a bit of hopeful news
Posted by CypressTX on 6/29/2010, 1:44 pm
http://blogs.chron.com/newswatchenergy/archives/2010/06/relief_well_cou.html

June 29, 2010

Reports: Leak on Gulf floor could be cut off soon

A note from equity research firm Pritchard Capital today said the well leaking oil into the Gulf of Mexico could stop flowing sooner than we think.

"Our math leads us to believe that the interception of the relief well with the casing is eight to 10 days away and with success rates very high once intercepted, the oil could stop flowing relatively quickly after that event."

The note said while BP is saying the relief well effort won't be complete until August, "discussions with experts in well control and relief operations have us convinced that the probability is high that Macondo is no longer flowing within a fortnight."

The Times in London also wrote this week that the first relief well is close to intercepting the well.

It said:

"Barring unforeseen technical problems or bad weather, the relief well could be completed within two and a half weeks" -- well ahead of BP's current guidance of early August.

Two weeks ago, Coast Guard Adm. Thad Allen said the relief well was drilling 11 days ahead of schedule and would be passing by the wellbore in about three weeks. That's next week.

Once the drill passes the wellbore, BP can start working to intercept the pipe, Allen said.

Still, Allen said that the intercepting part is particularly difficult and plugging it will also take time. So he offered no guarantee that the relief well would be complete earlier than anticipated.

Posted by Sharon Hong at June 29, 2010 11:09 AM
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