Sunday, June 6, 2010

BP (NYSE:BP) UPDATE: Fuel Spill Containment, Secondary Containment System Planned

After so much hype and build up on BP's (NYSE:BP) fuel spill containment efforts, they have finally had success. At least in preventing some of the crude oil to continue to flow into the ocean. The device known as the containment cap, has been successfully placed on top of the pipe that BP was able to cut with giant sheers.

Tony Hayward, BP's chief executive, said on Sunday that his belief is the cap would most likely capture "the majority, probably the vast majority" of the oil still spewing out of the well. BP is purposefully gradually increasing the amount of oil being captured, this is in order to hopefully minimize the amount of water getting in and creating a frozen slushy sort of consistency. This has happened before in a different oil containment attempt.

On Saturday, the cap was able to capture about 441,000 gallons of spilling oil, this is a considerable rise from Fridays estimate of close to 250,000 gallons of oil being contained, according to BP spokesman Mark Proegler. Although nobody has any definite numbers on how much oil is leaking daily into the Gulf, the estimate is anywhere from 500,000 to 1 million gallons of crude oil being lost everyday close to the sea floor.

Hayward told BBC that they are planning a secondary containment system, expected to be completed by next weekend. BP is also hoping to set up additional hoses and pipes which would help increase the amount of oil being captured.

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