BP announced Wednesday that it has assigned its managing director to be the president and chief executive officer of a new organization- BP’s Gulf Coast Restoration Organization.

Robert Dudley, the new lead man for the project, stated that the new Organization will collect and streamline resources to use for resolution and clean-up efforts. Dudley has stated that BP will still continue to pay out claims from the disaster. Reports state that this organization is permanent and will focus on the clean-up and aftermath in the upcoming years.

After meeting with President Obama this week, BP publicly stated that it will set aside $20 Billion over four years to pay out claims from the recent oil spill, reports say.

The fund will accumulate over time, starting with the money from BP’s decision to cancel dividends for the rest of 2010.  Other funds will come from selling assets and cutting capital spending. It is also reported that the fund was created as a result of negotiations with United States government officials.

It was reported today that BP announced that it will speed up the payments owed to Gulf Coast businesses for harm caused in the aftermath of the spill. The Coast Guard, among others, have pressured BP to become more informative about their efforts and solutions to the increasing problem.

BP has also indicated that they are capturing more oil through continued efforts at the blast site and surrounding waters.  Reports indicate that upwards of 73,000 barrels have been collected by the drillship to date.

If you or your business has been harmed by the recent disaster, we can help. Call our Fort Lauderdale office number for a free consultation at 954-351-7474.