Increase in claims makes it hard for BP to keep up

[GoFlyKiteNow]

Increase in claims makes it hard for BP to keep up

Sunday 4th July, 2010

British energy giant has been struggling to keep up with the increase in claims from the Deepwater oil spill.

US officials have said that claims are pouring in faster than BP can pay for them.

Louisiana state, which has employed consultants to check on the pace of paid claims, has said the total number of claims reported by BP jumped by 170 percent in June, from 30,000 to more than 85,000.

By June 30th there were nearly 2.5 times as many new claims as there were checks issued to claimants.

Louisiana officials have claimed that processing will be severely impacted unless BP can increase its number of claims adjusters to deal with costs for loss of income, property and commercial damage.
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[GoFlyKiteNow]

Investor need to shore up oil giant

Sunday 4th July, 2010

British oil giant BP is trying to avoid takeover attempts which could stem from its struggles with the devastating and costly oil leak in the Gulf of Mexico.

British oil giant BP is trying to avoid takeover attempts which could stem from its struggles with the devastating and costly oil leak in the Gulf of Mexico.

Britain's Sunday Times has said the company's advisers have been trying to find parties who might be interested in taking a stake of between 5 and 10 percent in the company.

The advisers have apparently been trying to involve rival oil groups and sovereign wealth funds in efforts to find around US$9 billion.

According to the paper, Middle Eastern investors have already been approached to purchase some assets from BP, which has lost more than half its market value since the explosion at the Deepwater Horizon rig on April 20th.