http://www.news24.com/World/News/US-oil-spill-tiny-BP-boss-20100514
2010-05-14
London - BP chief executive Tony Hayward claims that the Gulf of Mexico
oil spill is relatively "tiny" but admits that his job is at risk over
the incident blamed on his company.
Hayward told Friday's Guardian newspaper that the leaked oil and the
estimated 400 000 gallons of dispersant that BP had pumped into the sea
to try to tackle the slick should be put in context.
"The Gulf of Mexico is a very big ocean. The amount of volume of oil
and dispersant we are putting into it is tiny in relation to the total
water volume," Hayward said.
Asked if he felt his job was under threat, he replied: "I don't at the
moment. That of course may change. I will be judged by the nature of
the response."
BP is facing a growing backlash in the United States as experts warn
the spill may be at least 10 times bigger than an official estimate.
Hayward insisted that deep-water drilling would continue in the United
States despite angry responses to the incident from environmentalists
and politicians.
"Apollo 13 (the unsuccessful third mission to the moon in 1970) did not
stop the space race," he told The Guardian.
"Neither did the Air France plane last year coming out of Brazil (which
mysteriously crashed) stop the world airline industry flying people
around the world. It's the same for the oil industry."
Mistakes early on
Hayward said it was "unwise" to speculate about the direct causes of
the accident before investigations had been completed. "There is a lot
of speculation, red herrings and hearsay."
But he admitted that BP had made mistakes in its early response to the
crisis. It initially refused to compensate fishermen who were unable to
produce written proof of their normal earnings, according to The Guardian.
"It was a bit bumpy to get it going. We made a few little mistakes early
on," he said.
Some of Hayward's comments were also carried by The Times newspaper,
which reported that the 52-year-old boss had received hate mail about
the oil disaster and has had difficulty sleeping.
He has meanwhile refused to watch television news or read newspaper
reports about the incident.
"I don't want my judgement to be clouded by what has been written," the
BP chief said, adding that he would remain based in the United States
until the crisis was contained.
The US Coast Guard has said that 5 000 barrels (210 000 gallons) of
crude were gushing from a ruptured well each day.
However, scientists analysing video of the leak released by BP claim
that it was closer to 70 000 barrels (2.94 million gallons) a day,
with an estimated margin of error of plus or minus 20%.
The findings suggest the spill is already the worst environmental disaster
in US history, having eclipsed the 1989 Exxon Valdez disaster.
BP has disputed the results, saying there is no reliable method to
calculate how much oil is flowing from the broken pipe.
BP'S value slumps
The Deepwater Horizon rig, leased by BP from Transocean, the world's
largest offshore drilling contractor, sank on April 22, two days after
a massive explosion that killed 11 workers.
US President Barack Obama is to meet top advisers on Friday to discuss
the "next steps" to stem the oil lapping the fragile Gulf Coast as BP
readied its latest make-or-break bid to cap the well.
BP on Thursday said that its response costs to the spill had so far
totalled about $450m.
The company's market value has slumped by about $29bn since the incident.
"BP is under more pressure as the severity of the Gulf of Mexico leak
continues to grow," said IG Index head of research Anthony Grech.
"The company's stock is now down almost 18% since the 20 April explosion,
a steep drop even compared to the overall market decline of around 7%
over the same period."
2010-05-14
London - BP chief executive Tony Hayward claims that the Gulf of Mexico
oil spill is relatively "tiny" but admits that his job is at risk over
the incident blamed on his company.
Hayward told Friday's Guardian newspaper that the leaked oil and the
estimated 400 000 gallons of dispersant that BP had pumped into the sea
to try to tackle the slick should be put in context.
"The Gulf of Mexico is a very big ocean. The amount of volume of oil
and dispersant we are putting into it is tiny in relation to the total
water volume," Hayward said.
Asked if he felt his job was under threat, he replied: "I don't at the
moment. That of course may change. I will be judged by the nature of
the response."
BP is facing a growing backlash in the United States as experts warn
the spill may be at least 10 times bigger than an official estimate.
Hayward insisted that deep-water drilling would continue in the United
States despite angry responses to the incident from environmentalists
and politicians.
"Apollo 13 (the unsuccessful third mission to the moon in 1970) did not
stop the space race," he told The Guardian.
"Neither did the Air France plane last year coming out of Brazil (which
mysteriously crashed) stop the world airline industry flying people
around the world. It's the same for the oil industry."
Mistakes early on
Hayward said it was "unwise" to speculate about the direct causes of
the accident before investigations had been completed. "There is a lot
of speculation, red herrings and hearsay."
But he admitted that BP had made mistakes in its early response to the
crisis. It initially refused to compensate fishermen who were unable to
produce written proof of their normal earnings, according to The Guardian.
"It was a bit bumpy to get it going. We made a few little mistakes early
on," he said.
Some of Hayward's comments were also carried by The Times newspaper,
which reported that the 52-year-old boss had received hate mail about
the oil disaster and has had difficulty sleeping.
He has meanwhile refused to watch television news or read newspaper
reports about the incident.
"I don't want my judgement to be clouded by what has been written," the
BP chief said, adding that he would remain based in the United States
until the crisis was contained.
The US Coast Guard has said that 5 000 barrels (210 000 gallons) of
crude were gushing from a ruptured well each day.
However, scientists analysing video of the leak released by BP claim
that it was closer to 70 000 barrels (2.94 million gallons) a day,
with an estimated margin of error of plus or minus 20%.
The findings suggest the spill is already the worst environmental disaster
in US history, having eclipsed the 1989 Exxon Valdez disaster.
BP has disputed the results, saying there is no reliable method to
calculate how much oil is flowing from the broken pipe.
BP'S value slumps
The Deepwater Horizon rig, leased by BP from Transocean, the world's
largest offshore drilling contractor, sank on April 22, two days after
a massive explosion that killed 11 workers.
US President Barack Obama is to meet top advisers on Friday to discuss
the "next steps" to stem the oil lapping the fragile Gulf Coast as BP
readied its latest make-or-break bid to cap the well.
BP on Thursday said that its response costs to the spill had so far
totalled about $450m.
The company's market value has slumped by about $29bn since the incident.
"BP is under more pressure as the severity of the Gulf of Mexico leak
continues to grow," said IG Index head of research Anthony Grech.
"The company's stock is now down almost 18% since the 20 April explosion,
a steep drop even compared to the overall market decline of around 7%
over the same period."
