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Friday 29th of May 2015

Clean-up costs continue to soar at BP

Story link: Clean-up costs continue to soar at BP by Kay Murchie
Clean-up costs continue to soar at BP

BP has said its total clean-up costs, relating to the Gulf of Mexico oil disaster, have now hit $2.65 billion (£1.76 billion).

According to the oil giant, this included the cost of the response to the spill, relief well drilling, grants to Gulf states and compensation claims paid.

Over 80,000 claims have been submitted and it has made more than 40,000 payments totalling more than $128 million, it said.

The news comes after Russia’s top energy official said he expects BP’s chief executive, Tony Hayward, to resign following the incident.

However, BP has today said: “Tony Hayward remains chief executive officer. No change to that position is under discussion.”

Mr Hayward has been widely criticised for the way he has handled the major oil leak and made an insensitive comment last month after saying “I want my life back”.

His comments came after the explosion on the BP oil rig on 20 April took the lives of 11 people. The explosion led to thousands of barrels of oil leaking from the damaged well.

The oil company has been battling to contain the leak ever since.

More recently, Mr Hayward faced fresh criticism for attending a yachting event on the Isle of Wight.

Fifty-three-year-old Hayward took time out last weekend to go sailing with his son at the JP Morgan Asset Management Round The Island Race.

However, BP defended him and said it was his first day off since the incident happened.

Last Friday, BP’s shares slumped to a 14-year low, making it the worst performer on the FTSE 100 index.

There has been speculation that BP may have to seek extra funds to pay for costs relating to the disaster.

Since the time of the explosion, the company’s share price has more than halved – wiping about $90 billion off the value of the company.


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