BP oil spill cleanup costs near $1B (Houston)

BP Plc’s estimated costs to clean up the Gulf oil spill are $930 million so far as the London-based oil giant continues to evaluate its “top kill” operation.

BP (NYSE: BP) on Friday said heavy drilling fluids were pumped under pressure into the blowout preventer, or BOP, beginning on May 26, and that the procedure could continue for another 24 to 48 hours. If necessary, BP said it is ready to deploy a second BOP on the top of the original failed unit.

The company also said it had preparations in place in the event that it needs to deploy a different marine riser package cap containment system.

Cleanup costs have increased 22 percent from May 24, when BP reported it had spent $760 million since the April 20 explosion on the Deepwater Horizon rig.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.