BP installing new cap on Gulf oil well

Posted on

BP announced that the installation of a new sealing cap over the leaking Gulf of Mexico well was going as planned, according to media reports.

The new cap system, as well as other measures, is expected to allow the recovery of 60,000 to 80,000 barrels of oil a day in two to three weeks, BP senior vice president Kent Wells said Saturday.

While the recovery system could contain all of the oil flowing from the damaged well, BP and the federal government place more faith in the ability of a relief well to stop the flow.

BP said Monday that the first half of August remains the “most likely date by which the first relief well will be completed and kill operations performed,” according to a report in The Wall Street Journal.

The Wall Street Journal also reported that BP is in talks with U.S. independent oil and gas producer Apache Corp. on a deal worth as much as $10 billion that could include stakes in BP’s Alaska operations.

Meanwhile, BP said the cost of its response to the Gulf of Mexico oil spill had reached $3.5 billion. The company said almost 105,000 claims have been submitted and more than 52,000 payments have been made, totaling almost $165 million as of July 10.

Click here for the full article.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

Will you be attending IBEX and the Fort Lauderdale International Boat Show?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password