BP Says Oil Spill Cost Up To $8bn

| Monday September 6, 2010 00:00

The company said it had paid out about $399m in claims to those affected by the spill.

Last week, responsibilty for the claims was transfered to the Gulf Coast Claims Facility (GCCF), which has so far paid out a total of $38.5m.

Plans to permanently seal the well were also progressing well, BP said.

The final sealing of the well is now expected to be completed later this month.

BP said the capping stack placed on top of the well in July was removed on Thursday. This will allow the failed blow-out preventer from the Deep Water Horizon rig to be removed, and a new blow-out preventer put in place.

BP said this would allow the drilling of the relief well to continue. It is now expected to be completed in mid-September.

Meanwhile, the company said no new oil had flowed from the damaged well into the Gulf since the leak was stopped in mid-July.

BP shares rose slightly in early trading. They have risen by about 20 percent since they hit a low of 303 pence in late June. They are currently trading at about 394 pence a share. (BBC)