The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

Anadarko is going to reveal how negligent BP is in the oil spill. BP will continue to slide...



LONDON (SHARECAST) - Beleaguered oil giant BP said the latest bout of finger pointing with its partners on the ill fated Macondo oil well in the Gulf of Mexico will not distract it from fulfilling its promise to clean up the spill and pay legitimate claims.

Anadarko Petroleum, which owns a 25% stake in the leaking Macondo oil well, is refusing to accept responsibility for oil spill removal costs and damages, alleging that BP Exploration & Production (BPXP) was "grossly negligent" or engaged in "wilful misconduct" as operator for Mississippi Canyon, Block 252 (MC252).

BP, which owns 65% of the oil well, is reportedly contemplating taking legal action against Anadarko to force it to stump up its share of the costs.

BP said on Monday morning that it refuted Anadarko's allegations and reiterated its commitment to the clean up campaign and the restoration of the Gulf coast.

"Other parties besides BP may be responsible for costs and liabilities arising from the oil spill, and we expect those parties to live up to their obligations, but how the costs and liabilities are eventually allocated between various parties will not affect our unwavering pledge to step forward in the first instance to clean up the spill and pay all legitimate claims in an efficient and fair manner," said under fire BP chief executive Tony Hayward.

All the co-owners of the leasehold interest (the third co-owner is Mitsui, with a 10% stake) previously entered into a written operating agreement under which BPXP would act as "operator" and be responsible for conducting operations in MC252. The parties agreed they would share the costs of operations, including the cost to clean up any spill resulting from drilling the MC252 exploratory well, according to their respective ownership interests in MC252.

Anadarko is seeking to take advantage of a get-out clause on the grounds of what it sees as BPs gross negligence.

In a separate announcement BP gave an update on its clean-up campaign in the Gulf of Mexico in which it said the cost of the response to date has been about 2bn.

The company said that on 19 June a total of around 11,050 barrels of oil was collected and 25.6m cubic feet of natural gas was flared on the Discoverer Enterprise. This amount is less than recent averages because process facilities were shutdown for part of the day.

I can just see you enjoying the third gender ladies of Bangkok

lots and lots of messiness to come and that's for sure ...... today's sp reaction says much

No hope here.

no hope for what???

BP..!

reports of BP's death are premature! ...... however, the company is certainly in for a pretty torrid time, though where that SHOULD leave sp, is anyone's guess

More easy ways to make money on the markets without the daily hassle surrounding BP. They have cut many corners, and done many wrongs, but lets not forget all the bent banks, and hedge fund managers of whom a lot of them should be punished in HMP.

but buggered if they will be!!

difficult to find any upside in the sp unless they succeed in plugging the well which appears unlikely for at least a further month.

Just heard on Bloomberg Bernie Madden has been bragging in jail that just before he was nicked he moved 9 billion to three close people. One inmate who claims Madden told him who the three were is doing a deal with FBI. I would nick his Mrs, and family or at least make them live in the Bronx.

is that anything to do with BP?

No it concerned what Clinic said previous about bent bankers, and fund managers

Come on Halifax wake up

this is the BP thread not the Jewish Chronicle.

Good one

From jewberg news

BP Chief Executive, Tony Hayward will draw on a pension pot of 10.8m if he resigns from his position in the aftermath of the Deepwater Horizon oil spill, according to the jewberg news.

The US cutting corners on safty again.

The bio-tech company Monsanto can sell genetically modified seeds before safety tests on them are completed, the US Supreme Court has ruled.

A lower court had barred the sale of the modified alfalfa seeds until an environmental impact study could be carried out.

Keep on shorting BP 333p now.

Worth 100p or less I reckon.

Do not agree, but who knows. When Hayward is dumped, and the well is finally capped shorters will jump ship, and a very good bounce up IMHO