Administrator of the BP (NYSE:BP) compensation fund, Kenneth Feinberg, received a standing ovation from a convention or Realtors on Sunday, as he reiterated his reversal on allowing the compensation fund to be used to pay those legitimately hurt from the oil spill.
Feinberg has been blasted by many who believe they are being short-changed from the fund, but there have been so many illegitimate claims, and claims made which don't include proof of anything, that Feinberg has found it difficult to go through the massive amount of material he has to in order to make a decision and pay out legitimate claims.
For the Realtors, Feinberg has set aside $60 million of the $20 billion committed for the fund to pay out temporary claims to them.
That means those Realtors believing they are owed more in damages from BP will be able to pursue lawsuits if they feel they can win the cases.
Feinberg has given his opinion in the matter that they will have a hard time winning these types of cases, but at least they're getting some compensation short term and will have some relief in these difficult times.
Realtors were actually damaged more from the Obama moratorium in the Gulf than they were from the oil spill, and Feinberg said there's nothing he can do to alleviate the fallout from that.
Showing posts with label BP Gulf of Mexico. Show all posts
Showing posts with label BP Gulf of Mexico. Show all posts
Monday, November 8, 2010
Wednesday, November 3, 2010
BP (NYSE:BP) Drilling in Gulf for At Least 20 Years Says Dudley
Any idea BP (NYSE:BP) would willingly leave the Gulf of Mexico as a key production asset has been rejected by CEO Bob Dudley, who has recently stated more than once they're in it for the long haul.
In London, Dudley said this about the commitment of the company to the Gulf: “We certainly have a great set of production assets and we have opened up the lower tertiary play in the Gulf of Mexico, which is a two-decade play. That’s an important piece of exploration for BP we’re very good at. You’ll see us continue to participate in that.”
Dudley has been leading the company out of their defensive posture since the Gulf oil spill, and now that they've ended the oil from leaking into the Gulf, and cleanup is well under way, Dudley has the company focused on resuming production and profit, while reiterating the need to keep safety as their number one priority while drilling in deep water areas of the world.
Contrary to the media reports and assumptions, deepwater drilling hasn't slowed down at all, and is considered the focus for the long term in the industry as it relates to oil.
BP will continue to play a big part in that, although they have to take their safety practices to another level if they want to thrive, or even survive, as one more accident, depending on where they are in the world, would probably end their existence as a company.
In London, Dudley said this about the commitment of the company to the Gulf: “We certainly have a great set of production assets and we have opened up the lower tertiary play in the Gulf of Mexico, which is a two-decade play. That’s an important piece of exploration for BP we’re very good at. You’ll see us continue to participate in that.”
Dudley has been leading the company out of their defensive posture since the Gulf oil spill, and now that they've ended the oil from leaking into the Gulf, and cleanup is well under way, Dudley has the company focused on resuming production and profit, while reiterating the need to keep safety as their number one priority while drilling in deep water areas of the world.
Contrary to the media reports and assumptions, deepwater drilling hasn't slowed down at all, and is considered the focus for the long term in the industry as it relates to oil.
BP will continue to play a big part in that, although they have to take their safety practices to another level if they want to thrive, or even survive, as one more accident, depending on where they are in the world, would probably end their existence as a company.
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