CORRECTED - BP CDS volumes rise $400 mln to $1.67 bln-DTCC

(Corrects oustanding contracts in second graph to 2,072)

NEW YORK, June 16 (Reuters) - Net volumes in credit default swaps protecting BP Plc's (BP.L) (BP.N) debt rose by around $400 million in the week ended June 11, according to data by the Depository Trust & Clearing Corp released on Wednesday.

Investors entered into 354 new contracts on the company in the week, bringing total outstanding contracts to 2,072, the DTCC data show. Net volumes of $1.67 billion are outstanding on the company, up from $1.28 billion a week ago and around $900 million in early April.

CDS volumes have increased as concerns about the company's liability to the Gulf of Mexico oil spill increased. Credit default swaps are used to protect against a borrower defaulting on their debt or to speculate on their credit quality.

(Reporting by Karen Brettell)