Monday, August 30, 2010

BP (NYSE:BP) to Start Removing Well Cap Today

Today BP (NYSE:BP) begins the difficult task of removing the temporary cap used to stop the oil from entering into the Gulf of Mexico, while at the same time attempting to remove the blowout preventer which didn't work as it should have to prevent oil from spilling into the water.

Most of the determination of who will be fined or liable is centered primarily around the blowout preventer, and it continues to be the key piece of physical evidence in the case.

The trick will be to remove it while not allowing the approximate 1,000 barrels of oil trapped to release into the Gulf, while also not damaging the vital piece of evidence.

When the company performed the "top kill," they inadvertently trapped the oil in the well, making it difficult to remove the blowout preventer without some of the oil entering the Gulf.

Expectations are the process will be performed without the oil leaking into the Gulf, but BP will be on standby to collect the oil in case it does.

Government point man Thad Allen gave the go ahead to start the operation today.

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