June 29, 2010 / 1:40 PM / in 8 years

FACTBOX-Developments in the Gulf of Mexico oil spill

June 29 (Reuters) - Here are some developments in BP’s Gulf of Mexico oil spill, the largest in U.S. history.

TOP DEVELOPMENTS

* Bad weather forced Gulf of Mexico oil clean-up efforts off the shore of Louisiana to stop on Tuesday, but BP Plc’s (BP.L)(BP.N) oil-capture systems maintained operations, the U.S. Coast Guard and BP said. [nN29144040]

Ripple effects from Tropical Storm Alex produced six-foot (1.8-metre) waves and wind gusts of up to 20 miles per hour (32 kph) and were expected to last a couple of days, said Phil Grigsby of the National Weather Service in New Orleans.

BP‘S COSTS

* Costs to BP of its oil spill response hit $2.65 billion, the company said. [ID:nN28263650]

MARKET IMPACT/COMPANIES

* Shares in BP fell a further 2 percent in London on Tuesday, a day after sources said the New York Federal Reserve was probing potential systemic risks posed by the company, and BP had to deny Russian government claims that it was planning to fire its chief executive.

* The potential returns in BP shares are “very high,” a leading fund manager said. [nN29133103] BP’s shares have lost over 50 percent of their value since the oil spill started after an oil rig exploded in the Gulf.

STORM SEASON

* Tropical Storm Alex was close to hurricane strength in the Gulf but it remained on a track north of Mexican energy platforms and far southwest of U.S. fields, further easing concerns in the oil market over supply disruption. [nN29120831]

OIL SPILL CAPTURE

* BP’s oil-capture systems at the leak collected or burned off 23,395 barrels of oil on Monday. [nN29144040]

* An undetermined amount of oil continues to billow out from under the cap and through vents on top into the sea. A team of U.S. scientists estimate that the leak is gushing up to 60,000 barrels a day.

    POLITICS/POLICY

    * A U.S. appeals court set oral arguments for July 8 on the Obama administration’s request to stay a ruling that lifted its six-month moratorium on deepwater oil drilling in response to the spill. [ID:nWAT014567]

    * U.S. lawmakers investigating the BP spill asked major energy companies for information on their response plans after it was discovered some companies’ plans had errors including protecting species that don’t live in the Gulf of Mexico. [ID:nN2897128]

    SPREADING IMPACT, REACTION

    * The lucrative tourism industry in the Gulf of Mexico could be hard hit for years by the false perception that the spill has ruined all the beaches, tourism officials said. [nN29162049]

    * The mental health impacts of the BP spill will dwarf those encountered after the last major oil spill in Alaska, a sociologist who studied the Exxon Valdez disaster told Florida volunteers. [nN29141258]

    * Oil from the spill washed ashore at one of the largest tourist beaches in Mississippi on Monday, forcing them to evacuate the shore.

    * U.S. wildlife experts are preparing to collect tens of thousands of endangered sea turtle eggs and move them hundreds of miles away in an unprecedented bid to protect them from the spill. [nN28110657] (Compiled by Ed Stoddard; Editing by Chris Wilson)

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