The Seattle Times chronicles Buccaneer Petroleum’s life on, and recent tumble over, the edge of disaster.
But this week, in the first major sign that the Gulf of Mexico oil spill may have caused lasting damage to the company’s long-term strategy of embracing projects with high risks, BP was frozen out of a potentially lucrative license to drill for oil off the coast of Greenland.
To help cover the costs of the spill, BP has begun shedding assets around the world, with a goal of raising $30 billion. Analysts say that cleanup, fines and lawsuits could cost BP more than that, although the company appears to have avoided some worst-case environmental scenarios, like oil washing up the East Coast.
By selling mostly land-based assets, BP is signaling that it intends to remain a deep-water driller.
They have been playing petro-roulette for a long time.