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  • BP plc (NYSE:BP) Wants to Replace Blowout Preventer before Moving Forward

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    Monday August 23, 2010 at 09:21 am EST
    BP plc (NYSE:BP) will Remove the blowout preventer and install a new one to avoid any chances of leak.
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    BP PLC announced on Saturday that it has started to remove the drilling pipe from the ruptured responsible for the Gulf Leak. BP plc (BP) completed a 48 hour pressure test before starting to remove the drilling pipe to be assure there won't be any leak when they remove it. BP plc (BP) will be removing the 3,500 feet of drilling pipe before replacing the blowout preventer.

    Thad Allen, head of the federal oil spill response effort ordered BP to present a plan to remove the blowout preventer. Officials said that replacing the blowout preventer will reduce the chances of any leaks during the 'bottom kill' process by BP. Allen said on Saturday that BP plc (BP) will be disclosing the plan by Sunday and that U.S. officials will take custody of any equipment removed from the site.

    BP plc (NYSE:BP) Shares are trading at $36.4 which is close to support level of $36.31. 
    Resistance levels above - $38.33, $41.18 and $41.33
    Support Levels - $31.94 and $27.35.

    Shares of BP plc (NYSE:BP) are a 'Buy' at this price by most analysts. BP has been trying its best to collect the $20 billion for the fund. In further efforts to collect the money, BP was successful to obtain loan against Oil Reserves in Angola and Azerbaijan which will provide $5 billions towards the escrow account. Improving its image among Americans is one of the important tasks that BP has to do.

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