Company says it will spend $500 million to study effects of BP oil spill

BP announced Monday it will spend up to $500 million to study the effects of the BP oil spill on the marine and shoreline environment.

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    An oil soaked pelican takes flight after Louisiana Fish and Wildlife employees tried to corral him on an island in Barataria Bay just inside the the coast of Louisiana, Sunday, May 23, 2010. The island, which is home to hundreds of brown pelican nests as well at terns, gulls and roseate spoonbills, is impacted by oil from the BP oil spill.
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BP PLC says it will spend up to $500 million to research the effects of the growing Gulf of Mexico oil spill on the marine and shoreline environment.

The company, which leased the rig and is responsible for the cleanup, said Monday that the 10-year research program will study the effects of the oil. It also will study chemical dispersants used to break up oil on the seabed and along the shore.

The program also aims to study the impact of the dispersant on the oil and ways to improve technology to detect oil and clean up the ooze.

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BP chief executive Tony Hayward says the research into the monthlong spill "will be a key part of the process of restoration, and for improving the industry response capability for the future."

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