Wednesday, June 9, 2010

BP (NYSE:BP) UPDATE: Oil Being Contained, Secondary Spill Containment

It seems that BP's (NYSE:BP) efforts on their oil spill containment are proving quite successful. After the success of the cap being put into place last week, the questions been how much crude is being captured. As well as when is the secondary spill containment cap attempt is going to be completed. BP didn't have an exact date, but did say that they are going to attempt to put the second cap into place next week.

BP said Tuesday that a ship on the surface is collecting the oil that is being captured. On Monday, 620,000 gallons of oil was contained. On Tuesday, between midnight and noon there was already 330,000 gallons collected. So based on the governments estimate of 600,000 to 1.2 million gallons being lost daily, that would be over half the crude being captured and contained.

Whatever the actual amount of oil being deposited into the ocean is, the bottom line is it still has to end up somewhere. BP is planning on bringing in a storage vessel and floating production, which officials are saying may be the answer. "It's being brought in because it can handle far more oil than this well is producing," said BP spokesman Robert Wine. Although he does not know when its planned arrival is or where it is going to be coming from.


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