BP and the Gulf Oil Spill: Disappointment and Hope

BP’s latest attempt to cap the oil leak continues to generate hope but doubts. 3 days of pressure tests have been labelled "encouraging" however company and government reports have differed as Sunday, a government official said that tests had detected seepage near the capped well. BP has not said anything about this government report.

 

Apparently the capping of the well could cause a build-up of pressure which could see oil seep out elsewhere. Further testing will be required to determine if Sunday’s detected leak can be confirmed or not. Such a potential problem would be dealt with by returning to the plan of collecting oil on the surface; in other words, oil would be pumped to the surface to waiting tanker ships in an attempt to relieve the pressure under the cap. However, officials have also stated that releasing oil for collection would also mean more oil would be released into gulf waters.

 

This capping of the well is considered a temporary solution while a permanent solution would involve the drilling of relief wells. BP has estimated that the first such well would not be completed until the middle of August.

 

At the moment, BP’s costs of dealing with the massive spill are now approaching $4 billion. The company has apparently spent $207 million to settle individual claims for damages representing over 67,000 payments.

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