Thursday, May 20, 2010

BP (NYSE:BP) Oil Company Increases Oil Being Captured

The BP (NYSE:BP) oil company is getting closer to the success of getting control of the oil leak. The amount of oil being contained has increased. The success of the mile long pipe that was inserted is diverting oil to a drill ship. This is capturing close to 3,000 barrels a day, up from 2,000 barrels a day on May 18th.

BP oil is continuing it efforts full force to get it's leaking well capped. Doug Suttles, chief operating officer of exploration and production for the company, said the following on a conference call yesterday with reporters.

BP is going to try as early as May 23, to inject heavy drilling fluids and cement into the well to seal it. This is known as "top kill." If successful, this would also mean that 20,000 people would get their oil industry jobs back. Rather than containing oil or protecting the shorelines.

Should the "top kill" fail, BP is also drilling two relief wells. The purpose of each is at 13,000 feet
below the ocean floor, they would intercept the leaking well. It would then be permanently cemented shut. This will take a total of about 3 months to complete.

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