FLASHBACK: BP Exploration's Liberty Development Project in Alaska (Production Plan)(2007)

BP Exploration (Alaska) Inc. LIBERTY DEVELOPMENT PROJECT Development and Production Plan (April, 2007)

I heard about this BP Liberty project from Lindsey Williams on The Alex Jones Show today (June 22). Mr. Williams stated that there was going to be a huge announcement in the coming weeks in connection with this oil field. The image above reflects where the oil field lies in the Beaufort Sea.

Therefore, I figured that I would do some research on the oil field in case this prediction comes true. The way Mr. Williams described it, the media will report that this oil field as being a huge find. You can read the details of these official documents submitted to Alaska by BP to make the determination of whether this constitutes a major find. BP reports that it is a 100-million barrel field which does not seem significant to me when compared with oil fields in the Middle East and Gulf of Mexico.

BP’s Liberty project, estimated to cost more than $1 billion, will tap into a new 100-million-barrel reservoir. The project will set standards for Arctic oilfield development while minimizing the onshore and offshore environmental footprint. The Liberty field is located in shallow water (20 feet) inside the Beaufort Sea’s barrier islands. The project will take advantage of existing infrastructure in the BP operated Endicott oil field, which has been producing oil since 1987.

Also, BP will have to restart operations in the field, because it appears that BP has suspended operations at the field.

BP Plc, the largest producer of oil and natural gas in the U.S., suspended construction of a drilling rig at its Liberty project in Alaska to “take time to evaluate the safety systems” on the rig, Steve Rinehart, a company spokesman, said in a telephone interview...

...The decision to halt construction of the drilling rig was made after “a number of engineering and design issues arose,” during construction, which began after parts of the rig reached Alaska’s North Slope in the late summer of 2009, Rinehart said. He declined to provide further details.

Source: BP; U.S. Minerals Management Service - Alaska OCS Region; Bloomberg