facebook
twitter
rss
account
search
search

BP to press ahead in Gulf of Mexico

May 1, 2012 at 8:05 AM   |   Comments

HOUSTON, May 1 (UPI) -- It would be wrong for British energy company BP to abandon work in the Gulf of Mexico despite the fallout from the 2010 spill, a company executive said.

The Deepwater Horizon oil rig in the Gulf of Mexico caught fire and sank in 2010. It's estimated that oil spilled at a rate of more than 50,000 barrels per day for much of the summer.

Bernard Looney, BP's chief executive in charge of new well operations, told investors at an offshore technology conference in Houston that walking away from the Gulf of Mexico meant walking away from the company's future.

"Our considered decision was to press ahead with our exploration and development program, coupled with a reinforced focus on risk management," he said.

The company said it plans to spend around $4 billion on new developments in the Gulf of Mexico this year. Looney said the British supermajor aims "to invest at least that much every year over the next decade."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Army receives first advanced CH-47F helicopter variant
2
Iraq seeks U.S. missiles, helicopter support
3
Talon rocket tests successfully from attack helo
4
French Army flight tests latest Tiger attack helo
5
New gas processing slated for North Dakota
Trending News
Video
x
Feedback