BP Set To Announce Plans

According to the Tribune Chronicle (Warren, OH) BP "...plans to make an announcement this morning about it's future with the Utica Shale Play "

Let's keep our fingers crossed for good news!

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Permalink Reply by Kathleen on April 29, 2014 at 9:48pm
This proves AGIAN how important the bonus money can be. Nothing is a sure thing down the road, but money in hand is.
I hope one day something can work for that area and it doesn't take another 50 million years.
Permalink Reply by The Rooster on April 30, 2014 at 11:46am

utica

was this for a first check for his well?

Permalink Reply by elliemae82 on April 29, 2014 at 10:03pm

Is it possible BP just doesn't have the know how for the Utica?

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on April 29, 2014 at 10:25pm

If you take a look at their offshore developments you'll see that there's (almost) no problem that these guys cannot figure out (save the Macondo disaster).  However, they don't want a science project, they want production.

Permalink Reply by Mark McGrail on April 29, 2014 at 10:28pm

Marcus,

I have never really understood why BP decided on Trumbull County.

Permalink Reply by Joseph-Ohio on April 29, 2014 at 10:43pm
Maybe they determined that they had other places where the resources were more easily recovered and the money they receive from the sales of the Trumbull leaseholds would be better spent there instead. Just guessing out loud a little.
Permalink Reply by Mark McGrail on April 30, 2014 at 12:26pm

US,

Of course he was able to organize the landowners.

But, did BP only take the acreage because it was available ?

Shouldn't there have been some "geologic due diligence" that would have given them some idea of they might find. Or was there a lack of info and the only way for them to know was to actually poke some holes ?

Permalink Reply by Mark McGrail on April 30, 2014 at 1:08pm

US,

As I understand the agreement, BP had to accept all leases that had clear title.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on April 30, 2014 at 1:17pm

They had quite a bit of latitude when decided that title wasn't clear.  Really any defect in the chain could be used as an excuse to hustle their way out of paying.  ALOV doesn't like to tell that part of the story.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on April 30, 2014 at 1:18pm

"But, did BP only take the acreage because it was available ?"

Yes. 

Permalink Reply by Joseph-Ohio on April 30, 2014 at 1:23pm
Maybe they took it with the intention of selling it instead of developing it ?

From what I've heard they've tons of places to develop plus tons of liabilities as well (remembering the Gulf disaster to site one in particular).
0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on April 30, 2014 at 1:45pm

That's not their style.  They bought it to drill it and have some lower risk oil.  It didn't work.  It happens.

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