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BP confirms new cap is a success

BP has today confirmed that the new cap placed on the problem well in the Gulf of Mexico is proving successful and there is no additional pressure building up. This comes just weeks before BP hopes to complete the drilling of relief wells which will disengage the problem well and allow the company to drill in the region is normal. So what next for BP?

Despite the fact that this is very good news for the company, indeed the first piece of good news since the disaster began, focus will now turn towards the cleanup cost and the compensation bill which the company will be unable to avoid. There are some suggestions that this disaster could cost BP in excess of US$70 billion, a situation which could see the company attract even greater takeover speculation in the short-term. There are also concerns that the company may well have tarnished its reputation in the longer-term, but time will tell.

It is ironic that the US authorities refused to become directly involved in capping the well but now the Obama administration is very vocal and very much back in the spotlight. Whether lessons will be learned for the future remains to be seen but this is has been one of the worst oil disasters in living history.

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