Tuesday, July 6, 2010

First BP (NYSE:BP) Relief Well May be Ready by End of July

BP (NYSE:BP) has worked hard at managing expectations concerning the two relief wells being drilled which have the best chance of plugging the oil leak in the Gulf of Mexico, and have maintained their August date of completion, even though the relief well is ahead of schedule.

Still, BP spokesman Mark Proegler said concerning the well, that “There is a possibility that the first relief well could be completed by the end of July. It’s more likely that it would be some time in August.”

It's not just a matter of drilling alone though, as if that were the case, more than likely the first relief well would be completed by then.

But you have the weather factors, and the company working to error on the side of caution, so they're not going to hurry the process in order to gain some positive press on stopping the leak before estimates.

The second relief well is being drilled in case the first one fails to accomplish its goal.

Relief wells have been proven to be successful in the past, as they're not theoretical attempts to plug oil leaks, but the depth of the oil leak adds a dimension the industry has never had to deal with before, and so cautiously optimistic outlooks are there concerning the potential success of the wells, but it's not guaranteed from that viewpoint.

1 comment:

  1. The relief wells are not a sure fire thing. If they don't work, what next? Can we see ourselves in the same situation as the dinasours? A slow death for the earth.