Static Kill Achieved: Louisiana Oil Spill

The Wall Street Journal reports that BP may have achieved a static kill of the well.

By GUY CHAZAN

LONDON—BP PLC said it has scored a "significant milestone" in its efforts to plug its blown-out Gulf of Mexico oil well as a procedure to subdue it with heavy drilling mud appeared to be working.

BP may now move to seal the well for good by cementing it shut, if it gets the go-ahead from government scientists and officials. But the company has stressed that the only permanent solution is a relief well, which will be completed by the middle of this month.

BP said that over the course of eight hours on Tuesday, its engineers pumped hundreds of barrels of heavy drilling mud into the runaway well from vessels on the surface, pushing the oil back into the reservoir.

And, interestingly, this bit ends the announcement:

BP last week posted a loss of $17.15 billion for the second quarter, stemming from a pretax charge of $32.2 billion to cover future and current costs from containment, cleanup, compensation and fines relating to the Gulf of Mexico oil spill.

In other words, BP has already taken its hit on its books, out front, unlike the creative accountants at firms like GM, Chrysler, most US banks, and the US Federal Government. Thirty-two large. And they're selling stuff off to raise money to pay for the mess they admit they created.

Unlike the creative types listed above--especially the last one on the list.

Blessedly, the damage, although bad, could have been much worse.

And, it is noted, there have been other bad oil spills, and the world did not come to an end.

OS has a prediction to make:
There is a competition underway to decide which party is competent to address this sort of disaster, repair the damage, and survive long into the future. Who will emerge from this piece of history with their credibility intact?

OS thinks BP, with all its many failings, will be around and thriving long after Obama and Company are out of office and public favor.

And justly so.

Update:

BP's press release regarding the static kill, dated 4 August.

BP's technical update, delivered by Ken Wells on 3 August.