BP Oil Recovery Rate Remains Steady Tuesday Morning

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) said the rate at which it captured oil from its leaking well in the Gulf of Mexico basically held steady Tuesday morning. The news comes as BP continues the process of hooking up a new oil-collecting vessel that should roughly double the company's capacity to capture oil at the site. The company had originally planned to have the system in place by the end of June, but the first storm of the 2010 hurricane season has delayed the ship's arrival. The oil giant said it retrieved 12,215 barrels of oil during the first 12 hours of Tuesday, 8,105 barrels of which were collected and 4,110 barrels of which were flared. That total is down just 2.6% from BP's previous half-day rate. A team of scientists has estimated that about 35,000 to 60,000 barrels are flowing from the broken well every day. With the new Helix Producer Vessel plugged in, BP has said it will be able to recover oil at a rate of 53,000 barrels a day. The U.K. oil giant has been under intense pressure to successfully contain the spewing oil, which began in April when a deepwater drilling rig exploded and sank. The drilling of relief wells is due to be completed in August, at which point the company would pump heavy drilling fluids into the existing well to restrict the oil flow, allowing it to be plugged with cement. BP's American depositary shares were down 0.2% at $31.85 after hours. The stock has lost about half of its value since the oil leak began. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com (END) Dow Jones Newswires July 06, 2010 19:19 ET (23:19 GMT)