By Houston Business Journal

BP Plc said Thursday that it has stopped the flow of oil from the ruptured well in the Gulf of Mexico.

After replacing a leaky pipe on the gushing Gulf Mexico well, BP engineers earlier in the day were back to trying to choke off the flow of oil with a 75-ton cap 5,000 feet below the surface.

Those efforts, for now, have proved successful.

Meanwhile, the first relief well, which could intercept the gushing well this month and offers the most permanent chance of stopping the flow, stands idle pending an integrity test.

Houston-based Boots & Coots Inc. (AMEX: WEL) headed up the kill operation, according to Tudor Pickering & Holt Securities Inc., and the employee in charge has successfully killed all 40 wells in his career.

Now that the cap has been installed, it could take up to 48 hours to see if it is working. An estimated 1.5 to 2.5 million gallons of oil have been leaking into the Gulf every day.

Shares of BP (NYSE: BP), Transocean Ltd. (NYSE: RIG), Anadarko Petroleum Corp. (NYSE: APC) jumped sharply on Thursday on the news. Transocean is the owner of the Deepwater Horizon and Anadarko is one of BP's partners on the Macondo well.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.

Copyright 2010 American City Business Journals

http://houston.bizjournals.com/houston/stories/2010/07/12/daily36.html?ana=thestreet

Copyright bizjournals.com 2010

More from Commodities

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Market Bears Have Devoured Gold Prices

Market Bears Have Devoured Gold Prices

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets

Oil Falls as J.P. Morgan Cuts Price Forecast, Producers Ramp Up Drilling

Oil Falls as J.P. Morgan Cuts Price Forecast, Producers Ramp Up Drilling

Gold to Skyrocket as Italian Rebellion Unfolds

Gold to Skyrocket as Italian Rebellion Unfolds