Tuesday, June 29, 2010

BP (NYSE:BP) Getting Close to Relief Well Goal, Storm May Hinder Progress

BP (NYSE:BP) is very close to reaching their goal for the first relief well they're drilling, which is considered the best chance of permanently stopping the flow of oil into the Gulf of Mexico.

They are about 20 feet horizontally from the broken well, although that hasn't changed their target of the early part of August for when it'll be completed.

According to BP Senior Vice President Kent Wells, they will continue drilling an another 900 feet down before they begin their sideways drilling and start to pump in the heavy mud which will be used to plug the leak.

Wells said they still have a lot of confidence in the relief wells doing the job.

There is a second well being dug too, in case the first one doesn't work out.

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