BP warns that if Congress legislators pass legislation that bars company from getting new offshore drilling permits, can not the money<sic>
to pay for all damages caused by its oil spill in the Gulf of Mexico. The company says that a ban would also risk the ambitious Gulf Coast restoration efforts that officials want the company to voluntarily support.
BP executives stress that they have not backed away from their commitment to the White House to set aside $ 20 billion in an escrow fund over the next four years of claims and the government sanctions arising from April 20 explosion of the Deepwater Horizon derrick to pay . The explosion killed 11 workers and millions of barrels of oil spewed into the Gulf.
The company also approved 100 million U.S. dollars to a foundation that contribute to rig workers who lose their jobs because of the deep water drilling moratorium administration support. And the promised 500 million U.S. dollars for a 10-year study of the effects of the spill to study.
But as the state and federal officials, citizens and businesses remain Additional funds to seek beyond the minimum fines and compensation that BP should pay under the law, the company has its reluctance to cooperate unless they can continue to operate in the Gulf of Mexico. The gulf accounts for 11 percent of its worldwide production.
“If we are unable to identify the areas to which involves a substantial impact on our cash flow to keep,” David said Nagle, executive vice president of BP America BP, in an interview. That, he added, “makes it harder for us to fund things, funding for these programs.”--more--
http://www.phongpo.com/2010/09/03/bp-says-limits-on-drilling-in-danger-oil-spill-payouts/If BP doesn't get new drilling permits, it won't pony up the cash for claims from its Deepwater Horizon disaster...
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