Wednesday, July 7, 2010

New BP (NYSE:BP) Cap Would Capture 80,000 Barrels a Day

Original estimates as to what the new cap being put on the oil well by BP (NYSE:BP) in the Gulf of Mexico have been upwardly revised to 80,000 barrels of oil being captured a day; up from the previous 53,000 barrels estimated.

According to now retired Coast Guard Adm. Thad Allen, who is still overseeing operations on behalf of the U.S. government, the new containment cap will completely seal the well, which will keep about all of the oil from escaping.

Reports after putting the cap back on after the underwater robot hit it seem to indicate it isn't doing as good a job as it had before getting hit, as the number of barrels of oil being captured are down several thousand a day since then.

By all estimates, this should take care of all of the oil being released into the Gulf. The only other number higher than 80,000 that has been thrown out there is in case of the absolute worst case scenario, where BP themselves said could be up to 100,000 barrels a day escaping into the Gulf.

That seems unlikely at this time, and the 80,000 barrels a day capture rate will just about take care of the problem, although there is the danger of Gulf storms causing temporary stoppage.

1 comment:

Anonymous said...

Why do I have trouble believing a word of what I read here???