First BP relief well closes in on Macondo

BP is closing in on connecting the first of two relief wells to its leaking Macondo oil well in the Gulf of Mexico.

Today it said that the first relief well had reached a depth of 16,546 feet and was within 200 feet horizontally of the original blow-out well known as MC252.

It said it was planning to brief the media on the progress being made on the relief this afternoon.

But it stuck to its original forecast that both relief wells would take "approximately three months to complete from the commencement of drilling." The first relief well began in early May and the second on May 16.

The first relief well has successfully located MC252 using electromagnetic and sonar ranging devices. Once the relief well has managed to intercept the original well BP will attempt to kill the flow of oil and gas by pumping specilaised heavy fluids down the relief well.

BP said the costs of the operation and the clean up so far had risen by $300 million since its last update on Friday to $2.65 billion.