FOXNews.com - How the Subsea Oil Recovery System Works: "The structure is a 40-foot tall concrete chimney that conveys leaking oil to a ship on the surface, the Deepwater Enterprise. Once there, oil is separated from water and stored until the ship can return to shore, where it is offloaded and shipped to an on-shore terminal.
The ship is capable of storing 139,000 barrels of oil, processing it at a rate of 15,000 barrels per day. BP hopes it will be able to collect as much as 85 percent of the oil leaking from the sea floor."
I hope it works!