Gulf of Mexico oil well clean up costs exceeds $6 billion
BP stated that the Gulf of Mexico oil well clean up costs crossed $6 billion mark, including $319 million in compensation payments to businesses and individuals affected by the spill.
OIL GIANT BP said in a statement that the Gulf of Mexico oil well clean up costs crossed $6 billion mark, including $319 million in compensation payments to businesses and individuals affected by the spill.
BP, which was responsible for the operations of the Deepwater Horizon offshore rig, made cost provisions amounting to $32.2 billion associated with the Gulf of Mexico oil spill.
The British oil giant is seeking to sell 30 billion dollars of assets over the next 18 months to help meet the clean-up bill. BP could also face fines of up to 17.6 billion dollars for the millions of barrels that poured into the sea if its negligence is proven in Gulf of Mexico oil spill.
On July 27, BP has confirmed that its CEO Tony Hayward will step down on October 1 2010 and Bob Dudley, in charge of the Gulf Coast Restoration Organization which responds to the Gulf of Mexico oil spill, will take charge as BP CEO. Tony Hayward was facing wide criticism for his poor crisis management of handling of the Gulf of Mexico oil spill
About 4.9 million barrels of crude oil spilled into the Gulf of Mexico since it began as the Deepwater Horizon rig, 80km off the Louisiana coast, exploded on April 20, killing 11 people.
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