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BP counts cost of Gulf spill

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BP counts cost of Gulf spill


Two weeks after a deadly blast on a drilling rig unleashed a massive oil leak in the Gulf of Mexico, BP remains under pressure to limit the ecological and economic damage.

The cost to the energy giant is steadily mounting.

Oil expert Kevin Saville with Platts’ Americas energy desk said this ruins the industry’s reputation: “The last thing they want to see is images on TV of oiled birds and sea turtles and people cleaning these beautiful beaches of the Gulf coast.”

As well as BP and the well’s driller Transocean the Gulf region’s fishing and tourism industries will suffer financially, but Saville said environmental cleanup, alternative energy, and safety technology firms could gain: “Anyone who is involved in manufacturing or fabricating these kinds of advance safety processes and procedures certainly would benefit.”

Clean up and compensation claims will likely cost BP around seven billion euros, but its shares have tumbled and wiping around 25 billion euros off the company’s market value.

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