Economy

Oil spill reported on North Slope, volume unknown

Oil spill reported on North Slope, volume unknown

Oil droplets were found on about 1.5 acres of the well's drill pad, according to The Associated Press. They were waiting for the well to be plugged to determine if oil reached nearby snow-covered tundra.

In an emailed statement, BP said the well, located at the Prudhoe Bay oil field on Alaska's North Slope, began to leak Friday. Environmentalists, describing the well as "out of control", called on the state to investigate. "The bottom leak has been reduced, but is now leaking gas as well as some minor amount of crude oil". The spray of crude, along with "minor" oil leakage over the past few days, was fairly isolated and stopped leaking altogether Sunday, according to a statement from the Alaska Department of Environmental Conservation. So far, officials have triggered a safety valve to slow the release of natural gas from the well, but the well was still leaking as of Sunday afternoon.

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The average true range of the stock is observed at 0.10 and the relative strength index of the stock is recorded at 21.47. A trend analysis is a method of analysis that allows traders to predict what will happen with a stock in the future.

By looking at the aerial pictures that were released by the department, it seems that the release is under control and contained to the gravel pad only, which surrounds the head of the well.

Pressure in the well was monitored all night and excess pressure released from the well.

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BP Exploration Alaska, Inc., employees discovered the leak Friday morning. "The release is ongoing and no volume is available at this time". In 2006, a corroded pipeline released almost 5,000 barrels of crude oil, the largest oil spill in the North Slope at the time.

The EPA and Alaska Department of Environmental Conservation have had to inform the IƱupiat community in Nuiqsut, Alaska, about 50 miles west of the well, about the incident, though the agencies don't clarify why. The story also incorrectly said state and federal workers rather than oilfield workers had reduced pressure in the oil well.

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Fresh airstrikes struck a town in Syria, which was hit by a chemical attack on Tuesday, according to Syrian activists. Saturday's evacuations are the fourth set of rebel withdrawals from Homs, under the deal brokered in early February.


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