Thursday, July 8, 2010

BP (NYSE:BP) Could Cap Well by July 27

In a perfect world, and assuming everything went right, including the Gulf weather cooperating, BP (NYSE:BP) could have the oil well capped from sometime between July 20 to July 27, according to Bob Dudley, who is in charge of overseeing the Gulf oil spill for BP.

Original estimates were for the leak to be plugged in August sometime, assuming the effort is successful. It's a proven technology, and has been successfully implemented in the past, but as with everything in the oil spill, the depth of the oil well makes everything an uncertainty. Even so, most think this should be able to get the job done.

The major impediment at this time is the hurricane season. If there aren't any that have an impact on the area of the oil spill, it could definitely be finished much earlier than expected.

Everyone involved has carefully managed expectations, saying there is a real possibility of early success, but again, that would require nothing interfering with the process, which in the hurricane season can't be counted on.

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