Gulf of Mexico oil spill to delay BP drilling projects

oil spill

BP will almost certainly face major delays to current and future oil drilling projects following the enormous and costly Gulf of Mexico oil spill, say analysts.

Some estimates put the cost of the clean-up operation at around $200 million.

"BP will need to make internal capital allocations to deal with the oil spill," says Peter Hutton, head of research at equity research firm NCB and European Securities Network. "BP's plans for its offshore drilling projects are likely to be compromised in the s

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