isatser: The explosion at Deepwater has forced BP into a major restructuring of their finances and the way they drill
Seepage: BP have been ordered to provide a plan for reopening its capped well in the Gulf of Mexico after engineers found seepage and possible methane gas near the leak site
The US government has ordered BP to provide a plan for reopening its capped well in the Gulf of Mexico after engineers found seepage and possible methane gas near the leak site.
The energy giant had wanted to test its cap until it could open relief wells to stop the flow of oil, but the discovery of seepage and possible methane gas near the site in the Gulf of Mexico means there could still be leaks.
Damage: After 90 days oil sheen can be seen for miles along the surface of the Atlantic near the spill
All hands on deck: Boats continue to monitor the situiation at the source of the BP Deepwater Horizon oil spill
Resolution: The U.S. Government has told BP tthat failure to deal with the problen is unacceptable
But the discovery of seepage could mean there are still leaks in the damaged well.
BP shares fell by as much as 5 per cent today as investors reacted to the latest developments in the disaster, which began when the Deepwater Horizon rig exploded on April 20, killing 11 workers.
Shares dipped below 300p at one stage last month - the lowest point since August 1996 - but last week recovered to around 425p on signs that it is closer to tackling the crisis, which BP said today has now cost $US4bn (£2.6bn) in spillage and clean-up.
The US government's plan is to pipe oil to the surface, which would ease pressure on the well but would require up to three more days of oil spilling into the Gulf.
Doug Suttles, BP's chief operating officer, said last night: 'No one associated with this whole activity ... wants to see any more oil flow into the Gulf of Mexico.
'Right now we don't have a target to return the well to flow.'
Retired Coast Guard Admiral Thad Allen, who is in charge of the White House's reponse to the spill, ordered BP to provide a plan for reopening the well by 1am today (UK time).
In a letter to BP managing director Bob Dudley, he said: 'When seeps are detected, you are directed to marshal resources, quickly investigate, and report findings to the government in no more than four hours.
I direct you to provide me a written procedure for opening the choke valve as quickly as possible without damaging the well should hydrocarbon seepage near the well head be confirmed.'
The blow comes as the oil giant was reported to be considering selling off its petrol stations.
Directors at the beleaguered oil group are understood to have held discussions with its major shareholders over restructuring the company following the crisis, according to the Sunday Times newspaper.
Options under consideration are thought to include splitting up the group by selling off its refineries and petrol stations, scaling back its US operations and doing more engineering in-house rather than outsourcing it.
The restructuring will come on top of the sale of around 10% of the group's assets, which will be needed to meet the cost of the oil spill, which so far reached 3.5 billion US dollars (£2.29 billion).
Discussions with shareholders are said to be at an early stage, but they will be used to help decide the direction of a formal strategic review, which is expected to be launched by the group's chairman Carl-Henric Svanberg once the ruptured well is finally sealed.
News that the leak was stopped on Thursday helped BP shares soar around 8% higher at one stage on Friday, although wider stock market falls later pared the gains back.
It is thought the restructuring of BP could leave it a significantly smaller firm, which would focus on exploration in emerging oil regions, such as West Africa and Brazil, and lead to it selling off its less profitable downstream arm.
The downstream business, which is made up of petrol stations and refineries, employs around 51,600 people - more than half of BP's 80,300 workforce - but accounts for just 3% of the company's pre-tax profit.
Meanwhile, discussions are thought to be continuing between BP and US oil firm Apache Corporation over the sale of 12 billion US dollars (£7.84 billion) worth of assets, including its stake in Alaska's Prudhoe Bay.
BP's board is understood to be due to meet later this week to discuss what assets will be sold off to pay for the oil spill, according to the Mail on Sunday.
As well as Prudhoe Bay, the group is also thought to be considering offloading its assets in Argentina, where it has a 60% stake in oil company Pan American Energy worth around £3.5 billion, as well as oil and gas fields in Vietnam, Colombia and Venezuela, worth around £1 billion.
A BP spokesman declined to comment on the speculation.
BP said last month that it was making a £13 billion fund available to compensate people affected by the Gulf of Mexico oil spill.
Its shares dipped below 300p at one stage last month - its lowest point since August 1996 - but recovered to more than 400p amid signs that it was closer to tackling the crisis.
The disaster began when the Deepwater Horizon rig exploded on April 20, killing 11 workers.
Relief wells being drilled miles beneath the seabed will be the only means of permanently sealing and isolating the damaged well. The first of the wells is expected to be finished by the end of the month.
It is thought more than four million barrels of oil have so far flowed into the Gulf.
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