BP has 1.35 trillion dollars worth of oil reserves

BP faces huge tab, has deep pockets

Even if all of BP’s future profits went to pay for the Gulf spill, the company still owns vast resources of oil reserves that could be converted into cash by selling them to another oil company.

According to estimates from bond rating agency Moody’s, BP has total proven reserves of roughly 18 billion barrels of oil in the ground, worth some $1.35 trillion at the current price of $75 a barrel. It also has a string of new fields due to move into production over the next few years, including other wells in the Gulf, along with finds in Azerbaijan, Angola, Egypt and Indonesia.

Thad Allen told reporters BP should be able to recover 28,000 barrels of spilled oil per day by the end of this week. At $75 a barrel, that works out to more than $2 million a day

www.msnbc.msn.com...

Many have been saying that BP can't afford to pay all the damages for this disaster, some even saying that they can't even afford to pay 20 billion for the escrow account....and that they will probably go bankrupt.

This information states otherwise. If they have over 1 TRILLION dollars worth of oil at it's current value, I see no reason why they cannot handle paying for the destruction that has happened because of their own negligence.

Cripes, they are bringing in 2 MILLION a day just off of the oil they are recovering from the spill itself.

Your right but more to the point.

BP makes 300 billion a year!!!!!!!

They will have no problem with the 20, they don't need to sell off resources to cover anything.

Then I hear their asking for loans to cover the 20. They get no sympathy from me.

Interesting would another oil company have paid a worker to sabotage the well just to put BP in position that they would have to sell off assets.

With many companies like Halliburton that work for all the oil companies there are likely a few people that would do anything for money.

All it would have taken would have been few pounds of sugar to destroy the cement used to cement the caseings
www.romixchem.com...

the french did this during WW2 to sabotage the concrete in German fortifications.

You have to get the mix right though or it can make the concrete even harder then normal.