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BP vows to clean up US oil slick BP vows to clean up US oil slick
(about 1 hour later)
Oil giant BP has acknowledged it is "absolutely responsible" for cleaning up a huge oil spill after an accident at one of its wells off the US coast.Oil giant BP has acknowledged it is "absolutely responsible" for cleaning up a huge oil spill after an accident at one of its wells off the US coast.
BP boss Tony Hayward said the company was preparing for a "worst case scenario" that the spill would need to be contained for two to three months.BP boss Tony Hayward said the company was preparing for a "worst case scenario" that the spill would need to be contained for two to three months.
US President Barack Obama has described the slick as a "potentially unprecedented" environmental disaster.US President Barack Obama has described the slick as a "potentially unprecedented" environmental disaster.
The BP-operated Deepwater Horizon rig sank on 22 April.The BP-operated Deepwater Horizon rig sank on 22 April.
Since then, thousands of barrels of oil have been leaking into the Gulf of Mexico every day.Since then, thousands of barrels of oil have been leaking into the Gulf of Mexico every day.
Late on Sunday, Mr Obama said the slick was nine miles (14 km) off the coast of south-eastern Louisiana.Late on Sunday, Mr Obama said the slick was nine miles (14 km) off the coast of south-eastern Louisiana.
"BP is responsible for this leak. BP will be paying the bill," he said."BP is responsible for this leak. BP will be paying the bill," he said.
'Costing billions'
In several media interviews on Monday, Mr Hayward insisted that BP was doing everything possible to clean up the slick.
He said an undersea containment system had been manufactured and would be on site within a week to capture the leaking oil and channel it to a tanker on the surface.
Experts warn that the cost of clearing up the spill could run into billions of dollars.Experts warn that the cost of clearing up the spill could run into billions of dollars.
BP has said it will honour legitimate claims for compensation from people affected by the spill.BP has said it will honour legitimate claims for compensation from people affected by the spill.
BP's shares fell further on Monday amid concerns about the volumes of oil being lost from the well and fears that the cost of cleaning up after the disaster may be far greater than previously thought.BP's shares fell further on Monday amid concerns about the volumes of oil being lost from the well and fears that the cost of cleaning up after the disaster may be far greater than previously thought.
UK markets were closed on Monday, but BP's Frankfurt-listed shares opened 8% lower before clawing back some of the losses.UK markets were closed on Monday, but BP's Frankfurt-listed shares opened 8% lower before clawing back some of the losses.
The oil giant's shares had already fallen by 13% since the accident - wiping about $20bn from its market value.The oil giant's shares had already fallen by 13% since the accident - wiping about $20bn from its market value.
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