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BP vows to clean up US oil slick BP vows to clean up US oil slick
(20 minutes 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 explosion 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. But BP boss Tony Hayward said the firm was not to blame for the accident which sank the Deepwater Horizon rig on 22 April, causing the slick.
US President Barack Obama has described the slick as a "potentially unprecedented" environmental disaster. He said the equipment that failed belonged to drilling firm Transocean.
The BP-operated Deepwater Horizon rig sank on 22 April. Both companies are expecting lawsuits over the slick, which threatens to cause major ecological damage.
Since then, thousands of barrels of oil have been leaking into the Gulf of Mexico every day. US President Barack Obama has described the oil leak as a "potentially unprecedented" environmental disaster.
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' Three-pronged effort
In several media interviews on Monday, Mr Hayward insisted that BP was doing everything possible to clean up the slick. The US government has been putting pressure on BP to act quickly.
Hundreds of people have been drafted in to help clean up the oil In a BBC interview, Mr Hayward dismissed talk of a rift between BP and US officials.
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. "Despite some of the rhetoric we have established an incredible co-operative relationship with the federal authorities," he said.
"It's clear that we're working very well together. In terms of the responsibility, I want to be clear, this was not our accident but it is our responsibility to deal with the leak and clean up the oil."
Thousands of barrels of oil have been leaking into the Gulf of Mexico every day since the rig sank.
Mr Hayward said BP was making a three-pronged effort to stop the leak:
  • Undersea robots are working on the safety valve which failed, allowing the oil to escape
  • A containment vessel is being sent to the site and would, in effect, suck up the escaped oil
  • BP is drilling a new well to help relieve the pressure and stem the flow from the rupture
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.
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. The firm's shares continued to fall on Monday, after previous trading had seen about $20bn wiped from its market value since the accident.
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. Analysts say the costs associated with the slick are uncertain, meaning that the share price was likely to remain volatile while leak continues.
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