U.S. Lifts BP Ban on Lease, Contract Competition

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March 14 (Bloomberg) -- Bloomberg Markets Editor Manus Cranny reports that the U.S. has lifted a ban on BP competing for contracts and leases in the Gulf of Mexico on Bloomberg Television’s “Countdown.”

-- manus is here.

Is a huge transformation.

Only two years ago, they were banned from bidding for contracts and license.

The deal has been done.

We can reengage more robustly.

The reputation taking a step up.

The timing, there are 40 million acres up for grabs any week's time in the gulf of mexico.

That is fortuitous timing.

Bp did suffer a great deal.

They were one of the biggest contractors with the u.s. federal agencies.

They had over $2 billion worth of contracts.

That slipped away.

They didn't disappear.

They actually grew, from 2009 -- they have gone from six recs to 10 rigs.

It is a critically important part.

Central to the ambition.

Last year, they dropped to number two in terms of production.

The scale of what they do out there, 63 million barrels.

It about reputation.

Reengage in.

It doesn't have to do with the fines that could face.

That has to be assessed in terms of the clean water act.

The judge having to assess how many barrels were spilled.

To give very much.

-- thank you very much.

This text has been automatically generated. It may not be 100% accurate.

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