BP's (NYSE:BP) Static Kill Successful, Final Kill Coming Soon

The first step to permanently plug the Macondo well in the Gulf of Mexico has been achieved by BP (NYSE:BP), as they said the well has reached "static condition," meaning "The well pressure is now being controlled by the hydrostatic pressure of the drilling mud, the desired outcome of the static kill procedure," according to the oil company.

BP began the process at about 4:00 PM EDT Tuesday, and pumped mud in the top of the well for close to eight hours.

The next step in the process will be to perform a "bottom kill," where mud and cement will be injected into the well almost 2 1/2 miles underneath the bottom of the Gulf. That will ensure a complete and permanent solution to the problem.

Sometime in the next 10 to 14 days the final procedure will begin. That period of time could be extended if any bad weather arises. The time frame is a best-case scenario.