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BP:Gulf Oil Spill Response Costs, Claims Total $3.12B To Date

Wall Street Journal - Jul 5, 2010

Oil major BP PLC (BP.LN) said Monday the cost of the response to the Gulf of Mexico oil spill so far is $3.12 billion, as it ramps up oil-containment efforts following storm surges caused by Hurricane Alex.

The cost figure includes containment, relief-well drilling, grants to Gulf states, claims paid and federal costs, BP said in a statement.

Work continues to collect and disperse the oil. On July 3, a total of 25,198 barrels of oil were collected or flared by the lower marine riser package containment cap and a second system that takes oil and gas to the Q4000 vessel on the surface.

The company is preparing to boost the capacity to capture oil with a third containment system, which it expects to be operational toward the end of the week, slightly delayed by last week's hurricane, BP said.

"Plans are also being developed for additional containment capacity and flexibility," BP's statement said. "These projects are currently anticipated to begin operations around mid to late July."

Read Full Article from Wall Street Journal

- Posted: 2010-07-05 09:59:27

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