New claims against BP from the massive oil spill in the Gulf of Mexico are pouring in more than twice as fast as the British energy giant is paying them out, US officials said. Analysis by a consulting group hired by Louisiana to track claims and BP payments amid the worst environmental disaster in US history also showed that the claims have risen in dollar amount, and that BP sped up its payouts specifically when the state pressured the company to do so. The group, Cannon Cochran Management Services, Inc, said the total number of claims reported by BP jumped by 170 percent in June, from 30,000 to more than 85,000, and that by June 30 there were nearly 2.5 times as many new claims as there were checks issued to claimants. It said BP added 441 new claims adjusters during the period, for a total of 951 -- an increase of 87 percent, about half the percentage increase in new claims. "The state believes that claims processing will be detrimentally impacted unless BP increases its number … [Read more...] about Oil spill claims arriving faster than BP can pay them
Bp oil spill fund
Tar balls hit Texas as oil spill cost soars
NEW ORLEANS, Louisiana (AFP) - Tar balls from the Gulf of Mexico spill have turned up on the Texas coast, expanding the oil slick's impact to all five Gulf states, officials said late Monday, as BP's disaster costs soared above three billion dollars. Meanwhile a giant Taiwanese ship deployed to boost the clean-up remained in testing, with initial results inconclusive because of choppy waters, but bad weather on the horizon threatened to further disrupt clean-up efforts. The A Whale tanker cruised near the Deepwater Horizon oil spill, but Bob Grantham, a spokesman for the super-skimmer's owner, TMT Shipping, said results were "inconclusive in light of the rough sea state we are encountering." Grantham said the company, working with the US Coast Guard, would continue testing the ship "to make operational and technological adjustments" for the supertanker. The ship is believed to be able to suck up to 500,000 barrels (21 million gallons) of oily water a day through its "jaws," a series … [Read more...] about Tar balls hit Texas as oil spill cost soars
BP to sell Viet Nam assets to fund cleanup
British oil giant BP has said it plans to sell its upstream assets in Viet Nam to raise cash to pay for its oil spill off the US coast. The assets include Lan Tay and Lan Do gas fields and facilities, Nam Con Son Gas Pipeline and Dinh Co Terminal and Phu My Power Plant No 3. BP Viet Nam declined to comment about the total value of these assets but Reuters reported they were worth an estimated US$1 billion. The company said it had informed the Government about its intention to divest its assets in Viet Nam and was now awaiting the Governments approval. "The plan does not affect BPs other businesses in the country such as the crude oil supply to Dung Quat Refinery and the lubricants business." A spokeswoman for BP Viet Nam also declined to comment about suitors for these assets, saying: "Its too early to speak about the buyers." Dow Jones Newswire reported there had been no talks between BP and the Viet Nam Oil and Gas Group on the sale of BPs assets. PetroVietnam, as the latter is … [Read more...] about BP to sell Viet Nam assets to fund cleanup
Petro Vietnam reveals intentions to buy BP assets
PetroVietnam is going to ask for permission from the Government and submit to the Government plans to purchase BP's stakes in offshore exploration projects. Dinh La Thang, Chairman of the Members Council of PetroVietnam, confirmed the news yesterday, August 3, when Thang met the press on the sideline of the Government's press conference. Thang said that under the agreement, if one of the partners in the joint venture withdraws capital in a project, the partner has to prioritize the other remaining partners when selling its stake. Therefore, PetroVietnam is now planning to join forces with other partners in the joint venture, including Indian ONGC, to purchase the projects on sale. However, Thang has declined to give information about the process of purchasing shares and about the prices at which PetroVietnam may purchase the shares, stating that the oil and gas group will only carry out the purchase after it submits a plan to the Government and the Government approves the plan. "This … [Read more...] about Petro Vietnam reveals intentions to buy BP assets
BP to sell Venezuela and Viet Nam businesses
BP yesterday reached an agreement to sell its upstream businesses and associated interests in Venezuela and Viet Nam to TNK-BP, Russia's third largest oil company. The US$1.8 billion sale agreement includes BP's interests in the Petroperijá, Boquerin and PetroMonagas joint ventures in Venezuela and, in Viet Nam, BP's 35 per cent operating interest in the Lan Tay and Lan Do gas fields and associated pipeline and power generation interests. TNK-BP, owned equally by BP and the AAR Consortium (comprising Alfa Group, Access Industries and Renova), has agreed to pay BP $1.8 billion in cash, subject to certain post-closing adjustments. Under the terms of the agreement, TNK-BP will pay BP a total deposit of $1 billion on October 29, with the balance of payment due on completion of the sales. The purchase of the assets will be funded by TNK-BP and will not require capital from the company's shareholders. BP will retain an economic interest in these assets through its 50-per-cent interest … [Read more...] about BP to sell Venezuela and Viet Nam businesses