Posted in | News | Crude Oil / Petroleum

BP to Test New Containment Cap

BP is all set to test the new cap that it has placed over its damaged well at the bottom of the Gulf of Mexico.

The testing procedure is expected to last from 6 to 48 hours. It is hoped that the new cap will hold and contain the gush of oil which is currently pouring out into the Gulf.

This is part of the attempt by BP to clean up the oil spill which was caused due to the explosion on April 20, 2010 at the Deepwater Horizon oil rig. The oil giant has paid 3 bills of $122.2 million in the clean up effort so far and this last attempt has produced another bill of $99.7 million. Overall clean-up associated costs are expected to rise to over US$33 Billion.

The rapid demise of BP's share price and the enormous costs of the clean up effort are leaving the company open to take over bids which it is trying to avoid. The company is currently trying to raise capital in the middle east with Crown Prince Sheikh Mohammed bin Zayed al Nahayan of Abu Dhabi making a statement in Dubai about considering buying a stake in the firm.

It would be a financial shot in the arm which the company could really use right now. A lot hinges on the new cap, as if it fails to contain the well, BP will need to continue to siphon off 80,000 barrels per day from the well.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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