Gulf Oil and Gas accountACCOUNT

BP Forms Gulf of Mexico Oil Spill Escrow Trust

Source: www.gulfoilandgas.com 8/9/2010, Location: North America

BP announced that it has established a trust and made a $3 billion initial deposit of the previously-announced $20 billion escrow account to pay legitimate claims arising from the Deepwater Horizon incident and the resulting oil and gas spill.

"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," said Bob Dudley, CEO of BPs Gulf Coast Restoration Organization. "Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast."

Two individual trustees have been named to the newly-established trust that will administer the account: the Honorable John S. Martin, a former U.S. District Judge for the Southern District of New York, and Kent Syverud, Dean of the Washington University School of Law.

Citigroup will serve as corporate trustee and paying agent for the account. Arrangements have been made for checks drawn on the fund to be cashed free of charge at any of the 160 Whitney National Bank branches across the Gulf Coast region.

Investment News in United States >>

Nigeria >>  2/26/2021 - Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat's policy not to comment on press articles, on this occa...
United Kingdom >>  2/24/2021 - Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the announcement on 22 February 2021 , the Company has...

Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...
United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...

United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested 1million to develop a new R&D and engineering facility in Aberdeen...
Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | 91 |

Oil & Gas Projects in United States >>

More News

Related Links

CA US
Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.