BP (NYSE:BP) Relief Well on Target

BP (NYSE:BP) said Friday their relief well is on target for being completed sometime in the middle of August, based on tests they've concluded.

The relief well is considered the best chance at plugging the well permanently, although the oil leak could be radically reduced by adding another system to capture the oil.

That could result in almost no leakage into the Gulf, but the problem is in not knowing how much is actually escaping and what capture capacity is needed to reduce it almost to nothing.

So even if the relief well doesn't work, first there is a backup well to attempt it again, and second, if neither work, then the capturing of oil should keep it from being a problem.

Of course that doesn't deal with the issue of hurricanes and major storms which would allow oil to release into the Gulf if the relief wells don't work.

The good news is the wells have a high percentage of probability they will work, and so are likely to take care of the problem.