Monday, July 5, 2010

BP's (NYSE:BP) Gulf Oil Leak Costs Reach Over $3 Billion

BP's (NYSE:BP) has released their latest report today of the Gulf oil leak costs. The total has reached $3.12 billion for the cleaning, capping, and payouts to government, businesses, and individuals. This amount does not include the $20 billion fund that was agreed upon and set up last month.

BP officials said that the tropical storms and continued turbulent weather has not inhibited the drilling of the two relief wells. They're still slightly ahead of schedule for the projected timeframe of early to mid-August for the completion of the drilling and plug to be in place. The burning of oil and gas continues without any delays at the site.

The weather and turbulant seas have delayed being able to bring in another vessel called the Helix Producer. Officials are saying the vessel will more than double the amount of oil able to be collected and then burned. It connects with the leaking well by a flexible hose that can disconnecting and reconnecting quickly due to bad weather.

There is also a giant Taiwanese oil skimming devise is called "A Whale," that has been being tested over the weekend North of BP's leaking well. Because of the choppy seas they had to stop the testing. According to the National Weather Service this bad weather is expected to continue on into next week.

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