Thursday, June 3, 2010

BP (NYSE:BP) Successfully Cuts Through Riser Pipe

The first step in the second attempt by BP (NYSE:BP) to cap the leaking oil well in the Gulf of Mexico has succeeded, according to U.S. Coast Guard Admiral Thad Allen, who said it was a "significant step."

If this hadn't been successful, BP would have had to stop their operation as it wouldn't have been possible to go on to the next step of capping the well.

BP will attempt to complete the capping of the well sometime in the next several hours, which would allow them to start pumping oil to tanker ships waiting for it.

If that is successful, then BP would follow up by using dispersants on any oil they don't capture using the cap.

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