BP Great Australian Bight Exploration

Payout from BP oil spill settlement tops $5 billion Wed, Apr 15 22:01 PM EDT image By Jonathan Stempel (Reuters) - The administrator overseeing a BP Plc fund to compensate people and businesses claiming they were harmed by the 2010 Gulf of Mexico oil spill said on Wednesday more than $5 billion has been paid out. A total of $5.037 billion has been paid to 62,162 claimants, the administrator, Patrick Juneau, said in a statement on his website for spill claims. The money is being paid under a 2012 settlement tied to the explosion of the Deepwater Horizon drilling rig, which killed 11 workers and caused the largest U.S. offshore oil spill. The fifth anniversary of the disaster will be April 20. BP originally said it expected to pay $7.8 billion to resolve claims under the settlement but by February of this year had boosted its estimate to $9.9 billion. The London-based oil company had long complained that Juneau was paying out too much, including to claimants who suffered no harm. But last month, BP ended a bid to oust Juneau, citing steps he had taken to reduce fraud. According to Juneau, more than half of the payouts so far have compensated businesses that suffered economic losses, with a significant percentage also going to the seafood industry. (Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky) ============= Location: SA, Australia (Offshore) Project Value: TBC David Land ICN - SA P: (08) 8303 2138 E: click here Eddie Ivar ICN - SA P: (08) 8303 2170 E: click here Project Status Pending Project Owner BP Australia Project Details BP is one of the worlds leading international oil and gas companies. Through our work we provide customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving and the petrochemical products used to make everyday items as diverse as paints, clothes and packaging. Across Australia and New Zealand, BP is engaged in a vast range of activities, from the exploration and production of oil, natural gas and liquefied natural gas; to refining, transporting and marketing petroleum and lubricant products. This vertical integration enables us to support the interests of our customers and the country, throughout the supply chain, as well as the communities in which we operate. Project Details BP was awarded four exploration permits off the coast of South Australia, approximately 300 km south-west of Ceduna in 2011. The exploration work proposed by BP included a 3D seismic survey of an area covering 11,400 square kilometres which was completed in 2012-13. The biggest potential for local input lies in a potential future development and production phase, which could only be considered if a commercially and technically developable discovery is made and proved by appraisal drilling. In the meantime, supply vessels and drilling rigs will require fuel, catering supplies and transport services from local ports during each activity and this may provide some opportunities for local companies. Operations Operations will receive equipment at a storage facility in Adelaide. Support vessels will operate out of Port Adelaide, which is approximately 40-50 hours sail to the rig. Personnel will be supported by helicopter out of a facility in the town of Ceduna and by fixed wing flights to/from Ceduna/Adelaide. Examples of services which could possibly be provided by locally based suppliers: • Logistics and warehousing • Machine shop • Environmental • Medical • Catering We will only select suppliers who are technically competent and commercially competitive and who have the organizational capability to support the delivery of safe and compliant operations to our time schedule.