certainly will be costly for the industry,” Pirrong said in a telephone interview yesterday.

Lower earnings from the Gulf may be a consequence for service companies due to potential for longer downtime than expected, Bill Herbert, an analyst at Simmons & Co. in Houston, wrote today in a note to investors.

“GE bolt revelations yesterday galvanized the market as Macondo scar tissue sensitivity remains acute,” he wrote. “Think of this as a modest tropical storm, albeit in January.”

“We expect rig downtime to be 2-3 weeks” including time to bring equipment up, replace the bolts and return to the seafloor, Gregory Lewis, a New York-based analyst for Credit Suisse, said in a note to clients yesterday.

“This concern adds to numerous transitory risks facing the offshore drillers as the new rig delivery cycle unfolds and investor focus shifts to delivery execution, potential cost overruns and unplanned downtime on recently delivered units,” James West, an analyst at Barclays Plc in New York, wrote yesterday in a note to investors.

humblepie
Champion Author Toledo

Posts:63,936
Points:3,154,820
Joined:Mar 2006
Message Posted: Feb 8, 2013 9:33:02 AM

ge is the culprit now ?
teenitup
Champion Author Houston

Posts:5,390
Points:968,270
Joined:Sep 2012
Message Posted: Feb 8, 2013 8:46:55 AM

GE involved. Imagine that!
EnviroChemist
Champion Author Oklahoma

Posts:3,826
Points:903,685
Joined:Oct 2011
Message Posted: Feb 8, 2013 8:25:00 AM

The product of always using the lowest bidder for parts, defective bolts. A practice which seems to be coming back to haunt the oil companies and GE, to the tune of up to $600,000 per day of down time.
cruisingtx
Champion Author San Antonio

Posts:1,682
Points:2,074,120
Joined:Jan 2009
Message Posted: Feb 8, 2013 5:04:48 AM

Up, up, and away!
mrjames1818
Champion Author New Jersey

Posts:4,813
Points:2,775,620
Joined:Mar 2004
Message Posted: Feb 8, 2013 4:59:30 AM

The cost of doing business
SpruceGuse2
Champion Author Michigan

Posts:12,892
Points:3,209,315
Joined:Mar 2006
Message Posted: Feb 8, 2013 4:56:14 AM

OK?.......................
Luckylindy
Champion Author Milwaukee

Posts:7,468
Points:1,875,005
Joined:May 2008
Message Posted: Feb 8, 2013 4:53:37 AM

More Chinese garbage.
Cachase1
Champion Author Oklahoma City

Posts:14,718
Points:3,161,110
Joined:Aug 2003
Message Posted: Feb 8, 2013 4:53:17 AM

We will probably see further increases in gas prices as a result.
zcolt45
Champion Author Michigan

Posts:7,282
Points:1,665,210
Joined:Jan 2006
Message Posted: Feb 8, 2013 4:51:03 AM

This is what happens when you use Gray Market Items in these projects, someone will find out that the product was Made in CHINA to cut costs.

Big Oil cut costs to make Profits and a Hugh Bonus.

SkooterG
Champion Author Phoenix

Posts:3,888
Points:1,059,700
Joined:May 2012
Message Posted: Feb 8, 2013 4:49:23 AM

Amazing.
biggiesize
Champion Author Gary

Posts:3,486
Points:1,931,915
Joined:Sep 2005
Message Posted: Feb 8, 2013 4:45:11 AM

Another WOW!
tomok
Champion Author Portland

Posts:46,295
Points:3,126,535
Joined:Aug 2006
Message Posted: Feb 8, 2013 4:39:50 AM

U.S. Halts Drilling on Gulf Wells With Flawed Bolts? Make sure 'ALL' equipment being used is in safe working condition at all times! if the equipment is Not in safe working condition - suspend all operations until it is fixed or repaired properly.
Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
OHIO50
Champion Author Denver

Posts:4,155
Points:1,801,100
Joined:Mar 2010
Message Posted: Feb 8, 2013 4:39:34 AM

Ok.
yeehaw1073
Champion Author Indiana

Posts:4,695
Points:2,585,410
Joined:May 2004
Message Posted: Feb 8, 2013 4:36:15 AM

it's always something...
BigDogOH
Champion Author Cincinnati

Posts:11,795
Points:2,587,885
Joined:Mar 2008
Message Posted: Feb 8, 2013 4:28:30 AM

$4.00 by Easter
charg3rguy1991
Champion Author Greensboro

Posts:1,395
Points:409,000
Joined:Sep 2012
Message Posted: Feb 8, 2013 4:24:39 AM

They shouldn't need to be told to suspend work to fix safety equipment, they should just FIX IT on their own.
joko0
Champion Author New Jersey

Posts:2,492
Points:1,027,940
Joined:Oct 2008
Message Posted: Feb 8, 2013 4:22:53 AM

Sounds like another bump in gas prices!
UseLessGasFolks
Champion Author Iowa

Posts:8,598
Points:2,044,350
Joined:Jul 2007
Message Posted: Feb 8, 2013 4:22:49 AM


My Kingdom for a bolt.
UBDave
Champion Author British Columbia

Posts:1,758
Points:2,096,635
Joined:Oct 2008
Message Posted: Feb 8, 2013 4:17:22 AM

