BP suffers as leak shuts key pipeline

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald BP SHARES slumped more than two per cent yesterday morning after the news at the weekend that the Trans-Alaska Pipeline is closed while a leak is repaired. BP has shut down 95 per cent of oil production linked to a pumping station at Alaska’s North Slope after a leak was found on Saturday. The 800-mile Trans-Alaska pipeline has been closed while repairs are carried out. The pipe normally carries 620,000 barrels per day, or nearly 12 per cent of US crude output, from North Slope to the Valdez port in the southern Alaska. BP shares recovered some losses throughout trading yesterday to close down 1.25 per cent at 486.35p. BP is the biggest shareholder in Alyeska, the company that runs the pipeline, while oil majors ExxonMobil and ConocoPhillips own smaller stakes. BP also operates 15 oil fields in northern Alaska, which rely on the pipeline for transportation. The shutdown helped push oil prices up more than one per cent yesterday.The Alaska Department of Environmental Conservation said yesterday there was no restart date planned for the pipeline, but that work to bypass the leaking pipe was ongoing. “Particularly for BP, it is really important to fix this quite soon,” said Hannes Loacker, oil analyst at Raiffaisen Bank International.“This company sold a lot of assets and it’s probably facing a small production decline.”•BP and the China National Offshore Oil Corp (CNOOC) signed an agreement on deepwater exploration in the South China Sea yesterday. A BP spokesman said it was a cooperation agreement with CNOOC to explore in block 43-11 in the South China Sea. KCS-content Monday 10 January 2011 8:21 pm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Sharecenter_img Show Comments ▼ whatsapp BP suffers as leak shuts key pipeline whatsapp Tags: NULLlast_img