BP today is all set to go ahead in testing the bigger cap that would be placed in the leaking well, and this would be the biggest step by BP to completly seal off the oil leak. The step to go ahead with the test began late evening on Wednesday, but then a leak was discovered and process was stopped until the leak is not fixed. Earlier the government was not sure of the process, as it feared that it would make matters worse.

Admiral Thad Allan, stated that there is an urgent need to go ahead with the procedure, but he has also warned that there should be no such mistake that cannot be resolved. On the other hand, BP feels that the new valve will help in stopping the leakage. The test would go this way, as the officials screw on the valve choke, they would test the integrity of the new device by testing the seismic, acoustic and temperature changes in the surrounding areas of the well.

After the test would be successfully completed, the federal government would refer the data collected and would take the steps of permanently shutting the leak by relief wells and would also shut down the well for some time, due to an oncoming hurricane. During the test BP would monitor the whole process, if there is high pressure then, oil is being contained successfully, but if there is low pressure then there is a leak somewhere else.

BP has decided to replace the cap from the leaking well, on this weekend. As per reports, the new cap, will have a larger capacity of containing the oil from the sea floor. But the worry here is, during the replacing process, oil will gush out more into the sea.

According to the Coast Guard Officials, BP’s submersibles, would start the process of replacement by removing the current containment cap by the end of this week. Admiral Thad Allen, stated, the flowing oil from the well would be shutoff on Monday, but by that time almost hundreds of thousands of barrels of oil would be flown into the sea.

The Admiral also stated that right the term ‘contained’ can be used, ’stop’ can be said when the BP totally plugs the leaking well and the flow has been stopped permanantly. However BP on the other hand are trying numerous ways to stop the flow of leaking well, they even tried divert the flow by drilling two relief wells near by.

Its seems now that President Obama’s relations with the BP officials in the Gulf of Mexico are not so promising and inspiring, from the time he issued a moratorium to the Deepwater Horizon oil drilling back in the month of May. Judge Martin Feldman, had overturned the moratorium which was issued by the Obama administration, stating that by issuing such a moratorium, they were trivializing the whole issue of economic impact of the moratorium.

The appeal was issued earlier this week and on Thursday the appeal was rejected by the court of the three judge panel of the Fifth Circuit. The Interior Department had no comments on the judgement made by the court.

According to Judge Davis, he had noticed that the Interior had not requested for emergency relief following the BP Oil spill incident. But he added that drilling would not commence till the pendancy of the appeal is not done with.

BP has made a new deadline to plug the well, it would be August, where on the other hand US felt that BP would be successful in completing its promise way before this time period.

According to the Bob Dudley, the head of the Gulf Coast Restoration unit, states that the oil well has no possibility of being plugged between the 20th till the 27th of July. He added, that August would only prove to be possible if the process goes without facing any interruption.

The Banks on the other hand, have said that the CEO Tony Hayward, now is on a marketing drive promising and compromising investors and shareholders to help improve in financial stock. The share price had fallen tremendously since the oil well exploded.

Another problem that BP has to face, is how they would compromise the Obama administration in court in regards to their drilling program, where the administration is looking forward to suspend BP for six months from drilling in the Gulf.

With strong environmental issues at stake, the Obama administration have enough evidence to speak, which is making the court think, whether to suspend BP’s drilling program in the Gulf. The cause stated by the administration to halt the drilling program, is to investigate in to the cause behind the catastrophe and also to determine that drilling there would safe or not.