Friday, July 2, 2010

BP (NYSE:BP): Relief Wells Should Plug the Gulf Oil Leak

The two relief wells being drilled in order plug the Gulf oil leak continue to be ahead of schedule, and should provide the best opportunity to plug the oil spill in the Gulf of Mexico.

By "bouncing electromagnetic waves through rock to measure the distance between the relief well and the interception target," Bob Dudley, who is now overseeing the Gulf cleanup on behalf of BP, says they're about 600 feet away from reaching the area they're going to plug the well at.

This refers to the first relief well. The second well is being dug as a backup in case something goes wrong with the first one.

How the drilling works is they do it parallel with the oil well until they reach the desired depth, and at that time they'll be about 5 feet away, which they then drill directly into.

According to Coast Guard Admiral Thad Allen, the chances of successfully accomplishing the task is very high.

“Relief wells are things that these companies have done before, not just BP but all the companies,” said Allen. “The methods they’re using, the technology they’re using, it’s all been proven in the water, on land.”

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