Tags: OIL | GULF | CLEAN UP | LAWS | LEGISLATION | BP

BP: Oil Spill Costs at $450 Million So Far

Thursday, 13 May 2010 08:00 AM

British oil major BP said the oil spill in the Gulf of Mexico had cost it $450 million so far, an increase of $100 million on the figure reported earlier this week.

Analysts forecasts for the clean-up costs and compensation for the spill off the coast of Louisiana have ranged from anywhere between a few hundred million dollars to over $12 billion.

The updated estimate came as BP said it was preparing to try to staunch the flow of oil from the ruptured well using a small containment dome, although said there was no guarantee of success given the difficulties of working almost a mile under the ocean surface.

The $450 million includes the cost of spill response, containment, relief well drilling, commitments to the Gulf Coast States, settlements and federal costs, BP said in a statement.

It added that so far 6,700 claims have been filed, of which about 1,000 have already been paid.

Shares of BP have tumbled since the Deepwater Horizon rig caught fire on April 20, wiping about $30 billion of its market value but the stock was up 0.13 percent at 542.3 pence.

"It looks like the shares have temporarily found a floor, but any setbacks on the ocean floor could undermine confidence," said Evolution Securities analyst Richard Griffith.



© 2017 Thomson/Reuters. All rights reserved.

1Like our page
2Share
Markets
British oil major BP said the oil spill in the Gulf of Mexico had cost it $450 million so far, an increase of $100 million on the figure reported earlier this week. Analysts forecasts for the clean-up costs and compensation for the spill off the coast of Louisiana have...
OIL,GULF,CLEAN UP,LAWS,LEGISLATION,BP
214
2010-00-13
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved