Monday, September 20, 2010

BP (NYSE:BP) Well Finally Put to Rest

If stopping the oil from leaking with a cap could be called the wake, then the permanent sealing of the BP (NYSE:BP) oil well could be called its funeral; at least in reference to it being in danger of leaking again.

The final batch of cement for the "bottom kill" set on Saturday, which prepared the way for a pressure and weight test, which confirmed the well was permanently sealed.

The cap was placed on the well in July and more cement injected into the top of the well as an extra safety measure in August.

Cement was injected into the well through a relief well in this final step.

Questions on whether or not the block the well is located in will be drilled again by BP, and whether or not the may sell the plugged well to another operator to extract the approximate 46 million barrels of oil remaining, as well as the gas.

BP has said they won't be using the well again, although they left the option open they may drill into the block again.

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