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BP gets a loud 'wake -up call'

BP gets a loud 'wake -up call'
On Tuesday, the newly named chief executive of BP stated that the oil spill in the Gulf has been a 'wake up call' for the entire industry and safety would be among one of his highest priorities. Mr. Bob Dudley will replace Mr. Hayward on October 1st.

Another startling fact is that BP has been slapped with $32 billion in charges related to the oil spill. In order to cover these charges, BP has announced that it plans to sell nearly $30 billion in assets over the next 18 months.

Furthermore, the U.S Securities and Exchange Commission along with the Department of Justice have launched several informal inquiries into various security related matters. Primarily there is an investigation into whether BP influenced the release of oil into the Gulf in anyway.

Moreover, nearly 5 million barrels of oil have been spilled into the Gulf. The spill had also caused a massive explosion that instantly killed 11 people. Hence, private lawsuits against BP have been piling up. Every attorney hired to fight these cases, has headed to Idaho, for a special judicial panel has been set up to decide how these cases would be handled.

Several Industrial executives have stated that it was a relatively good time to sell assets since the oil market is currently stable. Hence BP has agreed to a $7 billion sale of oil and gas fields to the Apache Corp. Indeed, $32 billion in oil spill charges has been one of the largest in the history of the oil industry.