BP (NYSE:BP): Re-opening Spill Containment Cap and Hiding Data

BP (NYSE:BP) is hiding the data from their testing and reopening the spill containment cap. The cap has to be re-opened for up to 3 days said Doug Suttles. Saying that pressure must be taken off the well before BP can continue their containment efforts.

Doug Suttles took the place of Kent Wells at the McBriefing, after giving very little information he then refused to answer any questions. The only information that was given was about the pressure of the well, even that didn't make a whole lot of since. He said since the well was closed 63 hours prior, the pressure was up to 6,778 and was building as they thought it would.

What's odd about this is on Tuesday Thad Allen stated, "We will at some point try to get to 8,000 or 9,000 and sustain that for some period of time, and these will be done basically as I said. If we have a very low pressure reading, we will try and need at least six hours of those readings to try to ensure that that is the reading. If it's a little higher, we want to go for 24 hrs. If it's up at 8,000 or 9,000, we would like to go 48 hrs. just to make sure it can sustain those pressures for that amount of time."

Suttles continued to dodge questioning Sunday afternoon as to what BP plans to do next. He did say, "Nobody wants to see anymore oil going into the Gulf," a minimum of 5 times. He continued saying, the facilities to take all the oil flow wouldn't be completed until the end of July. In order to relieve the well of pressure, he said they would have to remove the containment cap and let oil flow out for 3 days.

BP (NYSE:BP) Hazardous Spill Containment: Declaring Bankruptcy

BP (NYSE:BP) seems to be doing some good in their hazardous spill containment efforts, while there is much talk swirling around them declaring bankruptcy. They've brought in more ships that collect and store the oil that is being redirected to the surface. They are now collecting 15,000 barrels of the crude oil daily, that number is expected to increase to 20,000 barrels daily very soon.

There is also growing tension between the government and BP, according to a top executive at BP. All the while trying to keep up the morale of those working so hard to get control and contain the oil spill. Doug Suttles, BP's chief operating officer, thanked BP workers, government officials, as well as contractors at the command center. Suttles said, there are "big frustrations out there." It's a huge challenge, we're doing something that we hoped we'd never have to do, but we're doing something that no ones ever done before," he said. "And I want to say thank you, you guys are doing a tremendous job under horribly difficult circumstances."

Meanwhile, the oil slick continues it path along the shorelines. With hitting Louisiana, Texas, Alabama, and Florida causing beaches to be closed and fragile environmental habitats to be destroyed, it's now pushing its course on to the East Coast.

The Attorney General in Florida and the State Treasurer in Louisiana have requested BP to put $7.5 million in escrow accounts to be used for their residents as well as to compensate the states for damages now and in the future. As of March 31st, BP only had $6.8 million available in cash and cash equivalents.

BP's (NYSE:BP) Fuel Spill Containment Timeline Changes

Here we go again, BP (NYSE:BP) is once again changing their fuel spill containment timeline. It seems there will never be a definite, or even guess that's close to accurate, on when the hazardous oil will stop pouring onto the seabed and into the ocean.

Apparently Doug Suttles, BP's chief operating officer was overzealous in his claim that the leaking oil would be down to a "relative trickle" by next week. Now its being said that it should take much longer to get even close to that point of containing the oil. Suttles is now saying that BP is hoping that by Monday or Tuesday of next week they hope to have an improved containment system in place.

Suttles continues to maintain that no underwater oil plumes have been detected in "large concentrations" from the Gulf spill. Testing was done yesterday which would detect the presence of these underwater oil plumes and they came back positive. The testing was done at three different sites by a University of South Florida vessel at 3,300 feet below the surface and around 42 miles Northeast of the hazardous spilling well.