http://www.marketwatch.com/story/bp-may-plug-oil-leak-earlier-than-expected-report-2010-06-27Comments Screener (3) Alert Email Print ShareBy London Bureau
LONDON (MarketWatch) -- U.K. oil major BP PLC /quotes/comstock/13*!bp/quotes/nls/bp (BP 27.02, -1.72, -5.98%) may be able to plug its leaking Gulf Of Mexico oil well within a fortnight, as the operation to close the well is further ahead than the company has disclosed, the Sunday Times reports citing engineering experts.
The newspaper says engineer sources in Houston, Texas, say the company could be finished in mid-July ahead of the public target of early August. The broken oil well is estimated to be pumping between 35,000 and 60,000 barrels of crude oil a day into the sea.
Sealing the well faster than expected could save the oil major billions of pounds in liabilities and clean-up costs, the newspaper writes.
Citing sources with knowledge of the operation, the newspaper says the first well has progressed faster than expected, with less than 1,000 feet of rock left to drill before reaching its target.
Meanwhile the first of the named storms of the hurricane season, Tropical Storm Alex, could pose the biggest threat to the operation. The storm looks likely to pass just south of the spill but giant waves could hamper the clean-up efforts. A major storm will require all containment systems to be disconnected from their storage ships.
BP wasn't immediately available to comment