The company says it has choked off the flow of oil which has been spewing from the ruptured pipe since April in one of the worst offshore oil spills in US history.
BP said it stopped the leak on Thursday with a tight-sealing containment cap installed three days earlier and are "encouraged" so far by the results of an integrity test to see if it will hold.
The critical pressure test has shown no evidence of damage since it began on Thursday, said a BP executive.
Kent Wells, BP's senior vice president of exploration and production, also said pressure "continues to rise" in the well as hoped.
The British energy firm hopes to plug the leak permanently by drilling a relief well intersecting the ruptured pipe, which extends 2.5 miles below the seabed, and sealing it with mud and cement next month.
Mr Wells said drilling on the relief well will resume soon, adding: "Right now we're proceeding."
The news saw its US shares close up 7.6% on Thursday after it announced it had stemmed the flow of oil, and traders are eager to see if the rally continues in trading in London.
Oil has been spurting from the well a mile below the ocean surface for more than three months, leading to an economic and environmental catastrophe along the US Gulf Coast.
Based on the most conservative estimates, oil has been pouring into the ocean at a rate of at least 35,000 US barrels a day since April 21 - a total of 3,010,000 barrels.
That is 105,266,671 gallons - enough to fill 191.4 Olympic swimming pools, nearly five times (4.83) the volume of the Royal Albert Hall or 7,797,531 Ford Mondeo fuel tanks.
Each barrel of oil can produce 16.2 gallons of petrol (according to the Texas Oil & Gas Association), so the leak represents 48,762,000 gallons of petrol from all the spilled oil to date.
BP has made several failed attempts to end the leak since the Deepwater Horizon drilling rig exploded and sank in the Gulf of Mexico, killing 11 workers.
Barack Obama, who has seen his approval ratings fall as the crisis has dragged on, has welcomed the latest news as a "positive sign".
However, the US president warned: "We're still in the testing phase."
The test, which could last up to 48 hours, gauges pressure in the well to assess its condition.
Officials said the test would show whether the cap can safely shut off the flow from the well if oil-capture vessels at the surface must disconnect, for example in the event of a hurricane.
The US Coast Guard has called the containment cap at best a temporary fix to the leak while BP finishes the two relief wells it is drilling.
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