Gulf of Mexico oil spill costs $350m so far: BP

Oil major BP Plc said the oil spill in the Gulf of Mexico had cost it $350 million so far, suggesting a run rate of cash far higher than some analysts had predicted.

BP said in a statement on Monday the sum referred to the cost of spill response, containment, relief well drilling, payments to the Gulf Coast States to speed up their response plans, settlements and federal costs.

However, the final bill is likely to be much higher as the well which caused the leak is still pumping at least 5,000 barrels per day of crude into the sea.

Fishermen's groups have lodged lawsuits for damages while others, including people in the tourism industry, have complained of losses due to the spill. BP said it would cover all "legitimate" claims for compensation.

BP owns 65 per cent of the well. Anadarko Petroleum owns 25 per cent and Japan's Mitsui owns 10 per cent. All are liable for costs on a proportionate basis.

Analysts had predicted spill costs from a few hundred million dollars to over $14 billion, including the loss of the $1bn rig which exploded while drilling the well.