BP Says Lightning Storms Held Back Oil Recovery Wednesday Morning

30th Jun 2010 00:28

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) said the rate it captured oil from a broken well in the Gulf of Mexico dropped Wednesday morning because of lightning storms. Though the underwater oil-recovery operations weren't in Hurricane Alex's direct path, the storm system is nonetheless churning up waters at the site and disrupting other emergency responses to the oil leak. Earlier Wednesday morning, the Coast Guard said waves at the site were up to seven feet high. Effects of the storm forced the suspension of oil skimming and booming operations off the costs of Louisiana, Alabama and Florida. The storm has also delayed BP's plan to increase the amount of oil collected from the leaking well by a week. The oil giant said it retrieved 10,230 barrels of oil during the first 12 hours of Wednesday, 6,085 barrels of which was collected and 4,145 barrels of which was flared. BP said lightning storms from 9 a.m. through 11:45 a.m. CDT reduced oil-collection volumes on one of the vessels responding to the leak. That total is down 19% from BP's previous half-day rate. A team of scientists has estimated that about 35,000 to 60,000 barrels are flowing from the broken well every day. The U.K. oil giant has been under intense pressure to successfully contain the spewing oil, which began in April when a deepwater drilling rig exploded and sank. The drilling of relief wells is due to be completed in August, at which point the company would pump heavy drilling fluids into the existing well to restrict the oil flow, allowing it to be plugged with cement. BP's American depositary shares were up 0.2% at $28.94 after hours. The stock has lost half of its value since the oil leak began. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [email protected] (END) Dow Jones Newswires June 30, 2010 19:28 ET (23:28 GMT)