BP spends $10 mln/day on oil spill clean-up -paper

* Clean-up bill likely to exceed $6 mln/day estimates

* Solution still weeks away – CEO to paper
* For more on the spill, click on [ID:nN08163510]

LONDON, May 9 (BestGrowthStock) – BP Plc (BP.L: ) could be spending as
much as $10 million a day on clean-up efforts after a giant oil
spill in the Gulf of Mexico, exceeding initial estimates, the
Sunday Telegraph quoted Chief Executive Tony Hayward as saying.

Deepwater Horizon, a drilling rig contracted to drill a well
for BP exploded and caught fire last month, causing a massive
leak. The well is still pumping oil into the Gulf, generating a
slick which is threatening wildlife, fishing and tourism.

Hayward was quoted as saying it could still be weeks or
months before the leak is brought under control.

BP has not put an estimate on the cost of the spill, but the
company said last month it and partners in the well were paying
$6 million a day in clean-up efforts. It admitted at the time
that costs would rise sharply when the oil hit land.

Hayward, quoted by the paper as saying he had ordered a
complete safety overhaul of all BP rigs, said he now expected
regulators to put in a series of new safety measures.

“It is clearly necessary for the industry and regulators
here to step back and take stock of this when we understand
fully what has occurred and then determine what are the right
additional safeguards that need to be applied,” Hayward told the
paper. “There clearly are many”.

Investment Research

(Reporting by Clara Ferreira-Marques; Editing by Erica
Billingham)

BP spends $10 mln/day on oil spill clean-up -paper