World Business

BP pledges $500m for research into impact of Gulf oil spill

(Agencies)
Updated: 2010-05-25 15:51

HOUSTON: British oil giant BP announced Monday it will provide $500 million to an independent research program studying the impact of a massive oil on the marine and shoreline environment of the Gulf of Mexico.

"BP has made a commitment to doing everything we can to lessen the impact of this tragic incident on the people and environment of the Gulf Coast. We must make every effort to understand that impact," said Tony Hayward, BP's chief executive.

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"This (the study) will be a key part of the process of restoration, and for improving the industry response capability for the future. There is an urgent need to ensure that the scientific community has access to the samples and the raw data it needs to begin this work," he said.

BP agreed to fund the 10-year research program after discussions with the US government and academic scientists, according to a BP news release.

US congressman Edward J. Markey sent a letter to BP last week demanding BP's funding.

BP, the leaser of the Deepwater Horizon rig which exploded in the Gulf of Mexico and caused a massive oil spill, said the reach program will study the effects of the oil and chemical dispersants used to break up oil on the seabed and the shoreline.

The program will also study the impact of the dispersant on the oil and ways to improve technology to detect and clean up the oil spill.