- Royal Dutch Shell Trying to Stop Oil Leak in North Sea
Aug 18, 2011
Royal Dutch Shell (NYSE:RDS.A) is trying to stop an oil spill leak in the North Sea.
In the first phase of the operation to shut down the leak, engineers have lowered five giant concrete "blankets" on to a stretch of pipeline to place it back on the seabed after it lifted 4 feet off the sea floor.
Work is ongoing to lay concrete blankets to secure the pipeline, Shell spokesman Steve Harris said.
"First, we have to make a risk assessment ... to make sure that we can find a safe way to shut it off. We expect the result of the risk assessment very quickly and then divers will go down 300 feet (90 meters) and turn off the remaining amount of oil that is leaking into the sea."
Nearly 1,300 barrels of oil has leaked from its Gannet Alpha platform since August 12.
Royal Dutch Shell (NYSE:RDS.A) has a potential upside of 32.6% based on a current price of $63.21 and an average consensus analyst price target of $83.83.
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