BP Oil Spill Live Updates: NYSE:BP-Seal Cap In Place Possibly By July 27thSubmited By Anam Khan
BP Oil Spill Live Updates: NYSE:BP-Seal Cap In Place Possibly By July 27th
CNN reports that BP (NYSE:BP) is expected to have the seal cap in place possibly by July 27th according to Bob Dudley, who is in charge of overseeing the Gulf oil spill for BP. We are now in the 80th day of the oil spil, and since the BP oil rigged exploded killing 11 BP workers on the rig and launching the biggest natural disaster in US history.
Original estimates as to what the new cap being put on the oil well by BP (NYSE:BP) in the Gulf of Mexico have been upwardly revised to 80,000 barrels of oil being captured a day; up from the previous 53,000 barrels estimated.Reports after putting the cap back on after the underwater robot hit it seem to indicate it isn't doing as good a job as it had before getting hit, as the number of barrels of oil being captured are down several thousand a day since then.
By all estimates, this should take care of all of the oil being released into the Gulf. The only other number higher than 80,000 that has been thrown out there is in case of the absolute worst case scenario, where BP themselves said could be up to 100,000 barrels a day escaping into the Gulf.
That seems unlikely at this time, and the 80,000 barrels a day capture rate will just about take care of the problem.Theres also the danger of Gulf storms causing temporary stoppage.Everyone involved has carefully managed expectations, saying there is a real possibility of early success, but again, that would require nothing interfering with the process, which in the hurricane season can't be counted on.