The Deepwater Horizon spill has so far cost BP $350 million, with a substantial portion committed to emergency training.

In a statement today (May 10th), the British company said that the money had been used to cover 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 far higher, and there is speculation that the company may face compensation claims of an ilk not seen since the Exxon Valdez spill.

According to Reuters, analysts expect costs to be between several hundred million dollars and several billion. One group put estimated costs at $14 billion.

The Deepwater Horizon rig, which sank two days after the blast, cost $1 billion alone.

BP has been working closely with local training organisations as it attempts to contain the spill, with much of the focus being placed on boom management and protection of coastal areas and wildlife.

Oil and Gas Directory: Training and Development