BP: New Cap On Leaking Oil Well In Place

13th Jul 2010 01:59

By Cassandra Sweet Of DOW JONES NEWSWIRES BP PLC (BP, BP.LN) said Monday that it has successfully installed a new sealing cap as part of efforts to stop oil from gushing out of a broken well in the Gulf of Mexico. The cap was installed at about 7 p.m. central time (0000 GMT), the company said in a statement. Next, the company will begin a series of integrity tests to ensure the cap is working. The company said it doesn't expect any oil to be released into the ocean during the tests. The new cap is the U.K. oil giant's latest attempt to stop the flow of oil from the Macondo well while the company drills relief wells nearly a mile below the surface that it hopes will permanently plug the leak. The sealing cap system hasn't been used before at the depths or conditions of the Deepwater Horizon, BP said, adding that the system's "ability to contain the oil and gas cannot be assured." The company said the relief wells remain the "sole means" for permanently stopping the leak. -By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; [email protected] Order free Annual Report for BP plc Visit http://djnewswires.ar.wilink.com/?link=BP or call 1-888-301-0513 (END) Dow Jones Newswires July 12, 2010 20:59 ET (00:59 GMT)