BP's oil clean-up cost rises to $3.5b

HOUSTON -- British oil giant BP said Monday the cost of cleaning up the oil spill in the Gulf of Mexico has climbed to $3.5 billion.

That figure included the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs, the London-based company said in a news release.

The company said that by Saturday, it had received 105,000 claims and made more than 52,000 payments, totaling almost $165 million.

On June 16, BP also announced the creation of a $20 billion fund to satisfy certain obligations arising from the oil and gas spill.

The company said it can not estimate the ultimate cost of the spill, the worst in US history which was caused by the explosion of BP-leased Deepwater Horizon drilling rig on April 20.