Thursday, June 17, 2010

BP Tony Haywood On Capital Hill- Have Oil Investors Priced This In?



BP’s embattled Tony Hayward moved aside

June 18, 2010

LIZ ROBBINS


BP CEO Tony Hayward is sworn in before he begins his testimony about the BP oil spill in the Gulf of Mexico on Capitol Hill in Washington, June 17, 2010.
LARRY DOWNING/REUTERS

A day after Tony Hayward, the chief executive of BP, was pummeled by members of a U.S. congressional Huse committee over the company’s role in the disastrous oil spill in the Gulf of Mexico, the chairman of the company said in an interview that Mr. Hayward would step away from daily involvement in BP’s enormous response efforts in the gulf.

Carl-Henric Svanberg, the chairman of BP, told Sky News that after eight weeks of being on the scene, Mr. Hayward “is now handing over the operations, the daily operations, to Bob Dudley.”

He referred to Robert Dudley, an American oil executive who has been a managing director of BP since 2009.

Over five hours of testimony to the oversight and investigations panel of the Energy and Commerce Committee on Thursday, Mr. Hayward repeatedly said he had no direct knowledge of the company’s safety decisions in connection with the stricken well, and refused to speculate about the causes of the oil spill before a company investigation of the accident is completed. His sidestepping of basic questions angered lawmakers, who told him that he was “stonewalling” the committee.

Mr. Svanberg, who spoke for the company after a delegation of executives met with President Obama and his aides at the White House on Wednesday, acknowledged that Mr. Hayward has struggled in the public’s perception.

“It is clear Tony has made remarks that have upset people,” Mr. Svanberg said to Sky News.

Mr. Svanberg himself had to apologize for his own remarks after he called those affected by the spill in the gulf “small people.”

While the company prepared to make changes at the top of its response effort, BP reported some incremental progress in the field.

On Thursday, BP was able to recapture 25,290 barrels of crude oil leaking from the wrecked well. It was the most the company had yet been able to collect in a day through the containment cap system it put in place earlier this month.

Workers drilling one of the relief wells, meant to help seal the well more completely, came within 200 feet of the damaged well on Friday, BP said. And the Coast Guard said that skimming equipment was being produced and prepared for attachment to thousands more available vessels to collect oil off the surface of the sea.

Oil is still gushing from the undersea well at 35,000 to 60,000 barrels a day, however, and shows no signs of slowing down. The well may not be killed — the technical term for sealing off what has become a pernicious adversary — until August, when the two relief wells are completed.

How is it possible to measure progress that seems like a few tiny drops in the proverbial bucket?

The Coast Guard and BP prefer to consider the recent small advances — cautiously — as signs of hope. The Q4000, the second vessel to join the containment effort above the well, began collecting oil early on Tuesday morning, and within three days achieved its maximum capacity of about 10,000 barrels a day.

“I was quite encouraged,” Kent Wells, a BP senior vice president, who gave a technical update to reporters on Friday.

By the end of June, the Q4000, together with the Discoverer Enterprise, the vessel with a direct connection to the containment cap on the well, will be joined by a third means of collecting escaping oil — a free-standing riser on the seabed floor. Together, they are expected to be able to collect about 50,000 barrels of oil daily, Mr. Wells said.

Two relief wells are being drilled, but although the first is close to the existing well, it will still take until early August to complete them, Mr. Wells said. It was unclear how long it would take from that point to kill the well.

“While we’re extremely encouraged about how well the drilling is going,” Mr. Wells said, the relief drilling will have to go slower now, becoming more cautious the closer the operation gets to intersecting the damaged well.

“Things have gone well down to this stage, but that doesn’t always mean things will continue to go well,” Mr. Wells said. “Obviously, we’re looking to kill the well as soon as possible.”

Anthony Bryan "Tony" Hayward, CCMI (born 21 May 1957) is the Chief Executive of oil and energy company BP Group, taking over from John Browne, Baron Browne of Madingley on 1 May 2007.




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  • IEE-TSX-v Radar List Potential Worth A Read Iseemedia

    Canada's iseemedia strikes patent partnership with US-based global leader in innovation, Intellectual Ventures

    cnw

    - iseemedia strengthens balance sheet with $1.235 million upfront payment and long-term royalties

    TORONTO, June 17 /CNW/ - iseemedia Inc. (TSX-V: IEE), a leading provider of messaging and content handling technology that enables mobile devices to be experienced like media-rich desktops, today announced a commercialization agreement with Intellectual Ventures in Bellevue, WA, one of the world's largest invention investment companies. The deal provides the Company a US $1,235,000 upfront payment and a long-term royalty stream commitment.

    The agreement involves the sale of three non-core patents from iseemedia that complete the US partner's key portfolio in wireless imaging. The iseemedia patents include:

    - First filed October 5, 2004 and granted May 5, 2009 US Patent No. US
    7,529,552 B2 which claims a method for interacting with imagery on a
    cellular phone, including rendering an image on a display for a
    cellular phone, detecting that a user has selected an active area of
    the display using an input device for the cellular phone, and
    automatically activating a function of the cellular phone
    corresponding to the active area of the display. A system and a
    computer readable storage medium are also described and claimed.

    - First filed October 5, 2004, US Patent No. 7,667,862 granted
    February 23, 2010 and US Patent No. 7,672,002 granted March 2, 2010,
    are core enabling patents for streaming of vector graphics that
    reference raster images for interactive viewing on a mobile device.
    Patent No. 7,667,862 relates to use of image tags and Patent No.
    7,672,002 relates to use of Scalable Vector Graphics group elements.
    The method and system of this invention can be implemented using a
    variety of software and hardware architectures, including inter-alias
    server-side rendering and client-side rendering, and is particularly
    advantageous for efficiently streaming images to wireless devices.

    "Our patent partnership plays squarely into the rich experience trend on handheld devices which is forcing wireless operators, content providers and developers to deliver a premium experience with efficient bandwidth consumption on all mobile platforms," said Anthony DeCristofaro, President and CEO, iseemedia. "We are pleased to have partnered with a formidable intellectual property player that is capable of monetizing the total global opportunity for our technology. As a result, we have achieved a double benefit by strengthening our balance sheet while exploiting the immediate embedded value in our substantial IP portfolio."


    iseemedia maintains a sizeable portfolio of intellectual property in mobile applications and expects to add four additional document streaming patents this year to its already-strong IP family which were applied for in 2004/2005 and related to its core content delivery platform now being licensed by the Company to wireless providers and content developers.


    The Company is also pleased to announce that it has entered into a Consulting Services Agreement with EQ2IQ Consulting Services Limited (the "Consultant") to complete new material business contracts in the coming year. In accordance with the terms of the Consulting Services Agreement, among other things, the Company issued 700,000 common shares to the Consultant to be held in escrow by the Company and only paid out as follows: (i) 350,000 shares for each of the first two material, revenue generating, strategic contracts; and (ii) any remaining shares upon the completion of a sale of the Company, a sale of a controlling interest in the Company or a sale of the Company's iseemail business division. The term of the Consulting Services Agreement is 12 months. Any unearned shares would then be returned to treasury.

    About iseemedia

    iseemedia Inc. is a software development company focused on the commercialization of a Service Delivery Platform (iseemail(TM)) for delivering Blackberry-like email services to the mass market and an advanced Content Delivery Platform (iseedocs(TM)) for rich media adaptation and extremely cost-efficient delivery to mobile devices. The Company maintains a broad portfolio of issued and pending patents that cover content authoring, streaming and interactive viewing on mobile devices. iseemedia is publicly traded in Toronto (Symbol: IEE.V).

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