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BP installs new cap on faulty well

We wake up today with news that BP has installed a new tighter fitting containment cap with high hopes that this could temporarily stop the flow of oil into the Gulf of Mexico. This is an issue which has been ongoing for many weeks now and indeed one which will cost BP billions upon billions of dollars when the final cleanup and compensation bills are picked up. While this is only a temporary measure, until a more permanent tool can be fitted, it should at least stop the damaging flow of oil in the area.

This good news comes just hours after news that a number of oil companies around the world are hovering over BP with takeover bid rumours swirling around the marketplace. Whether or not any oil company would be willing to take on the excessive risk associated with BP at the moment remains to be seen but speculation is rife and BP itself readily admits new funding will need to be put in place in the short to medium term.

This news will hopefully take some of the pressure off BP and pacify the US government which has been very vocal in its criticism of the UK based company.

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