BP in gulf 'to stay,' says Dudley

BIRMINGHAM, Ala., Aug. 31 (UPI) -- Embattled British oil company BP said it had a long-term commitment to the Gulf of Mexico community, a top executive said.

BP is moving closer to a permanent fix to its broken well at the bottom of the Gulf of Mexico. BP is working to restore the region after the worst accidental oil spill in history, an event set off by the April sinking of the Deepwater Horizon oil platform.

BP managed to place a containment cap over the leaking well in July, stopping the oil from flowing into the Gulf of Mexico.

BP Managing Director Bob Dudley said the spill has redefined oil exploration in deep waters.

"We have learned, and will continue to learn, many lessons from this oil spill," he said. "The many investigations of the accident will bring changes to our industry -- changes that will improve the safety of deep-water drilling going forward."

The spill led U.S. President Barack Obama to impose a moratorium on drilling that expires Nov. 30.

Dudley said his company has contributed millions of dollars to the Gulf Coast recovery, adding BP committed "very early on" to pay all "legitimate claims" associated with the spill.

He added that BP had a long-term commitment to the Gulf Coast.

"We are in the gulf to stay," he said. "We and our heritage companies have been part of the life and culture here for many decades. And we plan on being here for many more."