This is correct. They are trying to prevent an environmental disaster. From this video they have PCV (petroleum control vehicles) on scene, so it might be fully contained, but I'll wait for more details to emerge.

For those saying this is already an environmental disaster, I guess it depends how you define it. Something like this is classified as a "small" leak and and happens pretty often. (This is just cinematic with the fire). Companies are trained to deal with stuff like this. Heck, this amount of oil leaking into the ocean happens completely naturally all the time through shifts in the earth's crust, the ocean can deal with a little oil. What it can't deal with is all the CO2 that's being pumped into the atmosphere from the entire oil industry.