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Online Stock Market Trading As the Senate debates the patriotic merits of drilling for oil in Alaskas Arctic National Wildlife Refuge, a new report by BP PLC documents widespread operational problems at its giant oil field in neighboring Prudhoe Bay.

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Stock Investing Course IN ITS SEVEN-WEEK review over the summer, a BP team of employees and consultants found deficiencies ranging from lack of maintenance on safety equipment to reports of chronic valve leaks.

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Stock Market Game The findings underscore concerns of critics of President Bushs proposal to drill in the refuge that practices by the oil industry practices are too slipshod for it to be trusted to go into such a pristine wilderness area. Both industry and administration officials have emphasized they would exercise great care if allowed into the refuge.

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Stock Investing Game The report makes clear the need to continue to improve both the operation and maintenance of the field to keep it safe in the future, said Steve Marshall, president of BPs BP Exploration unit in Alaska. BP operates the Prudhoe Bay field on behalf of a consortium that includes Exxon Mobil Corp. and Phillips Petroleum Co.

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Journal Prime Rate Street Wall In their report, the BP investigators discovered large and growing maintenance backlogs on fire and gas-detection systems and pressure-safety valves. The [fire and gas] systems are old, portions of them pre-date current code and replacement parts are difficult to obtain, the report said, noting that some of the deficiencies were identified by a BP contractor in 1999 without being evaluated or corrected.

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Stock Market News It also found that internal leak-through of oil-isolation valves, including those designed to shut down or divert oil and gas in the pipeline, is a significant problem and under certain circumstances may pose a potential hazard to workers and equipment.

Stock Investing Basics The report was ordered following disclosure of safety-valve failures and other problems at the facility in an April 13 front-page article in The Wall Street Journal.

Stock Investing Software The report found that the companys testing of its automatic safety valves doesnt always follow BPs written procedure, which is to make sure normal flow pressure stays in the pipeline by leaving a nearby manual valve open. The safety valves are designed to automatically close a well in event of an emergency. About 10 percent of those valves in BPs entire drilling operation on western Prudhoe Bay failed to pass state tests during the first quarter, company officials said this year, in a finding that broadened the scope of a problem publicized by a group of workers there.

Stock Market Trading Instead, the BP tests mostly have entailed closing that manual wing valve, so pressure can build to see if it closes properly or not. BP officials say this is done in accord with both industry and state guidelines. However, some workers complain the safety valves also should be tested with the wing valve open, to determine how the safety valve would work when the pipeline is under actual pressure. The BP team recommended the company work with state and industry officials to review procedures to ensure the tests are rigorous enough.

Stock Investing For Dummy The report was based largely on interviews with about 300 BP workers and contractors, on the western side of Prudhoe Bay where the workers documented problems as well as on the eastern side where they had not. While most workers told the investigators they felt safe, they consider that certain critical safety systems are in need of urgent maintenance or significant upgrades, according to the report, which was completed in September but is now being circulated to employees and members of Congress.

Stock Market Crash BP officials said they plan to act on 78 recommendations made by the review team, including that maintenance staffing be quickly beefed up, that they quickly find out which isolation valves are leaking and that the company continue a program already started to make sure fire and gas systems are working. Company officials say they already were working to address about half the concerns.

Stock Investing Tip A group of workers who first aired the safety problems were cautiously optimistic. Until we see real changes, we remain skeptical BP will remedy the problems, the anonymous workers said in a statement relayed through their spokesman, Chuck Hamel, a well-known activist who has successfully taken on the oil industry over flaws at the Trans-Alaska pipeline.

Stock Market Chart In June, the company said it ordered the review, after Michigan Democrat John Dingell, longtime member of the House energy and commerce committee, and other members of Congress asked the company to explain the safety problems disclosed by the workers in the Journal article. Although representatives of Dingells office hadnt yet received a copy of the report, they expressed confidence that BP was being candid about the problems and its willingness to remedy them.

Online Stock Investing By Jim Carlton
The Wall Street Journal - 11/9/2001

Topic: Arctic Refuge

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