Oil spill containment costs reach nearly $1B

By Phaedra Friend Troy

BP reported Tuesday that the cost of its oil spill containment efforts in the Gulf of Mexico has reached $990 million so far. 

For comprehensive coverage of the Deepwater Horizon incident, oil spill in the Gulf of Mexico and efforts under way to resolve them, visit PennEnergy's Oil Spill in the Gulf of Mexico special section.

Combining its oil spill response above the water, including clean-up efforts, and its subsea efforts to stop the flow of oil from the Macondo well, BP estimates that its current expenditure has reached $990 million.

This amount includes the drilling of the two relief wells, the ROVs subsea, as well as the multiple oil spill containment procedures already attempted.

The company is now preparing a new oil spill containment effort, the LMRP cap, which it hopes to deploy within the next week.

It has been seven weeks since the accident aboard the Deepwater Horizon drilling rig, and its subsequent sinking that caused the oil spill.

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