Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Nigerian air force mistakenly bombs refugee camp killing at least 50 people

Read more

MEDIAWATCH

Brexit Means Hard Brexit

Read more

THE DEBATE

Hard Brexit, here we come: UK to leave EU common market (part 1)

Read more

THE DEBATE

Hard Brexit, here we come: The blowback against globalisationt (part 2)

Read more

ENCORE!

Art on the wire and online: Jean-Hubert Martin on curating in cyberspace

Read more

FOCUS

Inside China's answer to Silicon Valley

Read more

ACCESS ASIA

Behind the scenes at China's Harbin snow festival

Read more

THE INTERVIEW

'Donald Trump is a great friend of Israel'

Read more

BUSINESS DAILY

Davos 2017: World Economic Forum wary of post-Brexit future

Read more

Business

BP oil spill bill tops 3 billion dollars

Text by News Wires

Latest update : 2010-07-05

British oil giant has announced that it has spent 3.12 billion dollars so far on its efforts to clean up the oil spill. BP, however, recognised that "it is too early to quantify other potential costs and liabilities associated with the incident".

AFP - BP's costs arising from the devastating oil spill in the Gulf of Mexico have rocketed to 3.12 billion dollars (2.49 billion euros), the company revealed on Monday.
  
"The cost of the response to date amounts to approximately 3.12 billion dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs," it said in a statement.
  
The group added: "It is too early to quantify other potential costs and liabilities associated with the incident."
  
The latest estimate of costs, equivalent to 2.06 billion pounds, is far higher than the 2.65 billion dollars that was given one week ago.
  
The company's share price has collapsed by more than 50 percent since the Deepwater Horizon oil rig which the company operated sank on April 22, two days after a blast killed 11 workers.
  
After intense pressure from President Barack Obama over the worst ever US environmental disaster, BP agreed on June 16 to suspend its shareholder dividend and create a 20-billion-dollar fund for costs arising from the spill.
  
BP is also selling non-core assets to raise 10 billion dollars, while international ratings agencies have downgraded the company's credit worthiness.
  
Meanwhile, efforts to clean up the spill gathered steam Monday after Hurricane Alex prompted a five-day shutdown.
  
Cleanup workers arrived back on Grand Isle, Louisiana by the hundreds, spilling off school buses that shuttled them in from around the state.
  
In the wake of Hurricane Alex, beaches, shorelines and marshes lay smeared with thick patches of oil and the sky was still filled with ominous, gray clouds.
  
Skimming resumed in Louisiana but high seas kept vessels tied up in harbor in three other southeastern US states and no controlled burns were being carried out.
  
Operations were suspended last week as Tropical Storm Alex, which later became the first Atlantic hurricane of the 2010 season, entered the Gulf.
 

Date created : 2010-07-05

  • USA

    'A Whale' vessel tested in BP oil clean-up effort

    Read more

  • BP OIL SPILL

    US to accept offers of foreign help to contain BP oil spill

    Read more

  • USA

    BP boss no longer in charge of oil disaster response

    Read more

COMMENT(S)