BP sponsorship at risk as costs continue to mount

BP’s woes from the Gulf of Mexico oil spill seem to be continuing as the company reveals it has now spent $3.95bn (£2.58bn) tackling the spill, while the International Olympic Committee warns that its sponsorship of the 2012 London Olympics is at risk if it is found guilty of negligence.

BP Olympics

The news comes just days after BP announced that the flow of oil leaking had been shut off, though government officials say oil seeps have been detected near the well.

In its trading update today (19 July), the oil giant says it aims to permanently kill the well in the first half of August, and pledged to run an integrity test on the well to ensure the leak was capped.

The spill has been described as the worst environmental disaster the US has ever seen.

Speaking at the weekend, International Olympic Committee president Jacques Rogge said he had been discussing BP’s sponsorship of London 2012 with organising officials “at length” and was content that they could go ahead if the firm takes proper “corrective measures”.

However, he warned that proof of negligence would be “another issue” that would require consideration. BP is facing a criminal and civil investigation into negligence in the US.

London 2012 chiefs are continuing to back Games partner BP despite the oil giant being the subject of international condemnation following the Gulf of Mexico oil spill. Greenpeace has warned London Olympic chiefs that the 2012 Games risk being “tarnished” by their partnership with BP. A group of artists, poets, writers and film makers called Good Crude Britannia will picket a summer party held by Tate Britain that is celebrating 20 years of BP sponsorship.

Meanwhile BP is reported to be considering selling off its petrol stations in a major restructuring move to offset the costs occurred as a result of the Gulf of Mexico oil spill crisis.

Related articles:

  • To read Mark Ritson’s latest opinion piece on BP click here

The BP oil crisis and its aftermath – from a brand that had tried to reposition itself as sustainablehas raised the question whether rebrands can ever really work:

  • To read the cover story relating to this: ’Actions speak louder than logos’click here
  • To read Mark Ritson’s response to the cover story click here.
  • To view the Top 10 mistakes marketers make when rebranding – and how to avoid them table, click here.
  • To read Mark Choueke’s opinion on BP’s woes, click here.
  • For three business viewpoints click here.

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