BP (NYSE:BP) UPDATE: Oil Being Contained, Secondary Spill Containment

It seems that BP's (NYSE:BP) efforts on their oil spill containment are proving quite successful. After the success of the cap being put into place last week, the questions been how much crude is being captured. As well as when is the secondary spill containment cap attempt is going to be completed. BP didn't have an exact date, but did say that they are going to attempt to put the second cap into place next week.

BP said Tuesday that a ship on the surface is collecting the oil that is being captured. On Monday, 620,000 gallons of oil was contained. On Tuesday, between midnight and noon there was already 330,000 gallons collected. So based on the governments estimate of 600,000 to 1.2 million gallons being lost daily, that would be over half the crude being captured and contained.

Whatever the actual amount of oil being deposited into the ocean is, the bottom line is it still has to end up somewhere. BP is planning on bringing in a storage vessel and floating production, which officials are saying may be the answer. "It's being brought in because it can handle far more oil than this well is producing," said BP spokesman Robert Wine. Although he does not know when its planned arrival is or where it is going to be coming from.

BP (NYSE:BP) UPDATE: Oil Spill Containment, Live Oil Spill Video

Many are keeping a close watch on BP's (NYSE:BP) live oil spill video and the progress of the oil spill containment. Bob Dudley, BP's Managing Director said on NBC'S the Today Show, "we are well into the operation to put this cap on the well now." As well as their current spill containment operation, which includes attempting to attach another pipe on the blowout preventer, just in a different opening, there is a secondary spill containment effort being considered.

BP is also wanting to construct a new free standing riser, the purpose of which would be to carry the oil to surface, making it more efficient. Plus, with hurricane season already started, the new riser would make it very easy to connect and disconnect the containment pipes as needed due to bad weather. This will not start until well into June.

Watching BP's live oil spill video on Tuesday, it shows robot submarines using circular diamond saws cutting the pipe. The government is estimating 20 million and 44 million gallons of oil already lost, there's no telling what the final numbers will be.

"I don't want to put odds on it, we want to get this thing contained," said Carol Browner, Obama's energy czar, on ABC's Good Morning America. President Obama's administration is closely watching all aspects of the process from temporary fixes, to the oil cleanup efforts, as well as the progress of the relief wells.