Bp, Gulf Oil Spill | featured news

BP is set to begin drilling off Libya amid safety concerns over the Gulf of Mexico spill and accusations over the Lockerbie bomber.

British energy giant BP Plc is holding up payments to economic victims of the Gulf of Mexico oil spill, Kenneth Feinberg, administrator of a $20 billion compensation fund, said on Saturday.

Sale moves company closer to goal of raising $10B to cover spill expenses, bolster financial position.

Engineers fighting the Gulf oil spill are confident that the cap over the well is strong enough that they may be able to plug it up soon.

BP Plc's stricken Gulf of Mexico oil well showed no signs of leaking on Friday, but officials intensified oversight after a critical test showed pressure barely rising in the capped gusher.

BP Plc said on Thursday it stopped the flow of oil into the Gulf of Mexico from its deep-sea well for the first time since it ruptured in April, prompting hope that the leak can be plugged for good.

After day of delay, firm gets go ahead to run test, which will close down the flow of oil well in a series of steps as officials closely monitor pressure.

The Gulf oil spill appears to have been stopped by the latest containment cap, according to unconfirmed reports from PBS Newshour and CNN.

BP said today its attempt to place a new cap on its ruptured undersea well was proceeding as planned. But while robots replace the old cap, crude is flowing freely.

The federal official leading the Gulf oil spill cleanup said Friday a new containment cap and an additional ship collecting oil could effectively contain the spill in the next three days.