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TheStreet Open House

'End to All Oil Spills' Technology Unveiled

Stocks in this article: CVX COP XOM BP RDS.A

The Interim Containment System works at depths of up to 8,000 feet -- the BP spill was at 5,000 feet below the water's surface, and can capture up to 60,000 barrels of oil per day -- the government and BP are still at odds over the exact oil flow estimate from the Macondo well spill, with 60,000 barrels being the upper end of the estimated oil flow range.

The system is available for deployment and has been reviewed by the federal government's Bureau of Ocean Energy Management, Regulation and Enforcement, the oil industry group said. It can be deployed within 24 hours and it already being stored on Texas and Louisiana coasts -- permanent sites are still being chosen.

Clay Vaughn, vice president of deepwater projects at ExxonMobil Development Company, said during a conference call with reporters on Thursday that the federal government's energy watchdog was on hand for a test of the new system on Wednesday.

Marty Massey, CEO of the Marine Well Containment Company, said in a statement, "The Marine Well Containment Company has successfully developed a solution for rapid well containment response.... This milestone fulfills a commitment set forth by the four original sponsor companies to deliver a rapid containment response capability within the first six months of launching the marine well containment project."

-- Written by Eric Rosenbaum from New York.

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>To contact the writer of this article, click here: Eric Rosenbaum.

>To follow the writer on Twitter, go to Eric Rosenbaum.

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