LONDON | Thursday January 6, 2011 7: 00 pm EST
(London 6 Jan Reuters) - shares of BP and Transocean spent Thursday as investors bet a new presidential panel U.S. report that spread the blame for worst ever spill of the country meant that companies avoid massive fees on a charge of gross negligence.
Shares in London on the BP list were up 1.6% 507.6 pence at 1100 GMT, Transocean Switzerland shares listed shares rose by 3.9%. STOXX 600 European oil and gas sector index increased by 1.2%, high oil prices.
An investor in top 10 in BP said the fact that the liability of the eruption was shared with the Transocean drilling contractor and well cement Halliburton suggests major London-based oil is less likely to be facing charges of gross negligence.
By U.S. law, BP faces fines of $ 5 billion because the spill occurred on its exploration block.
However, the fine may rise above $ 21 billion if oil second in Europe by market value was found that gross negligence in the run-up to the explosion.
Peter Hitchens, analyst of oil at Panmure Gordon, said the comments made in the report of management failure that caused the explosion on the deepwater Horizon platform reflects industry all defects, also made BP appear less guilty.
And while the report was damning, Richard Griffith, the evolution of securities analyst said that it could also mean that BP may relieve some of the costs of cleaning the spill on contractors.
"The report may provide grounds for BP to claw money back of license partners and possibly Transocean and Halliburton," he said in a research note. (Other reports by Raji Menon and Sarah Young;) (Editing by Greg Mahlich)
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