Oil giant BP has acknowledged it is "absolutely responsible" for cleaning up a huge oil spill after an explosion at one of its wells off the US coast. But BP boss Tony Hayward said the firm was not to blame for the accident which sank the Deepwater Horizon rig on 22 April, causing the slick. He said the equipment that failed belonged to drilling firm Transocean. Both companies are expecting lawsuits over the slick, which threatens to cause major ecological damage.
US President Barack Obama has described the oil leak as a "potentially unprecedented" environmental disaster. BP is responsible for this leak. BP will be paying the bill, he said. The US government has been putting pressure on BP to act quickly. In a BBC interview, Mr Hayward dismissed talk of a rift between BP and US officials.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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