BP's Oil-Recovery Rate Rebounds But Still Off Highs

24th Jun 2010 00:28

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) said its oil-recovery rate rebounded during the first half of Thursday after it successfully reinstalled one of the systems recovering crude leaking from a Gulf of Mexico well. The company said it retrieved 11,255 barrels of oil in the first 12 hours of the day, 7,215 barrels of which were collected and 4,040 barrels of which were flared. That's still down 18% from the half day immediately before an undersea collision endangered its containment-cap system. However, the rate is up more than two-thirds from BP's previous 12-hour rate, the second half of Wednesday, which was just 6,710 barrels. A team of scientists last week estimated about 35,000 to 60,000 barrels are flowing from the broken well every day. Early Wednesday, an underwater robot collided with a containment cap on the well's blowout preventer, forcing it to stop siphoning oil up to the larger of two vessels currently handling the diverted oil at the site. The cap was reinstalled later in the day. The company has been under intense pressure to successfully contain the spewing oil, which began in April when a deepwater drilling rig exploded and sank. The underwater collision was the biggest setback since the company installed the containment cap nearly three weeks ago, which followed a series of failed attempts. It is still working on a permanent fix to the well. BP American depositary shares were up 0.1% at $28.78 in after-hours activity. The stock has lost more than half its value since the Gulf oil leak began. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [email protected] (END) Dow Jones Newswires June 24, 2010 19:28 ET (23:28 GMT)