BP Nears Installing New Cap

BP PLC plans to install a new sealing cap Monday morning that could contain all of the oil spewing from the well as part of the U.K. oil giant's latest effort to the stop leak in the Gulf of Mexico, the company's chief operating officer said.

"We have to recognize that this is a complex operation," Doug Suttles said during a teleconference. "Our confidence is growing."

Once the cap is installed, the company will perform a series of pressure tests to ascertain the wellbore's integrity, Mr. Suttles said. The pressure tests could take a minimum of 48 hours.

Also Monday, BP said in a Securities and Exchange Commission filing that the cost of the response to date has risen to roughly $3.5 billion. That includes the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs.

Read Full Article from Wall Street Journal

- Posted: 2010-07-12 09:26:53

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