The oil spill in the Gulf of Mexico has cost BP $2.65 billion so far.

BP has stated that the cost of the cleanup operation for the oil spill in the Gulf of Mexico has reached an astronomical $2.65 billion (£1.7bn).

The escalating cost of the oil spill includes the cost of spill response, containment, relief well drilling, grants to the Gulf states, claims paid, as well as federal costs.

More than 39,000 people, approximately 5,000 vessels and around 110 aircraft are involved in the response effort.

According to BP, operations to skim oil from the surface of the water have recovered nearly 652,000 barrels. Also, 275 controlled burns have been conducted, removing an estimated 238,000 barrels worth of oil.

The oil disaster in the Gulf of Mexico has hit the British company hard as the media continues to vilify it after numerous failed attempts to staunch the flow of oil. BP’s shares have also been heavily affected, with the share price hitting a 14-year low of 298 pence on 25 June.

At a meeting at the G20 summit in Canada, both US President Barack Obama and Prime Minister David Cameron agreed that while it was best that BP remain a strong and stable company, it has to meet its obligations to the cleanup of the oil spill and compensations.

On 16 June, BP announced an agreed package of measures, including creating a $20bn fund; however, the firm stated that it is too early to estimate the true total costs associated with the incident.