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BP's costs for spill now $1.6 billion

June 14, 2010 at 10:45 AM   |   Comments

LONDON, June 14 (UPI) -- British oil giant BP said the cost of its response to the Gulf of Mexico spill so far totals more than $1.6 billion.

The total to date includes costs of the spill response, containment, relief well drilling, grants to U.S. gulf states affected by the spill, claims paid and federal costs, the company said in a statement. The company said it has paid more than $62 million in claims so far.

BP, based in London, said it was too early to quantify other potential costs and liabilities associated with the ongoing spill that began April 20 when the Deepwater Horizon rig, owned by the Swiss company Transocean and leased by BP, exploded, The Wall Street Journal reported. Eleven workers died in the accident and tens of millions of gallons of crude have flowed into the gulf.

One analyst told the Journal the ultimate figure could be between $3 billion and $6 billion.

© 2010 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.
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