BP has launched a new attempt to contain the oil leak in the Gulf of Mexico, a day after its complex "top kill" maneuver failed.

The latest plan aims to capture most of the oil on the sea floor and channel it to the surface for collection. BP warns that the new procedure could take up to a week to perform, and even then its success cannot be guaranteed.

A company executive confirmed there is little chance of plugging the leak until the new well is completed in August.

Bob Dudley, BP Managing Dorector, said, "Well the relief well at the end of August is certainly the end point on this game. We failed to wrestle the beast to the ground yesterday. We're going to go in and put a cap on it and we'll be able to produce the fluids and the next step is to make sure that we minimize the oil and pollution going into the Gulf. We'll take a look at it. Look at ways to improve it since then. The main thing now is to contain it, and, that's exactly what everyone would expect us to do is not stop after this setback yesterday."

The spill has been flowing since April 20th, when an explosion on the BP Deepwater Horizon rig sank the drilling platform and killed 11 workers. US President Barack Obama's top energy adviser has warned the well could continue leaking until August.