BP to take $500m Mexican hit

BP will face costs of about $500m (£327m) in lost production and direct construction costs following the group’s decision to shut down 50 per cent of the wells feeding its Thunder Horse oil and gas platform. The group has had to postpone production at the platform, after problems such as inferior welding on subsea pipelines along with defects on the production, drilling and quarters platform. Production was originally meant to start in 2005.