Friday, July 23, 2010

BP (NYSE:BP) Gets Go Ahead for Cap to Remain Sealed

Saying the possibility of the containment cap in place over the Macondo well in the Gulf of Mexico has little chance of causing leaks to explode in other areas of the well, National Incident Commander Thad Allen said he and U.S. Energy Secretary Steven Chu have given BP (NYSE:BP) the okay to keep the cap in place as long as needed.

Allen said they took into account the visual, seismic and acoustic surveillance, along with pressure readings, which point to successful containment of the oil well.

In a press conference Thursday, Allen said, “We’re starting to create almost a 3-D model of what the formation around that well looks like. That allows us to rule out indications there might be a leak.”

Major concerns now are whether strong winds will hit the area in a way that it will cause more oil to hit the shorelines, something that happened with Hurricane Alex.

The U.S. National Hurricane Center issued warnings of storms forming in the east part of the Gulf, which could reach the oil well on the morning of July 24, according to Allen.

Data after the recent storm showed oil on the shoreline was about twice what it was before the storm.

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