UPDATE 1-BP exploring new option to siphon off spill oil

* Kit for new LMRP cap containment option on site

* New plans being progressed alongside plugging option
(Adds details)

LONDON, May 25 (BestGrowthStock) – Oil major BP (BP.L: ) is exploring
a new way to siphon off oil gushing into the Gulf of Mexico
should current plans to plug the leak this week fail.

The London-based company said on Tuesday it had plans to
remove a damaged part from the ruptured well and put in place a
tube which would capture most of the oil and gas flowing into
the sea, calling it the LMRP cap containment option.

BP already has one tube in place which is siphoning off an
average 40 percent of the 5,000 barrels of oil the company
estimates is leaking out of the well each day.

The company said it would be ready to try to fit the new
tube by the end of the month, but in the meantime it would
attempt in the next few days to plug the leak using heavy fluids
— the so-called “top kill” option that BP has given a 60 to 70
percent chance of success. [ID:nN2597511]

Oil has been gushing into the Gulf of Mexico from the
ruptured well since April 20 when an explosion sank the
Deepwater Horizon rig.

BP said in a separate statement on Tuesday its internal
investigation team had begun sharing its review of the causes of
the oil spill with the U.S. government.

The company said the investigation was focused on the
failure of the control mechanisms which were in place.

Money

(Reporting by Sarah Young; editing by Paul Hoskins)

UPDATE 1-BP exploring new option to siphon off spill oil