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  • Path Forward for BP plc (NYSE:BP) - Clean up and Avoid Fraud Claims

    BP Official Logo
    Wednesday August 4, 2010 at 12:39 pm EST

    The Darkest event in BP plc's (NYSE:BP) History about to End.

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    This is a day of biggest relief for BP plc (NYSE:BP). BP Workers spent about 8 hours pumping drilling mud in the well to stop the worst offshore spill in the U.S. The so called "static kill" looks like working and the well seems stable.

    "It's a milestone. It's a step toward the killing of the well." said BP spokesperson Sheila Williams"

    She added that the next step will be highly crucial to decide whether to cement the well. The Path forward for BP is not easy. BP has to sell its assets to collect $30 billion for the spill costs. BP (NYSE:BP) will also find it tough to avoid fraud claims in the US which are not uncommon

    .

    But this mud forced down the leaking wellhead to permanently plug the well is only one part of the story. To be completely relieved, the well is needed to be sealed completely from 2 directions. After capping the well on July 16, there was a continuous danger of the well leaking again with heavy pressures of around 7000 pounds per sq. inch.
     

    Late Tuesday night, BP plc (NYSE BP) successfully pumped around 2,000 barrels of heavy drilling mud into the well bore which will push the oil and gas coming out deep enough to stay in static position.According to the New York Times, the Federal government is about to declare that around 75% of the total 4.9 million barrels of oil leaked from the well has already, “been evaporated, dispersed, been captured or otherwise eliminated,” and the remaining is a little threat to the Gulf.
    BP plc (NYSE:BP) Shares are trading around $39.7 Wednesday near resistance level of $39.85. 
    Upside Resistance levels - $44.3 and $48.45
    Support Levels - $38.32 and $36.3.



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