BP Moves Up Well Cap Date

By Houston Business Journal

BP Plc has moved its relief well intercept date up a bit, now saying it might pierce the shaft of the crippled well by the end of the month. The U.S. Coast Guard said the drillbit is 220 feet from its target.

Though the relief wells remain the strongest option, BP (NYSE: BP) is gearing up for what happens in case either of the two relief wells fails to plug the gusher. The next plan in line, according to the Associated Press, is to transfer the crude via subsea pipelines to underwater wells two to 10 miles away â¿¿ a plan that will require weeks of construction but could avoid bringing the oil to the surface and might remove some of the threat of hurricanes and tropical storms slowing progress.

The latest estimates put the total amount of oil that has leaked into the Gulf at somewhere between 68 million and 169 million gallons.

Clean-up efforts took another hit earlier this month amid reports of endangered and protected sea turtles being burned alive in efforts to remove the oil from the surface, prompting legal action in New Orleans filed by AWI, the Center for Biological Diversity, Turtle Island Restoration Network and Animal Legal Defense Fund to prevent BP from conducting controlled burns of the surface oil.

This comes after the suicide of a Gulf Coast fisherman, William Allen Kruse, in late June who was working clean-up and was apparently despondent over the conditions in the Gulf and its affects on his regionâ¿¿s livelihood.

The Houston Business Journal is providing continuous coverage of Gulf oil spill, including a live underwater video.

Copyright 2010 American City Business Journals

http://houston.bizjournals.com/houston/stories/2010/07/05/daily34.html?ana=thestreet

Copyright bizjournals.com 2010

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