Page 5 - Containment System News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Gulf supplies about 30% of our oil. it generates something on the order of 150,000 to 200,000 jobs. it is a very significant economic benefit to the country. now oil, as we all know, comes from reservoirs which are a depleting asset. you have to replenish that. if we stop drilling from an area that already supplies 30% of our oil that creates a gap on energy we are supplying to ourselves. we've become more relipt on international supplies of energy and ultimately that reduces the amount of energy supplied in the world which is where the price impact comes into play. >> just a little bit more o...

System to put in place and we'll build it in the next 12 to 18 months. >> neil: the moratorium is making sure we don't have another incident. what do you think of that? >> well, it's understandable why there's a moratorium. when we look at the incident, i think we'll find after the investigation is complete that the incident was preventible. the other thing we found is that the -- >> neil: what was preventible? bp botched it. >> that it was preventible. a number of decisions were made, judgments were made we'll find -- >> neil: they botched it. >> the other situation from the incident is the r...

The hill and you've seen the testimony, it wases lack of a plan. what you are coming together with is a plan. a $1.5 million plan to have a containment system on the shelf. >> we look at this as a company and say when wells are drilled the right way, this should never happen. stepping beyond that, begin we had a blowout, the industry has in the gulf of mexico, it's perfectly reasonable for the public and government and others to say, how are you going to respond to this if this happens again? >> what kind of containment system from the trials and errors of this science project in action over t...

Time ago. was bp invited? >> well bp will we believe ultimately join our group but we thought it was important to not divert attention bp is directed towards the incident so the four companies have worked on this for about six weeks. we want to learn from the findings of the incident that bp is experiencing but when the incident is completed, we expect bp to join the group. >> neil: so they would kick in for the cost? >> we haven't discussed that. the four companies felt it was important to get this going. our people over the last six weeks, engineers and project people looked at the estimated...

Situation. >> finally, i want to ask about the moratorium. we've seen some of these rigs are moving to africa, moving to brazil. they are not going to be back. we are talking about thousands of jobs lost. it's in your interest to make decisions, but you cannot sit on a rig with costs for six months or longer. >> with the announcement about a containment system we can put in place, with the government insisting on us and virtually already complying with higher well design standards in terms of the minimum requirements, i think over time with improved oil spill response plans as we learn better ...