Here’s a nice catalyst to look out for — BP’s ‘top kill’ solution might put a quick end to Gulf of Mexico oil leak.The horror could be over by next week, says BP.
The procedure involves shooting heavy drilling fluids into the well, followed by cement to seal it.
“The earliest we think we will be able to deploy that is Sunday, or it could slip into early next week,” BP Chief Operating Officer Doug Suttles said during a teleconference. The timeframe isn’t precise because the procedure has to be done at more than 5,000 feet below water, he said.
Engineers from the U.S. Minerals Management Service, which supervises offshore oil and gas operations, are participating in the preparation for the “top kill” procedure to ensure it will be done in a safety manner, said MMS Regional Director Lars Herbst.
Might be a nice event to trade starting today.
Note: The author does not own securities related to BP, but investors he speaks or works with may.