BP says oil spill costs $450 mn so far

BP says oil spill costs $450 mn so far

London: British oil major said the oil spill in the Gulf of Mexico had cost it $450 million so far, an increase of $100 million on the figure reported earlier this week.

Analysts forecasts for the clean-up costs and compensation for the spill off the coast of Louisiana have ranged from anywhere between a few hundred million dollars to over $12 billion.

The updated estimate came as BP said it was preparing to try to staunch the flow of oil from the ruptured well using a small containment dome, although said there was no guarantee of success given the difficulties of working almost a mile under the ocean surface.

The $450 million includes the cost of spill response, containment, relief well drilling, commitments to the Gulf Coast States, settlements and federal costs, BP said in a statement.

It added that so far 6,700 claims have been filed, of which about 1,000 have already been paid. Shares in BP have tumbled since the Deepwater Horizon rig caught fire on April 20, wiping about $30 billion of its market value but the stock was up 0.13% at 542.3 pence at 0800 GMT.

“It looks like the shares have temporarily found a floor, but any setbacks on the ocean floor could undermine confidence," said Evolution Securities analyst Richard Griffith.