HOUSTON (Reuters) – BP Plc was still hoping to attempt the first of
two operations to permanently plug its ruptured Gulf of Mexico well on
Tuesday despite the technical delay of a crucial test.
Optimism about the planned "static kill," which will involve the
injection of drilling mud into the top of the well, helped fuel a rally
in BP and other energy shares on Monday despite reports that U.S.
regulators are investigating insider trading in the British energy
giant's stock.
But BP said a test planned for Monday ahead of the operation would now
likely take place on Tuesday because a hydraulic leak was detected. BP
had been aiming to begin the static kill itself on Tuesday and remained
cautiously optimistic it could still do so.
"It is anticipated that the injectivity test and possibly the static
kill will take place Tuesday," BP said in a brief statement late on
Monday, after U.S. markets had closed.
The well was temporarily sealed in mid-July but the static kill followed
by the completion of a relief well later in August are seen as the
permanent solutions to the leaking well, which U.S. government
scientists estimate has released almost 5 million barrels of oil since
late April.
The worst offshore oil spill in U.S. history has been an environmental and economic nightmare for the Gulf coast.
Away from the Gulf, the Securities and Exchange Commission is
investigating insider trading in shares of BP, including whether BP
employees profited illegally from the spill.
FLOW REVISION
The full extent of the disaster is slowly emerging. U.S. government
scientists on Monday refined estimates of how much oil had flowed into
the Gulf from the well.
The Flow Rate Technical Group and a team of government scientists said
4.9 million barrels of oil have been released and BP had siphoned about
16 percent of this to vessels at the ocean's surface, while the rest
went into the sea.
The group's previous leak estimate ranged from 35,000 to 60,000 barrels a day.
Investors will scrutinize these figures closely as BP's final costs may
be tied to how much oil is estimated to have flowed into the Gulf from
the spill. BP has announced plans to sell $30 billion in assets over the
next 18 months to cover its massive spill-related costs.
The U.S. insider trading probe will also rivet investors.
Two sources familiar with the preliminary SEC probe said the alleged
insider trading took place after the start of the spill on April 20 when
a rig exploded, killing 11 workers.