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) Oil: Sealing Cap Testing Shows Success

On Thursday afternoon BP (NYSE:BP) finally tested the sealing cap that was placed on the Macondo well. The test showed no oil flow and the leak found earlier in the week was successfully repaired.

Although, this is the preliminary phase of their testing. It is expected for the testing to continue on anywhere from the next six hours to two days, possibly longer. Even though there is much to be optimistic about, anything can go wrong as the pressure inside the containment cap continues to be raised. As the testing continues, it will show weather the sealing cap can handle the intense pressure of oil without breaking and causing a new leak.

This is very good new for BP, especially after prior failed attempts to contain the oil leak in the Gulf. After each failed attempt, the company's share prices continued to drop, losing over half of their market value since April 20th. Plus due to the disaster, lawmakers have taken several steps in implementing new safety measures as well as banning new offshore exploration.

BP (NYSE:BP) Gulf Oil Leak Update: Containment Cap Loosens

As BP (NYSE:BP) continues on with their efforts to get control of the Gulf oil leak, the oil containment cap is coming loose. By observing the live oil spill feed, the oil is flowing out stronger than ever. The cap appears to be wobbling and bouncing around in the water.

Officials are saying that less oil has been captured over the last couple of days. The cause of which is being blamed on the high winds of Hurricane Alex. It doesn't appear that the weather is going to get any better. All weekend around the Gulf region thunderstorms are expected. There is also another tropical storm forming over the oil leak area.

Meanwhile, on Thursday the House of Representatives removed the damages award limit. This will greatly effect BP. It opens the door for the families of the 11 deceased workers, among others, to sue for pain and suffering. Prior to this action, the amount of money that was able to be recovered for damages was significantly lower.

Tar balls continue to be spotted in new areas around the Gulf Coast. In Pensacola Beach, Florida there have been several sightings of tar balls the size of plates. With the Fourth of July holiday weekend, this has dampened the spirits of many that were looking forward to relaxing days on the beach.

BP's (NYSE:BP) Spill Containment Cap Back In Place

BP (NYSE:BP) said they have been successful in putting the spill containment cap back onto the Macondo well. Oil and gas has resumed being taken to the drillship Discoverer Enterprise at the surface.

Thad Allen, Coast Guard Admiral said the containment cap was removed by Transocean after an ROV hit the cap. The drillship Discoverer Enterprise was then moved off the site so that repair could begin. What happened was the ROV accidentally closed a vent which regulates the gas and oil flow and prevents pressure from building.

The vent closure than caused the pressure to build and hydrocarbons started bubbling up through the line which purpose is to inject warm water as oil is being brought to the surface. This water prevents hydrate crystals from forming and clogging the line.

BP (NYSE:BP) UPDATE Oil Spill Containment, A Partial Success

After much dissatisfaction and anger about BP's (NYSE:BP) inability to contain the oil spill, causing an incredible drop in oil investments, there has been at least a partial success. BP was successful in placing the cap on top of the pipe they were able to cut. The problem remains that the pipe was not a clean cut, thus causing the cap to not fit snug. So the spill containment efforts must go on because there is still oil coming out from around the cap.

Thad Allen, the Coast Guard Administrator issued by the government said, "even if successful this is only a temporary and partial fix and we must continue our aggressive response operations at the source, on the surface and along the Gulf's precious coastline."

Doug Suttles, BP's chief operator stated it wouldn't be until later on in the day before they knew the amount their spill containment system was capturing. "There is flow coming up the pipe, just now I don't know the exact rate," said Suttles.

Even though the underwater robots were successful with putting the lid onto the leaking oil pipe, watching the live oil spill video doesn't show much of a change as far as the oil flow. Suttles did say that the cause of this oil flow that we are seeing is probably because of the four vents that were put into place intentionally so as to prevent ice crystals from forming, thus blocking the funnel. BP is planning on closing all four vents at the same time to see if this will decrease the amount of oil still pouring into the ocean. As of now there isn't an exact time this will take place.

BP (NYSE:BP): Failure Of Top Kill, New Attempt In Progress

Much anticipation built on Saturday as the conclusion was drawing near of BP's (NYSE:BP) "top kill" attempt. The devastating news came Saturday evening when BP announced their attempts to stop the oil spill were a failure.

BP's chief operating officer Doug Suttles said, "after three full days, we have been unable to stop the oil flow from the well, so we now believe it is time to move on to another option." He also stated their new effort will be "a very complex operation."

The new effort by BP, known as the "lower marine riser package," is as unsure of a oil containment procedure as the "top kill" was. It also has never been tried at such depths of over a mile below sea level. It will take a minimum of 4 days to install and even if successful, will still only be a band-aid effort.

Suttles also stated, it would aid in capturing "a great majority" of the spilling oil. The bottom line is only the relief well that is being drilled will put the spewing oil to a complete halt. The downside is that the relief well is not expected to be done until sometime in August. Which means that the devastation that the oil has caused will continue on for at least the next 2-3 months. Not to mention how much more of the crude oil will be in the ocean at that time. As well as hitting our shorelines, and killing more marine life.

MMS Steps Down, BP (NYSE:BP) Oil Spill Worst In History

It is official, BP (NYSE:BP) is the worst oil spill in U.S. History, this is by the governments task force findings of new estimates of the oil flow. The estimation by the task force is three times more than what was being estimated.

This estimation was given by the scientific team of President Obama who were given the job to determine the accurate amount of oil flowing from the Gulf oil spill. Their original estimate was between 12,000 and 19,000 barrels being lost of oil daily. This is much higher than what the U.S. Coast Guard and BP kept insisting on, 5,000 gallons a day being lost.

The new estimate is no comparison to what was originally estimated. The new oil spill estimate is up to 798,000 gallons daily.

The most conservative estimate, since the April 20th fuel oil spill disaster would be a total of close to 17 million gallons deposited into the ocean. The high end of the estimate, would equal to a total of 29.5 million gallons.

This surpasses the Exxon Valdez Disaster which spilled a total of 11 million gallons of oil.