After much anticipation, BP (NYSE:BP) has verified that they have been successful in installing the sealing cap onto the leaking Macondo well in the Gulf. Testing is the next phase of the process. Over the next 48 hours the integrity test will be preformed. If successful, no oil will be released into the ocean.
BP stated that a sealing cap like what they have installed, has never before been used at such depths as a mile below the surface. It is unsure if the cap will be able to contain the oil and gas. Once all the information is gathered from the testing, it will get forwarded to different U.S. Government agencies for review.
They will than be able to determine "the way forward" which may include such options as continued testing beyond the 48 hours, or the reinstatement of prior containment. Everything is still up in the air, even though there's success of the placement of the sealing cap, it could end up being no better then the previous containment cap.
BP trading shares have seen an incline again today of 2.5 percent. This is caused by speculation of the continued negotiations to sell $10 billion worth of their Alaskan assets to Apache Corporation. It leaves one wondering though, if the cap is a failure will the futures trading see another massive decline ?
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