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Cravens Warren

Serving the risk management and commercial insurance needs of business. Cravens Warren, founded in 1946, has been serving the insurance needs of... read more

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BP Oil Spill Costs Hit $8 Billion

Sep 3, 2010

BP Oil Spill Costs Hit $8 Billion; Internal Report on Cause Readied

Copyright Reuters

BP Plc said the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion as the oil giant prepared to release the findings of an internal probe into the causes of the disaster.

BP published figures on Friday which showed that since it capped the well on July 15, it had spent around $90 million/day, in line with the spend rate while the well was gushing over 60,000 barrels per day into the sea.

Analysts had expected that BP's costs would fall off sharply after the well was sealed for good by drilling a relief well into the base of the blown out well and pumping it full of concrete.

However, a successful effort to install a temporary cap on the well delayed work on the relief well, which BP said on Friday was now likely to be completed in Mid September.

After this, the armada of rigs and ships, some of which cost $1 million a day to operate, working at the drill site can be stood down.