Friday, July 9, 2010

BP (NYSE:BP) Oil Leak Contained by Monday?

It's possible with the combination of a new containment cap and connecting another ship to a part of the leaking oil well in the Gulf, that BP (NYSE:BP) effectively contain almost all the oil leaking from the well by Monday.

Estimates from National Incident Commander Thad Allen have been the new system and cap could capture up to 80,000 barrels of oil a day, which would exceed government estimates of up to 60,000 barrels a day leaking into the Gulf.

The major challenge for BP will be successfully placing the new containment cap on the oil well, which isn't guaranteed.

If it does work, it would be a major turning point in the oil disaster, and would give some breathing room to complete the first relief well, which is considered the best chance at completely stopping the oil spill.

It hasn't been made totally clear if the new containment cap would completely stop the oil from flowing, or if it is simply an improvement over the last cap, and would greatly enhance the capture rate, but would still allow oil to flow into the Gulf.

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