Monday, July 26, 2010

BP (NYSE:BP) Work Stoppage from "Bonnie" Less Than Expected

Uncertainty as to the magnitude of Tropical Storm Bonnie has estimates of work stoppage by BP (NYSE:BP) up two weeks long. That changed quickly on Saturday, as the storm passed through quickly and with little damage, and vessels quickly began their trek back to the work area.

The good news concerning the storm was it disintegrated into what became essentially a series of thunderstorms and rain showers before it hit the oil well. It was uncertain what would happen once the tropical storm hit the warm Gulf waters, as past experience has at times had the storms gain in strength when that occurs.

If it would have performed in that manner, it could have stopped the relief well drilling effort for up to two weeks. Tropical Storm Bonnie was downgraded to a tropical depression as it weakened.

Only one of the relief well drilling rigs had been detached, so efforts didn't take too long to resume.

The containment cap continues to hold while the drilling continues.

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