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"We are watching very, very closely," Allen said. "As it stands right now, absent the intervention of a hurricane, we're still looking at mid-August" for completing the relief well. Earlier Monday, a BP executive said the well would be done by early August. All of the uncertainty of what Alex and other storms could do to BP's containment effort gave new urgency to the company's efforts to make its operations at the well as hurricane-resistant as possible. The company said it hopes to install a new oil-capturing system by next week that would allow BP to disconnect the equipment faster if a hurricane threatens and hook it back up quickly after the storm passes. Right now, BP would need five days to pull out if there is a hurricane. The new system being developed, which uses a flexible hose, would cut that to two days. The containment system now in place is capturing nearly 1 million gallons per day from the well, which is spewing as much as 2.5 million gallons a day, according to the government's worst-case estimate. In other developments, BP said in a filing with the Securities and Exchange Commission that the catastrophe has cost it $2.65 billion so far. The oil giant has also said it would set up a $20 billion fund to compensate people and businesses for their losses. BP has lost more than $100 billion in market value since the deep-water drilling platform it was operating blew up April 20, killing 11 workers.
[Associated
Press;
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