A Second Drill Pipe May Explain BP’s Blowout (NYSE:BP)

BP (NYSE:BP)

A Second Drill Pipe May Explain BP’s Blowout

 Upon further investigation of the incident involving BP plc (ADR) (NYSE:BP), scientists have found not one but two drill pipes jammed into the wreckage of the Deepwater Horizon rig's blowout preventer.  This discovery could help explain the blowout preventer’s failure to control the surge that destroyed the oil rig. The pressure from the gas may have been so great that it forced sections of pipe into the blowout preventer, preventing the safety device from cutting off the rising oil and gas.

The LA Times reports that a team of scientists from the Energy Department discovered a new twist: Their sophisticated imaging equipment detected not one but two drill pipes, side by side, inside the wreckage of the well's blowout preventer on the bottom of the Gulf of Mexico.

BP officials said it was impossible. The Deepwater Horizon rig, which drilled the well, used a single pipe, connected in segments, to bore 13,000 feet below the ocean floor. But when workers cut into the wreckage to install a containment cap this month, sure enough, they found two pipes.

The discovery suggested that the force of the erupting petroleum from BP's well on April 20 was so violent that it sent pipe segments hurtling into the blowout preventer, like derailing freight cars.

Read the rest of the story at the LA Times.

BP shares are trading at $28.53, up 3.11% or $0.86 today and volume is currently at 43M shares traded.

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