Wednesday, June 9, 2010

BP (NYSE:BP): Oil Will Become Trickle

In the boldest statement from BP (NYSE:BP) yet on their attempt to stop oil from flowing into the Gulf of Mexico, Chief Operating Officer Doug Suttles said the flow of oil should be reduced "to a relative trickle" by as early as Monday or Tuesday.

Suttles reiterated that a second vessel is on its way to help with the processing of the oil, which the current tanker is oil to do at a 15,000 barrel-a-day pace. The new one should process oil at between 5,000 to 10,000 barrels a day.

Next month a new containment cap currently being built is expected to even better seal the oil well, reducing the oil leakage even more.

With oil reaching the shores probably coming from the day of the accident, Suttles said we'll probably see oil following up by about that same number of days once the leak is mostly contained.

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