bp’s gulf of mexico oil spill bill hits $350m as dome fails - oil spill containment

by:Demi     2019-09-13
bp’s gulf of mexico oil spill bill hits $350m as dome fails  -  oil spill containment
BP today admitted that the cost of cleaning up the massive oil spill in the Gulf of Mexico has reached $0. 35 billion (£236 million)
When it can't work on the huge "containment dome", try to find a way to contain the leak.
It suspended efforts in the short term.
Remedy to cut off the leak and try to use a smaller dome to funnel off the main uncontrolled leak.
But BP admitted that the operation had not been tested and said: "It has never been done in 5,000 feet of the water.
All the technologies that try to control the flow of oil on the seabed involve significant uncertainty.
"Analysts believe that since the Deepwater Horizon rig exploded in April 20, about 5,000 barrels of oil poured into the sea every day, causing the well to burst and killing 11 crew members.
BP's $0. 35 billion
Up bill has so far included attempts to control oil, relief drilling and pay to Gulf Coast countries to speed up their response plans.
But analysts estimate that the final cost could be as high as $12 billion.
If the latest funnel does not work, BP may be forced to rely on the relief well it is drilling nearby to cut off the leak, but it will take three months to complete.
At Bank of America Merrill Lynch, analysts said the latest technical setback would push the company's bill up.
"Before the rescue effort is over, BP seems to be turning to more risky, possibly more expensive solutions," the company said.
We will not be surprised to see that the cost exceeds our previous expectations, and the cost per day may increase to $15 million.
"More than 275 leak-clearing vessels, tugs, barges and recycling vessels are currently being used to control the leak.
But Keith Bowman, an analyst at Hargreaves Lansdown stockbroker, said BP's latest statement "only adds to investor uncertainty ".
"Obviously, BP's capping technology is having some problems, but its latest announcement only highlights the fact that it is difficult to know how long this leak will last.
BP's share price fell again, Mr Bowman noted.
9 p to 551 p, which is also due to concerns about what the disaster means for future US offshore drilling.
President Barack Obama is rethinking plans to open more American waters to drilling.
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