Report reveals cost cutting resulted in BP oil spill

A US Panel probing the British Petroleum (BP) oil spill has found that a decision by the company to cut cost and save time contributed to the disaster.



In a 48-page report, the presidential commission wrote that the failures were systemic and likely to recur without industry and government reform.



However, it said BP did not have adequate controls in place to ensure safety.



In April last year, a blast aboard the Deepwater Horizon rig killed 11 people and caused one of the worst oil spills in history.



The Macondo well, about a mile under the sea's surface, eventually leaked millions of gallons of oil into the Gulf of Mexico, damaging hundreds of miles of coastline before it was finally capped more than two months later.



BP said in a statement that the report, like its own investigation, had found the accident was the result of multiple causes, involving multiple companies.



BP said the company is working with regulators to ensure the lessons learnt from the oil spill lead to improvements in operations and contractor services in deepwater drilling.