Treaty Energy Corp. (fka TECO)

[Belize Oilwatch]

I am doing what I can to payback the environment.

The Gulf Coast cost me a lot in terms of lost BP dividends and depressed share price (I had more than 4 cents a share to lose!)

I was not proud of BP / Transocean / Halliburton / Cameron / US BLM performance in the Tragic Deepwater Horizon incident. IMO What happened was not in keeping with BP's normal efforts to protect the environment in the other areas worldwide where I worked.

But I am very proud of how BP stepped up to the plate and spent more than US$25 Billion (so far) on containment, clean up, restoration and compensation for this incident. BP and other companies have also spent $ Billions to make sure that such an incident doesn't happen again and if it does they will be ready with the required equipment. BP and other companies and the US Government have changed their deepwater drilling standards, approval procedures and operational methods too in response to this.

It was difficult for me for a while in Belize, but when the CEO of a large environmental NGO stands up and says on national TV "I am proud of having my BP man here to help me" then I know that my efforts are starting to bear fruit on the environmental payback side.

So how does this reflect on Treaty?
(1) FACT The average water depth of the offshore part of the Princess Petroleum concession is 4-5000 feet. Similar to the water depth of BP's Macondo well that blew out in the Deepwater Horizon incident. Water depths in the offshore part of the Princess concession range from 0 feet (including protected areas such as National Monuments) to 12000 feet where no-one on earth can drill.
(2) IMO Neither Princess Petroleum nor Treaty Energy have the technical or financial capability to drill in the water depths in the offshore part of the Princess concession
(3) IMO Companies like Treaty who can only just afford to drill could never afford the billions in clean up costs if anything went wrong in such an offshore environment (or even onshore for that matter)