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Bp To Seek Cameron's Help As Gulf Oil Spill Costs Escalate

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beeb

BP wants Prime Minister David Cameron to intervene over the escalating cost of compensating US companies for the Gulf of Mexico oil disaster in 2010.

BBC business editor Robert Peston has learned that BP feels its financial recovery is in jeopardy because the compensation system is being abused.

The financial burden of paying fictitious and inflated claims may even make BP a takeover target, it fears.

BP hopes Mr Cameron will raise the issue with the US government.

...

The Deepwater Horizon disaster killed 11 oil rig workers and released an estimated four million barrels of oil into the Gulf and along the coastline.

BP put aside $7.8bn (£5.2bn) when it agreed to pay compensation in 2012, but the company now expects the final figure to be much higher.

The company is also under pressure, along with other oil majors including Shell and Norway's Statoil, following allegations that firms colluded in fixing oil prices.

David Cameron said he was "hugely concerned" about that situation.

I hope that this does not mean the UK taxpayer ends up paying for the cleanup, but I wouldn't put it past these Tory scummers.

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beeb

I hope that this does not mean the UK taxpayer ends up paying for the cleanup, but I wouldn't put it past these Tory scummers.

If Cameron has any sense (!) he'll walk on by. If claims are made without justification or fraudulently, strike them down.

Of course, BP wouldn't be being hopelessly optimistic in their previous provisions, would they? PPI for the oil world.

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Hang on. Isn't Dave supposed to be launching a criminal investigation into BP's price fixing activities? In light of the above one can already imagine how thorough that's going to be.

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Citeh rentiers worried about their future income stream?

Quick call to Eton to sort it out.

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beeb

I hope that this does not mean the UK taxpayer ends up paying for the cleanup, but I wouldn't put it past these Tory scummers.

Too big to fail....capitalism means managers take huge bonuses...tax payer takes losses

Edited by THE BALD MAN

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Yes, when the going gets tough , these leeches go running to the govt for help. And then they tell us that free market capitalism failed.

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The companies claiming the money just had to show that their cash flow was lower in the period compared to a normal period. That just gave the companies involved permission to have a nice holiday and BP will pay their wages.

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Sounds like BP might be changing its name to Banker Petroleum then it'll be bailouts all round for them as well.

Then they could even get completely out of the oil industry no worries.

Edited by billybong

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I think the problem is that the US government has looked at a "foreign" oil company operating in the US and decided to simply take all of that companies money and assets worldwide.

It's just plain theft... basically claims are being made by every company that's making less money than before it happened... which is pretty much EVERYONE since the US is in a recession/depression.

Meanwhile BP has been held liable for fines relating to the actions of completely separate US owned companied. The rig was US owned, staff and run, BP only held the rights to well, but were held liable without any real explanation as to why.

Basically it's just theft.

BP should just sell all it's US based assets, sneak out of the country and tell them to go f*ck themselves.

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I think the problem is that the US government has looked at a "foreign" oil company operating in the US and decided to simply take all of that companies money and assets worldwide.

They don't seem to mind Dutch Shell, Swiss Transocean, Norway's Statoil, Danish Maersk, Canadian Talisman, French Total, Australian Samson etc...

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I think the problem is that the US government has looked at a "foreign" oil company operating in the US and decided to simply take all of that companies money and assets worldwide.

It's just plain theft... basically claims are being made by every company that's making less money than before it happened... which is pretty much EVERYONE since the US is in a recession/depression.

Meanwhile BP has been held liable for fines relating to the actions of completely separate US owned companied. The rig was US owned, staff and run, BP only held the rights to well, but were held liable without any real explanation as to why.

Basically it's just theft.

BP should just sell all it's US based assets, sneak out of the country and tell them to go f*ck themselves.

And this is the correct answer....

The US government and it's courts system are trying to turn over the biggest UK company there is.

Whatever you think of them this is blatant theft dressed up as compensation.

BP should tell them to go swivel.

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Transocean (the operator of the rig) has $36billion of assets. Surely BP can now sue them to recover their losses?

EDIT: I actually believe they are.

EDIT: Maybe BP are now getting scared because BP's losses are limited to the value of Transocean's assets which is being exceeded?

Edited by cica

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Obama with his friendship of the Argentinians and insinuating that we should negotiate over the Falklands is becoming belligerent towards the UK, its best Companies and its assets.

Maybe he feels he can now as he is in his second term. Remember a democrat president will not be politically aligned with a UK Tory PM.

Only this week he felt the need to speak up over Europe and the UK's ongoing position.

Cameron should tell him to go swivel as well.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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