BP shares rose Friday by 5p to 428p after a US commission issued a report that attempts to shift part of the blame for the oil spill to contractor Haliburton.
BP is betting that sharing part of the blame with Haliburton will enable it to avoid a massive $20 billion (£12.58 billion) fine for gross negligence in the Gulf of Mexico Oil spill. If blame is ultimately shared, the fine may be borne by both companies.
Oil analysts for Panmure Gordon, Peter Hitchens said the findings of the commission offer BP a chink of light that help to support the company’s claim that it is not guilty of gross negligence in the disaster.
If the report results in BP not being guilty of gross negligence then a lesser fine of $5 billion would be levied in place of the larger $20 billion fine. A fine for gross negligence must be calculated by taking into account the total amount of oil spilled. The Deepwater Horizon explosion resulted in the BP well spilling over five million barrels of oil into the Gulf of Mexico.
Hitchens also added that this is the first time another firm has been mentioned as a responsible party for the accident. The claims help to confirm BP accusation that Haliburton’s bad cement plug was responsible for the blow-out and resulting oil spill.Author's Google+ page