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BP manages to stop oil gushing from seafloor

After weeks of seeing oil escape from the Deepwater Horizon rig in the Gulf of Mexico, there was good news yesterday with confirmation that the latest attempt to cap the well has worked. While the current cap is only temporary, as the company continues to drill relief wells are around the damaged area, for the first time in weeks there is no oil gushing into the sea. So is this the end of the issue?

While there is no doubt that this is a major step in the right direction, and indeed the BP share price jumped by 10% in America, it will take BP a few days to confirm that all is well. In the meantime, takeover speculation continues to swirl around the UK giant with a number of names now mentioned as possible suitors. Whether the final capping of the well will have an impact upon BP's ability to maintain its independence remains to be seen but it is certainly a step in the right direction.

However, compensation claims and the cleanup cost will run into tens of billions of pounds although the company is ready to tackle these issues head-on once the oil has been stopped for good.

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