BP to Donate Net Revenue from MC252 Well Leak to Protect and Rehabilitate Wildlife in Gulf States

[Robbien]

Source: E News London

LONDON—(ENEWSPF)—8 June 2010. As part of its commitment to restore the environment and habitats in the Gulf Coast region, BP today announced that it will donate the net revenue from oil recovered from the MC252 spill to create a new wildlife fund to create, restore, improve and protect wildlife habitat along the coastline of Louisiana, Mississippi, Alabama, and Florida. The creation of this fund is over and above BP’s obligations under the Oil Pollution Act of 1990.

BP’s net revenue from the sale of oil recovered from skimming operations and the well containment systems will be deposited into this newly-created fund. At this point, BP cannot predict the total of amount of net revenue that will be deposited into the wildlife fund. The amount of funding will be contingent upon the amount of oil collected during operations and the price at which the oil is sold. BP will provide regular updates on the amount of proceeds being deposited into the fund.

“We’ve already launched the largest environmental response in history, and BP is committed to protecting the ecosystems and wildlife on the Gulf Coast. Proceeds from the sale of oil recovered from the MC252 well will be used to further this commitment,” said Tony Hayward, BP’s chief executive officer. “We believe these funds will have a significant positive impact on the environment in this region.”

Read more: http://www.enewspf.com/index.php/latest-news/science-a-environmental/16817-bp-to-donate-net-revenue-from-mc252-well-leak-to-protect-and-rehabilitate-wildlife-in-gulf-states-

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The Hill adds:
http://thehill.com/blogs/on-the-money/corporate-governance/102085-bp-pledges-funding-for-new-wildlife-fund-


Net revenue includes the sale of the oil minus 18.75 percent in royalties paid to the U.S. government. BP's 65 percent share would be deposited into the fund. The remaining 35 percent of the net revenue will be paid to the co-owners of the leasehold interest.

Revenue for the fund ends when the well is "killed and oil is no longer coming from this source."


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That's good to hear. Profits from this going into BP's coffer would be a PR nightmare for them.

[dipsydoodle]

1. That's what I would've expected them to do

and its good that they've done. As I've said elsewhere - it is very much in the interest of the USA for BP to remain a going concern.

[Purveyor]

2. "Donate"? Net Revenue? The picture of how BP is really going to respond is starting to

become more clear by the hour.

[texastoast]

3. Gosh, how much money would they have saved had they thought ahead?

There is precedent for being visionary. Conoco comes to mind. You would think that BP could have learned from Conoco's history and the way it changed its ways so that it didn't get into this pickle again.

Not much incentive when risk-taking is enabled through deregulation.

[TheEuclideanOne]

4. Here's a thought....

Maybe if the focus was on how to stop if from the beginning instead of how to greedily collect it, the situation may not be as bad as it is today.

[Titanothere]

12. Where have you been? BOP, Topkill, junkshot were all attempts to stop it

They've been trying to stop it all along, now that they can't they're trying to contain it until the relief well is drilled.

[Unvanguard]

5. How generous of them, to pay for part of the clean-up from the damage THEY CAUSED.

:eyes:

[madrchsod]

6. the net ?........really ?......the net ?.......

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

take the gross.....

[Titanothere]

13. Unfortunately there's these things called Laws and Contracts to contend with

pesky things I know

[lunasun]

7. "BP is committed to protecting the ecosystems and wildlife on the Gulf Coast"...... '

:puke: :puke: :mad:

[Incitatus]

8. NOT GOOD ENOUGH!

How about ALL of your profit until every drop of oil it taken care of and everyones lost revenue as a result of this spill is compensated.

[Titanothere]

9. I wondered if they'd do this, definitely a logical step in the "right" direction

Although notice it's just recovered oil. If they really want to be maganimous they'd donate all future procedes from the well once it's in production.

[wordpix]

14. "once the well is in production" This well should NEVER be in production unless/until

these BigOil asshats develop a 100% sure way to control spew immediately when it occurs. I don't see that happening for some time.

[wordpix]

10. IOW,after they kill the well there are no more funds for wildlife?

FUCK YOU< BP how very generous you criminals. :grr:

[wordpix]

11. they forgot to say, IF there's any wildlife that survives

:puke: