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Investors want BP back in Gulf of Mexico

Feb. 18, 2013 at 8:17 AM   |   Comments

LONDON, Feb. 18 (UPI) -- Market investors said British energy company BP should continue working in the Gulf of Mexico, though a resolution is needed on the 2010 oil spill.

Rig-owner Transocean last week pleaded guilty to violations stemming from the 2010 Gulf of Mexico oil spill. BP in November agreed to plead guilty to 14 criminal charges stemming from the accident as well as to $4 billion in fines and penalties.

Eleven workers died and thousands of barrels of oil spilled into the Gulf of Mexico for several months after an explosion sank the Deepwater Horizon rig in April 2010.

Investors told The Daily Telegraph newspaper in London that BP should continue working in the Gulf of Mexico, described as a "key area" for the company. Richard Marwood, a manager at Axa Investments, told the newspaper, however, "the market wants a resolution" on the matter.

The newspaper adds that any trial for BP could damage the company's plans and image.

The U.S. Interior Department scheduled a lease sale for parts of the Gulf of Mexico next month. The Environmental Protection Agency last year banned BP from federal contracts, though the company is working to overturn the action.

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