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Latest News

BP says oil leak cost at $3.5 bn

Efforts to contain the leak began Saturday, but are not yet complete.

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July 13, 2010 9:28 by



British Petroleum, BP, announced Monday that the ongoing oil leak in the US Gulf of Mexico has cost the company an estimated $3.5 bn. The company’s estimate of damage related costs include “the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs,” according to a report by AFP.

The April explosion of an oil rig off the coast of the state of Louisiana unleashed a gush of oil that BP is currently working to contain. The company began on Saturday installation of a sealant cap to cease the flow of oil.

The company estimates that nearly 750,000 barrels of oil had been collected or flared by containment systems, the report added.



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