It is crystal clear that BP is desperately attempting to stem the oil spill in the Mexican Gulf which in turn would cost the oil giant around a billion pound.
Shares of BP have been topping the charts of FTSE 100 fallers for days just after Tony Hayward, the Chief Executive of the company revealed the fact that the cleaning process has already extracted around $350 million out of BP’s pockets. And this works out to be around 11 million pounds a day which, as per analysts would escalate to 949 million pounds if the work continues for 180 days.
But it also depends on the size of the envelope the company is using. Whatever BP is doing is in a new territory and it is quite impossible to estimate the expected duration of the project.
The giant oil spill, which got unleashed on 20th of April, could have be spewing around 60,000 barrels of oil per day and thus threatening the environment dangerously.
BP had initially said that they would take 2 months for drilling a new relief well and bring the total imbalance under control. However, yesterday only, they have extended it to three months.