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Sunday 24th of May 2015

BP aims to fix damaged oil well by end of July

BP aims to fix damaged oil well by end of July

Beleaguered oil giant BP has announced it aims to fix the leaking oil well by 27 July – ahead of its earlier forecast of mid-August.

In an interview with the Wall Street Journal, head of BP’s Gulf Coast restoration unit Bob Dudley, said: “In a perfect world with no interruptions, it is possible to be ready to stop the well between July 20 and July 27.”

However, according to Mr Dudley, the target date could be threatened by the hurricane season.

The news comes as BP’s chief executive, Tony Hayward, met with an Abu Dhabi state investment fund yesterday, after it emerged that the company is seeking investment from Middle East sovereign wealth funds to help it address its soaring clean-up costs.

BP refused to comment directly on the speculation but the oil giant has become increasingly vulnerable to a takeover following the slump in its share price.

BP’s shares have plunged more than 50% since the oil began to leak into the Gulf of Mexico following an explosion on its Deepwater Horizon rig on 20 April, which took the lives of 11 people.

The explosion led to thousands of barrels of oil leaking from the damaged well.

Earlier this week, the company said total clean-up costs relating to the disaster have hit $3.12 billion (£2.05 billion) – up from $2.65 billion last week.


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