Shares in BP were up on the FTSE 100 after the oil giant said that the cost of the oil spill in the Gulf of Mexico had risen by over $2 billion from last month to $8 billion.
BP said that just under $400 million had been paid in compensation to those whose livelihoods had been affected by the spill. In addition $38.5 million has been paid out by the Gulf Coast Claims Facility, which had responsibility for claims transferred to it last month.
The leak was plugged in July following the placement of a cap on the leak, preventing any more oil from entering the sea. BP today said that the permanent sealing of the well was likely to take place later this month.
By 11:25 shares in BP were up 0.36 per cent to 394.00 pence per share.