Thursday, July 22, 2010

BP (NYSE:BP) Relief Well Reaching Target Destination by Weekend

The first relief well of BP (NYSE:BP) is close to reaching its destination, with expectations it'll arrive at its target this weekend.

This is the only permanent fix to stopping the well from gushing into the Gulf of Mexico, although the current containment cap is doing a good job, assuming it holds.

It's possible that within two weeks after this weekend the Macondo oil well will be permanently sealed.

We have the caveat of unsurety concerning everything being tried at this point by BP, as there simply isn't a blueprint for what will work at these depths.

One method that may be used to increase the probability of success would be to shoot drilling mud through the containment cap before beginning the final procedures.

Whether that happens or not, BP will drill sideways into the well to intercept it, and then start to plug it.

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