BP suspends massive Liberty Project in Alaska

BP has indefinitely suspended a $1.5 billion offshore oil project in Alaska due to cost overruns and technical setbacks, a company spokeswoman said on Monday.

An 18-month company review concluded that the Liberty project, a field with about 100 million barrels of recoverable oil, should not go forward as planned, said Dawn Patience with BP Exploration (Alaska) Inc.

“We are not going to pursue Liberty in its present form,” said Patience. “The project, as it’s designed right now, doesn’t meet BP’s standards.”

Under plans submitted five years ago to regulators, Liberty would have been the first oil field located entirely in Federal waters offshore Alaska. Back then, BP expected production to begin in 2011.

A BP review found that Liberty — slated to produce 40,000 barrels a day — would have cost “a lot more” than the $1.5 billion BP had planned to spend there and would have taken several additional years to begin production, Patience said.

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Photo credit:  mikebaird

  • Seems that with the ‘new’ Liberal Leftist stranglehold on the USA, Russia can do it far cheaper and sell the ‘product’ back to the newly gullible, Bambi, Smokey Bear educated USA? Possibly the reason to ‘give’ the 7 last Aleutian’s, including Adak and Wrangle, to Russia? At least they have no Lawyer infestation, No EPA, and definitely no Restrictions, Regulations.

  • bs they are waiting for the war with iran and oil will hit 150 a barrel,they will then start the rig back up.direct from bp so this stiry is all bs