The highly anticipated replacement of the failed blowout preventer has been successfully replaced by BP (NYSE:BP) Friday with a new one, while the failed preventer is being slowly pulled to the surface.
Once it reaches the surface authorities will take possession of it in order to have it checked out to see the reasons why it failed and who was liable for that failure. Potential billions could be at stake in what those results are.
The blowout preventer exchange was performed because of concerns over whether or not things in place could handle the pressure when the relief well intersects the original oil well. This ensures the best equipment is in place for when that happens.
With that in place, experts now believe whatever pressure arises from the increase in pressure can be handled while the "bottom kill" procedure is enacted.
According to federal spill response head Thad Allen, the relief well is about 50 feet vertically and 3 ½ feet horizontally from the point of intersection, and should take about four days to finish the drilling, and another several days to complete the rest of the task of injecting the mud and cement, and then conduct tests on the pressure and officially close the case.
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