Hearing Shows BP was Over Budget for Blown-Out Well

According to a report from www.Nola.com, BP's costs for drilling the Macondo oil well that blew April 20 were significantly higher and further over-budget than previously thought, according to e-mails and other documents that were read into the record at investigative hearings on August 26. David Sims, a BP manager who was involved with expenses for the Deepwater Horizon drilling operations, confirmed that the company was initially approved to spend $96m on drilling the well. Federal regulatory documents showed the rig was on the Macondo well project about 43 days longer than scheduled, and investigators have said the project was at least $20 million over-budget.

(Source: www.Nola.com)