Saturday, September 4, 2010

BP (NYSE:BP) Successfully Switches Blowout Preventer on Well

The failed blowout preventer on top of the BP (NYSE:BP) oil well has been been successfully removed and replaced by a new blowout preventer in preparation for the final steps of performing a "bottom kill," which will permanently seal the oil well.

BP removed the damaged blowout preventer on Friday and is bringing it slowly to the surface on its mile-long journey.

Government point man Thad Allen said there was no known release of oil into the Gulf during the exchange.

"During the period of time between the removal of the damaged BOP and installation of the replacement BOP, there was no observable release of hydrocarbons from the wellhead," Allen said.

The blowout preventer, which weighs in at 300 tons, is being slowly brought to the surface so no damage is caused to the device, as it's a key piece of evidence in the ongoing investigation into the causes of the accident.

Government officials will take possession of the blowout preventer once it reaches the surface, and will eventually examine it to find out why it failed to do its job.

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