Just another excuse to jack up gas prices even further...
madison8359
Champion Author Cleveland

Posts:17,682
Points:2,372,630
Joined:Apr 2008
Message Posted: Feb 8, 2013 4:15:47 AM

And now for the fix.
Gibby4176
Sophomore Author Illinois

Posts:140
Points:911,235
Joined:Apr 2012
Message Posted: Feb 8, 2013 4:14:52 AM

Figures.
SteveMartin
Champion Author New Orleans

Posts:7,462
Points:1,609,820
Joined:May 2008
Message Posted: Feb 8, 2013 4:13:03 AM

Need better designers.
rwrMO
Champion Author Missouri

Posts:2,546
Points:581,170
Joined:Jun 2011
Message Posted: Feb 8, 2013 4:07:34 AM

This will drive the price up.
jci25946
Champion Author Tampa

Posts:6,440
Points:1,718,420
Joined:Jan 2006
Message Posted: Feb 8, 2013 4:02:56 AM

Someone trying to save money by buying faulty bolts!!
Ltdc
Champion Author Long Island

Posts:10,261
Points:2,406,775
Joined:Jul 2007
Message Posted: Feb 8, 2013 4:00:26 AM

GE with egg on the old face!
teamsimons
Champion Author South Carolina

Posts:4,027
Points:1,107,335
Joined:Aug 2011
Message Posted: Feb 8, 2013 3:57:18 AM

Why is it that faulty parts are never found before installation and use?

What impact will this have on gas prices, we wonder?
TommyTraveler
Champion Author Cincinnati

Posts:11,836
Points:2,450,105
Joined:Nov 2007
Message Posted: Feb 8, 2013 3:57:14 AM

Better to be safe the sorry.
Pozole
Champion Author Portland

Posts:18,849
Points:2,375,545
Joined:Mar 2005
Message Posted: Feb 8, 2013 3:55:04 AM

...DUH...
defense
Champion Author Grand Rapids

Posts:1,598
Points:1,474,640
Joined:May 2004
Message Posted: Feb 8, 2013 3:51:05 AM

ok
lgwhitlock
Champion Author Chico

Posts:9,464
Points:2,428,850
Joined:Jun 2008
Message Posted: Feb 8, 2013 3:50:27 AM

I would thing GE would have to pay for this or their insurance company anyway. Crazy. At least it was found before any accidents happened...
VB_Richard
Champion Author Virginia Beach

Posts:4,901
Points:1,134,320
Joined:Dec 2011
Message Posted: Feb 8, 2013 3:50:15 AM

The price of a bolt!!
twobroke61
Champion Author Michigan

Posts:11,527
Points:2,359,660
Joined:Sep 2008
Message Posted: Feb 8, 2013 3:48:18 AM

glad they found it now
hybridaholic
Champion Author Appleton

Posts:11,677
Points:2,328,680
Joined:Dec 2008
Message Posted: Feb 8, 2013 3:47:26 AM

Probably from the cheapest bidder----China.
1fulltank
Champion Author Buffalo

Posts:10,937
Points:2,288,130
Joined:Nov 2008
Message Posted: Feb 8, 2013 3:44:34 AM

Now we have a recall on bolts.
stefanwaggoner
All-Star Author Bakersfield

Posts:562
Points:152,915
Joined:Mar 2012
Message Posted: Feb 8, 2013 3:36:16 AM

Just wait till we are all tapped out and the world is dry then what?
Hi1
Champion Author Ontario

Posts:7,787
Points:2,445,495
Joined:Jun 2007
Message Posted: Feb 8, 2013 3:29:37 AM

I'm glad they got it before anything happen.
JuicyQ69
All-Star Author San Bernardino

Posts:862
Points:1,714,390
Joined:Apr 2009
Message Posted: Feb 8, 2013 3:28:54 AM

Common sense.
pinofl
Veteran Author Miami

Posts:364
Points:70,145
Joined:Dec 2012
Message Posted: Feb 8, 2013 3:28:49 AM

ok
Lairre
Champion Author Sacramento

Posts:8,355
Points:954,005
Joined:Oct 2012
Message Posted: Feb 8, 2013 3:27:55 AM

Glad they found the flaws now...
vibdata
Champion Author Massachusetts

Posts:5,136
Points:1,078,590
Joined:Nov 2005
Message Posted: Feb 8, 2013 3:23:09 AM

This is the principle of "No Responsibility." GE will not pay for this. The consumer of oil products will pay for this. Badly.

srchr
Champion Author San Jose

Posts:10,461
Points:2,383,465
Joined:Apr 2008
Message Posted: Feb 8, 2013 3:21:27 AM

safety first
borsht
Champion Author Oakland

Posts:3,947
Points:959,210
Joined:Aug 2012
Message Posted: Feb 8, 2013 3:19:20 AM

If they werte made by GE,Let's hope they make GE pay for this.
mazdaboy
Champion Author Portland

Posts:11,059
Points:2,856,710
Joined:Aug 2003
Message Posted: Feb 8, 2013 3:16:29 AM

Job well done.
fratt
Champion Author Grand Rapids

Posts:13,041
Points:3,423,035
Joined:Jul 2005
Message Posted: Feb 8, 2013 3:15:21 AM

Not good.
Post a reply Back to Topics