Claims less than $27b, says BP

BP believes compensation claims related to its Gulf of Mexico oil spill will be less than the US$20 billion ($27.3 billion) the oil giant has put into an independent claims fund, analysts at Citigroup said, following a meeting with incoming chief executive Bob Dudley.

Dudley added the US$32 billion provision BP made for the total cost of the disaster remained a reasonable indicator of eventual cost.

Dudley also said claims by Gulf states for lost tax revenue related to the spill "should not be too high".