Bob Dudley: BP Gulf of Mexico trial could last until 2014

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http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9106066/Bob-Dudley-BP-Gulf-of-Mexico-trial-could-last-until-2014.html

In his first in-depth newspaper interview since becoming CEO in 2010, Bob Dudley signalled that although he was “hopeful” of doing “some deals” on the details of the case, the company was ready for a drawn out battle.

“We have to remember we are a business that invests in decade long cycles,” Mr Dudley said. “If [the trial] goes to 2013 or 2014, in the history of BP and the way the energy industry works we just have to think much longer term.

“Hopefully we will reach some agreements and we will be able to reduce the uncertainty and move forward. But the appeals process has various different branches it could go down in terms of time so it could be a lot longer than that [2014].”

The Macondo well disaster trial starts in New Orleans tomorrow with opening statements from the main participants. BP will be accused of being ultimately responsible for the accident in April 2010 which led to the death of 11 oil workers and the release of up to 5m barrels of oil into the Gulf.