Energy & Renewables Newsletter
June 17, 2010
This Week´s Featured News Stories
Five lessons from the BP oil disaster
It"s very easy to pile onto BP right now. The "accident," which may be due more to negligence, is bad enough. The company lost 11 employees - after losing 15 in a high-profile explosion at a refinery 5 years ago. The damage to the Gulf, its species, and the people who depend on it is almost incalculable. But surprisingly, it"s even easier to criticize BP"s behavior since the explosion - the company has tried hard to downplay the scale of the tragedy and it has moved slowly to stop the torrent of oil pouring into the Gulf.  The nightmare is not over and the repercussions in terms of regulations ...
BP Establishes $20 Billion Claims Fund for Deepwater Horizon Spill and Outlines Dividend Decisions
Following a meeting with the President of the United States, the BP Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill.  Agreement was reached to create a $20bn claims fund over the next three and a half years on the following basis: 
  • BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.
  • While the fund is building, BP"s commitments will be assured by the setting ...
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