FACTBOX: Developments in the Gulf of Mexico oil spill

Mon Jul 26, 2010 1:56pm EDT

(Reuters) - Here are some developments in BP Plc's Gulf of Mexico oil spill, the largest offshore oil disaster in U.S. history.

TOP DEVELOPMENTS

* BP Plc is expected to install Bob Dudley -- an American known for diplomacy -- as chief executive, replacing Tony Hayward who has come under fire for his gaffe-prone handling of the worst oil spill in U.S. history.

MARKET IMPACT/COMPANIES

* Dudley, who is expected to be named BP's next CEO in the coming 24 hours, must move quickly to restore the oil giant's battered image in its most important market, improve safety and make BP a leaner company.

* BP, which is raising billions of dollars to cover damages from a disastrous oil spill, has no plans to sell its 50 percent stake in Russian venture, TNK-BP, TNK-BP's deputy head said.

* Swindlers, scammers and even a few strippers are flocking to the Gulf Coast in search of a piece of the $20 billion BP Plc has set aside to compensate residents for spill-related losses.

* British energy giant BP Plc is holding up payments to economic victims of the Gulf of Mexico oil spill, Kenneth Feinberg, administrator of a $20 billion compensation fund, said on Saturday.

* BP will give an estimate for the total cost of its Gulf of Mexico oil spill next Tuesday when it unveils second-quarter profits that, were it not for the spill, would likely have risen 77 percent to $5 billion.

* BP shares were up 4.6 percent in London while shares in New York were up about 5 percent on Monday.

POLITICS/POLICY

* U.S. Senator Robert Menendez said on Monday he wants BP Chief Executive Tony Hayward to testify at congressional hearings examining if the British energy giant influenced the release of the convicted Lockerbie bomber to further its business interests.

* An emergency alarm that could have warned workers aboard the doomed Deepwater Horizon Gulf of Mexico drilling rig was intentionally disabled, a rig engineer told U.S. investigators on Friday.

* U.S. Senate Majority Leader Harry Reid will unveil as early as Monday a slimmed-down energy bill seeking to make offshore drilling safer and convert trucks to run on domestic natural gas.

CAPTURE/CONTAINMENT/CLEANUP

* The remnants of Tropical Storm Bonnie dissipated over the Gulf of Mexico on Saturday after the mere threat of the storm took a big bite out of production in the Gulf oil patch and hampered efforts by BP Plc to permanently plug its leaking Macondo oil well in the Gulf.

(Compiled by Alyson Zepeda in Houston, editing by Vicki Allen)

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