HOUSTON (Reuters) – BP Plc said on Sunday its new cap has stopped the oil that has gushed into the Gulf of Mexico for three months and hopes to keep it that way until a relief well can permanently seal the leak next month.

The British energy giant expressed confidence its blown-out Macondo well is intact below the seabed and it would not need to resume a collection system that has been used to siphon oil from the undersea gusher to ships on the surface.

HOUSTON, July 18 (Reuters) – BP Plc (BP.L: Quote, Profile, Research, Stock Buzz)(BP.N: Quote, Profile, Research, Stock Buzz) said on
Sunday its new cap has stopped the oil that has gushed into the
Gulf of Mexico for three months and hopes to keep it that way
until a relief well can permanently seal the leak next month.

The British energy giant expressed confidence its blown-out
Macondo well is intact below the seabed and it would not need
to resume a collection system that has been used to siphon oil
from the undersea gusher to ships on the surface.

HOUSTON (Reuters) – BP Plc is “hopeful” that its blown-out well in the Gulf of Mexico can remain sealed until a pair of relief wells permanently stop the flow, a company executive said on Sunday.

BP is more than two days into a pressure test on its crippled Macondo well, which had been described as a temporary measure to stop oil from gushing into the Gulf while engineers study pressure within the well.

HOUSTON (Reuters) – BP Plc(BP.N: Quote, Profile, Research)(BP.N: Quote, Profile, Research)said on Sunday it is making progress on a new system to capture almost all the oil spewing from its blown-out well in the Gulf of Mexico and a relief well could finally plug the leak by early to mid-August.

“We’re pleased with our progress,” BP senior vice president Kent Wells told reporters on a conference call.

WASHINGTON/HOUSTON, June 22 (Reuters) – A U.S. judge ruled
on Tuesday against the six-month moratorium that the Obama
administration imposed on deepwater drilling over the Gulf of
Mexico oil spill.

The order, in a New Orleans federal court, was a blow to
the White House which insisted a ban would allow enough time to
ensure other exploratory drilling was proceeding safely.

LONDON/HOUSTON (Reuters) – BP Plc was seeking $7 billion in loans from banks on Friday, trying to raise more cash as it struggled to plug its gushing Gulf of Mexico well and contain the worst oil spill in U.S. history.

Banking sources told Reuters the British energy giant was seeking $1 billion in loans from each of seven banks. Earlier this week, BP bowed to President Barack Obama’s demand to set up a $20 billion fund to handle damage claims.

WASHINGTON/HOUSTON (Reuters) – BP Plc’s U.S. chief faces accusations in Congress on Tuesday that the energy giant caused the worst oil spill in U.S. history with a calculated strategy to cut costs, hours before President Barack Obama uses a televised address to defend his handling of the disaster.

A day after BP shares fell 9 percent in London and New York and the company hired investment bankers for undisclosed reasons, U.S. lawmakers will ask Lamar McKay why BP made repeated choices that appeared to favor cost savings over safety before its rig blew up in the Gulf of Mexico.

WASHINGTON/HOUSTON (Reuters) – BP Plc’s U.S. chief faces accusations in Congress on Tuesday that the energy giant caused the worst oil spill in U.S. history with a calculated strategy to cut costs, hours before President Barack Obama uses a televised address to defend his handling of the disaster.

A day after BP shares fell 9 percent in London and New York and the company hired investment bankers for undisclosed reasons, U.S. lawmakers will ask Lamar McKay why BP made repeated choices that appeared to favor cost savings over safety before its rig blew up in the Gulf of Mexico.

/HOUSTON (Reuters) – U.S. lawmakers accused BP Plc on Monday of taking risky and repeated shortcuts on its blown-out Gulf of Mexico oil well, while President Barack Obama pressed the energy giant to swiftly compensate victims of the worst spill in U.S. history.

Setting the stage for a showdown with BP executives at congressional hearings starting on Tuesday, two Democratic lawmakers said the British company chose faster and cheaper drilling options in the Gulf of Mexico that “increased the danger of a catastrophic well failure.”

/HOUSTON (Reuters) – Energy giant BP unveiled a plan on Monday to vastly boost the amount of oil it is siphoning off from its blown-out Gulf of Mexico well, while President Barack Obama kept up pressure on the company to swiftly compensate victims of the spill.

The president, in Gulfport Mississippi on his fourth visit to the Gulf Coast since the crisis began, said he would press BP executives at a White House meeting on Wednesday to ensure that individuals and companies were dealt with “in a fair manner and a prompt manner.”