BP cuts oil spill burden with $1 bill...

BP cuts oil spill burden with $1 billion Mitsui deal

There are 3 comments on the WNWN-FM Battle Creek story from May 20, 2011, titled BP cuts oil spill burden with $1 billion Mitsui deal. In it, WNWN-FM Battle Creek reports that:

BP struck a key victory in its battle to share the cost of the Gulf of Mexico oil spill on Friday when partner Mitsui & Co agreed to pay $1.1 billion toward the cleanup bill and possibly billions more in fines.

Join the discussion below, or Read more at WNWN-FM Battle Creek.

Dwight Baker

Eagle Pass, TX

#1 May 20, 2011
BP cuts oil spill burden with $1 billion Mitsui deal
Therefore this so called big deal to get money now is just a flash in the pan
By Dwight Baker
May 20, 2011
[email protected]

BP is behind the eight ball and they will remain there for a very long time. BP uses arbitrary numbers about the cost to clean up the Gulf. BP uses its power attained from large blocks of stock ownership in Britain to push’s their weight around.

How long will that remain to be done by BP? Lord Browne is still at the helm and he uses diplomacy to get things done. CEO Dudley is the front man.

Britain is not an empire any longer, for they have not the standing Army or Navy to support their needs to trump or thump over whom ever stands in their way.

Two things stand in the way of BP walking away with a winning hand in the Gulf of Mexico blowout.

1. The truth held in facts supports that for 92 days BP had the Tame Nature plan to plug the well and did not. Then when using my Tame Nature plan that set in front of them daily for 92 days they finally used it and the blow out come to a halt.
2. The other matter that escapes being printed and aired is that the oil and dispersants used are now contained in giant plumes. They are huge and some are in deep water. I have estimated that to clean them out using my Dolphin Fin to do so could take decades to do and cost from $2 to $3 trillion.

Therefore this so called big deal to get money now is just a flash in the pan. If BP is to survive they must first begin telling the truth, then knuckle down and become a good steward with the many things that have be entrusted with to provide refining of energy and plastics and a reasonable return to their investors.

Excerpt from article

BP has estimated the cost of capping the well, cleaning up the damage from America's largest ever offshore oil spill and compensating those affected is over $41 billion, including fines, which analysts believe make up about $4 billion of the provision.

This suggests the Japanese company is paying less than a third of its potential liability in respect of the actual damages -- that is the cost of the clear-up, capping the leak and paying out to local businesses affected. On this basis, Anadarko could be liable for almost $2.7 billion.

However, one source close to the matter said BP was likely to seek a higher rate of recovery from Anadarko than it received from Mitsui, which did not have a direct liability to pay since it invested through MOEX, which had few assets.
Anadarko on the other hand does have a direct legal liability as it has invested directly in the well.

"Anadarko, BP's other partner in the Macondo license is likely to come under pressure to settle as well now," said Richard Griffith at Evolution Securities.

In addition to actual damages, fines and punitive damages could double the $41 billion bill, lawyers have said.

Since: May 11

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#2 May 20, 2011

Since: May 11

Location hidden

#3 May 20, 2011

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