Thursday, November 1, 2012

BP plc (ADR) (NYSE:BP) scrambles to take care of damage control after massive oil spill

BP plc (ADR) (NYSE:BP), the oil giant based in London, has publicly declared that the abandoned equipment which was said to be the culprit behind the sheen which was spotted close to the site of the huge oil spill in 2010, has been capped and plugged, and is no longer a danger to anyone. This oil-leak had happened in the Gulf of Mexico, and it was, by no means, a minor one.

A cap, weighing about 750 pounds has been placed on the mouth of the container. This container itself had been sent by the oil company to help contain the spill which had happened in 2010. The container, however, had failed to do so. It weighs about 86 tons, and is made of steel. In order to make sure that there are no mistake this time around, the company has also plugged the sides and the top of the vessel. This has then been lowered on to a oil pipe for drilling, which was leaking. This is supposed to create a funnel which will help the oil reach the surface. This operation was an extensive one. it was started off on Tuesday, and it went on for over 24 hours, after which, both BP and Coast Guard said that the leaking had stopped, and spilt oil was no longer being spotted.

This sheen has caused considerable discomfort. It appeared for the first time in September. Even after the company said that the leak has been controlled, they will still be monitoring the area to check for dangers. The monitoring will probably happen through satellite imaging. Coast Guard has said that BP will have to be very stringent with their actions this time. They will have to either submit a cohesive idea regarding how they plan on moving the oil from the container so as to not be dangerous, or the container itself should be removed after the oil has been taken out from it. The container is at the sea-floor, and is about 1,500 feet above the head of the oil well. 

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