By Jason Theodorou

Oil giant BP is due to receive test results from the leaking well in the Gulf of Mexico, one day after stopping the release of oil from the well for the first time since April. BP shares leaped by over 5% when the company announced that the leaking had been stopped by a test cap, which will stop the flow of oil for 48 hours.

BP is now measuring how much pressure the well can take while valves on the new capping device are closed, with experts meeting every six hours to discuss progress made. The valves will then be opened again, and BP will resume siphoning oil to containment ships on the surface of the ocean.

BP have spent at least £2 billion in clean up costs, in the wake of the Deepwater Horizon oil rig explosion. The cost includes containment of the leaking oil well, cleaning up areas impacted by the oil, and drilling relief wells. BP has also faced at least 95,000 compensation claims.

BP lost nearly 50% of its value on the stock market, but shares have shown signs of recovery in London and New York, with stocks recovering to around 425p. US President Barack Obama said the test cap operation was a 'positive sign'.

BP is an important company for the UK, with the company accounting for £1 out of every £7 paid into British pensions.

A BP spokeswoman said: "Information gathered during the test will be reviewed with the relevant government agencies, including the federal science team, to determine next steps.

"The sealing cap system never before has been deployed at these depths or under these conditions, and its efficiency and ability to contain the oil and gas cannot be assured."

Eleven workers were killed in the Deepwater Horizon oil rig explosion in the Gulf of Mexico.


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