BP Goes it Alone

Rival oil companies are snubbing BP in their efforts to protect drilling and their own bottom line.

In an article on the Business Week website, Stanley Reed says rivals have distanced themselves from BP ever since the oil rig explosion in the Gulf. “The latest flap: Two of BP’s business partners in the stricken well, Anadarko Petroleum (APC), based in The Woodlands, Tex., and MOEX Offshore, a unit of Japanese energy concern Mitsui Oil Exploration, have refused to help pay for the cleanup costs,” Reed writes.

BP has asked for $272 million from Anadarko and $111 million from Mitsui, companies that both have a sizeable stake in the oil well. Mitsui as yet hasn’t commented but James T. Hackett, CEO of Anadarko, has stated the tragedy was preventable and “the direct result of BP’s reckless decisions and actions,” says the article.

ExxonMobil and Royal Dutch Shell want to persuade politicians and regulators that they operate safely, compared to BP, and should be allowed to continue drilling. That’s in response to the stop the U.S. government has put to drilling in water deeper than 500 feet since the BP spill.

To read the article, click here:
http://www.businessweek.com/magazine/content/10_30/b4188022004436.htm