BP Share News (BP.)

BP Information

Buy BP. Shares
Add BP. to Watchlist
Add BP. to Alert

Share Price Information for BP (BP.)

Share Price is delayed by 15 minutes

Get Live Data

Share Price: 510.40

Bid: 509.40

Ask: 509.50

Change: 0.00 (0.00%)

Spread: 0.10 (0.02%)

Open: 0.00

High: 0.00

Low: 0.00

Prev. Close: 510.40

Last checked at -

BP: Gulf Well Test Indicates Well Is Sound, Reservoir Depleted

Fri, 16th Jul 2010 00:58

By Cassandra Sweet Of DOW JONES NEWSWIRES SAN FRANCISCO (Dow Jones)--BP PLC (BP, BP.LN) said Friday that preliminary test results indicate that a new cap on the broken oil well in the Gulf of Mexico is keeping the oil underground in a reservoir that was probably depleted more than initially thought. No oil has visibly leaked out of the well since the cap was sealed Thursday and the pressure in the well is high enough to indicate that the well isn't leaking, said BP Vice President Kent Wells. Preliminary seismic surveys indicate that the seafloor around the well hasn't ruptured, although more surveys, by BP and government scientists, are underway to ensure that no oil or gas is leaking from the well or the seafloor, Wells said. "There is no evidence that the well does not have integrity," Wells said, speaking during a teleconference. He added that BP and government scientists won't draw any conclusions until more testing and measurements are done. Temperature measurements show that no oil is coming out of the well, Wells said. When oil and gas were flowing through the well, they heated up the well bore, but after the hydrocarbons were sealed under the cap, the temperature of the well bore dropped to the same level as the seawater around it, Wells said. Acoustic sensing surveys and sonar scanning also have turned up no evidence that oil is flowing from the well or the seafloor, Wells said. Still, more data are needed, he said. The pressure in the well is about 6,700 pounds per square inch, Wells said. That level is high enough to show that an oil leak is unlikely, but low enough to make scientists wonder whether there could be a hidden leak somewhere or whether the reservoir beneath the seafloor has simply been depleted as oil has gushed out over the last three months, Wells said. While BP scientists believe the pressure reading is a result of a lower reservoir level, they're pressing on with measurements to rule out any other factors he said. BP officials said earlier this week that they were hoping the pressure in the well would exceed 8,000 pounds per square inch. U.S. Coast Guard Adm. Thad Allen, the federal response commander, said earlier Friday that the optimal pressure level was 7,500 pounds per square inch, but that more testing would show whether the current level is sufficient. -By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; cassandra.sweet@dowjones.com (END) Dow Jones Newswires July 16, 2010 19:58 ET (23:58 GMT)

More News

9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

2 Apr 2024 23:07

Sector movers: Builders and REITS slip, geopolitics boost Big Oil and gold miners

(Sharecast News) - Personal Goods was at the bottom of the pile on the FTSE 350 at the start of the second quarter, as fashion retailer Burberry Group's shares fell back towards their five-year lows.

2 Apr 2024 16:57

LONDON MARKET CLOSE: Europe down after Easter holiday weekend

(Alliance News) - The FTSE 100 took a hit on Tuesday, after a boost from London's miners and oil firms were not enough to lift the index.

2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

2 Apr 2024 11:00

Biden administration approves eighth US offshore wind project

WASHINGTON, April 2 (Reuters) - The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will be built off the coast of Massachusetts, bringing online electricity to power more than 900,000 homes.

2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

2 Apr 2024 08:55

European oil stocks gain on expectations for higher demand, supply concerns

28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

Latest Share Chat

BP Share News (BP.)

Share Price Information for BP (BP.)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

BP: Gulf Well Test Indicates Well Is Sound, Reservoir Depleted

Login to your account

Quickpicks are a member only feature

Login to your account