BP Announces Appointment of Bob Dudley to Head Oil Spill Response
On June 21 BP announced that it has spent about two billion dollars in its response to the massive oil spill in the Gulf of Mexico, sending its share price sliding once again.
"The cost of the response to date amounts to approximately $2 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs," BP said in an official statement.
The British energy giant also referred to the creation of a $20 billion fund "to satisfy certain obligations" arising from the oil spill, which was hammered out with President Barack Obama on June 16.
Now that Tony Hayward has gotten his life back, BP is turning to a yank—Bob Dudley—to salvage its Gulf debacle, and the managing director may actually have had tougher jobs than this one. Dudley made a name for himself by steering BP's Russian consortium through a bizarre political adventure that saw one employee charged with espionage, Russian intelligence raiding the company's offices, tax and labor investigations, and an investor boycott. At one point Dudley had to run the company from abroad because he barred from Russia.