Released Today by WSJ--"Oldest kid" resource sent it a few days ago--

CONTAINMENT SYSTEM TO IMPROVE CAPABILITIES IN EVENT OF FUTURE BLOWOUT IN GULF--
A JOINT VENTURE BETWEEN CHEVRON, CONOCO PHILLIPS, EXXON MOBIL AND SHELL

Complete with diagrams showing the Capture Vessel, with Off Loading Line connected to the Shuttle Tanker. Connections to underwaterequipment/machineryconsisting basically of Umbilical cord from Capture vessel to Riser which is connected to a Manifold and to Subsea Containment Assembly including Dispersant System and Accumulator Unit. You engineering types probably understand this kind of system without a diagram. The rest of us can visualize equipment connected with tubes leading from one unit to another and with the following explanation can get an idea of how this will work.

"The system offers key advantages to the current response equipment in that it will be pre-engineered, constructed, tested and ready for rapid deployment in the deepwater Gulf of Mexico. Its primary objective is to fully contain the oil with no flow to the sea....It will be responsive to a wide range of potential scenarios, depths up to 10,000 feet, weather and flow rates exceeding the size and scope of the current spill....." In case of another incident this can be launched within days and fully operational within weeks.

SUBSEA COMPONENTS consist of: containment assembly creating a permanent connection and seal to prevent oil from escaping into water; interface points include wellhead, blowout preventer stack, lower marine riser package and casing strings with interchangeable equipment; prevention of hydrate formation and blockage; capture of caisson assemblies if required to enclose connector or leak outside well casings with watertight seals; capture and move flow through flexible pipe to riser assemblies made of seabed foundation, vertical pipe, buoyancy tanks and flexible connectors; systems supplied with hydraulizc/electric controls and chemical injection; riser assemblies and cords designed for quick disconnect from capture vessels so all subsea equipment stays in place in case of hurricane.

SURFACE COMPONENTS include the surface vessels, construction of modular process equipment to assist in connecting the riser assembly, separate oil from gas, flare the gas and safely store and offload oil to shuttle tankers which will be U.S. flagged and Jones Act compliant.

THE COMMITMENT from the sponsor companies is to immediately start the design, procurement and construction of equipment for this system. Initial investment is expected to be approximately $1 billion.ExxonMobil is to lead the engineering, procurement and construction. Existing equipment will be secured within six months and the new system target completion date is 18 months. The project is to form a new non-profit organization, the Marine Well Containment Company (MWC) to operate and maintain the system. Other Gulf of Mexico operators are encouraged to participate in this new organization.

Hope this is not "too much information" and at the same time I hope there is enough to get a fix on the project and know that even though we don't like our gas prices to go up, we need our gas and oil products and it's good to know that these companies are working together not only for their benefit, but the general public as well. We sure don't want to go through this kind of disaster again.

Hope you escaped the turbulent weather this evening--
God bless........