According to Bloomberg BP is claiming that they have successfully put a four inch pipe into a leak and are recovering oil on the surface in a boat,
The tube will capture only some of the spillage. “While not collecting all of the leaking oil, this tool is an important step in reducing the amount of oil being released into Gulf waters,” the statement said.
The tube is made from a 4-inch (10.2 centimeters) pipe wrapped with a rubber flange and inserted by remote-operated vehicles into a larger pipe leading from the leaking well.
The idea is that undersea pressure will force the oil into the pipe and up to the surface, where a drill ship will separate and store the oil for processing at a refinery. After it was in place, the tube was successfully capturing oil and gas and funneling it to the ship, BP and government officials said in the statement.
We'll see if this holds but hopefully it works.
Update: MSNBC and CNN are also carrying the report. This is not about the first, unsuccessful attempt to insert this pipe. This is a second attempt that BP claims is working. (Note: I am not attesting to the accuracy of the claims.)
Thanks to jethroc, here is a link to a great description of the contraption together with a picture.