The project of cleaning up of the oil at Gulf of Mexico has incurred BP millions in costs along with a number of lawsuits and fines, thus making the position of Company difficult for getting more risky projects.

In its efforts to cover up the costs associated with cleaning of oil spill, BP has started selling off its assets so as to raise funds worth $30 billion. But, analysts project a cost more than the stated figure, including all the penalties, legal action and clean-up.

The statement made by Tony Hayward, BP’s CEO, that his Company lives on the frontiers of the energy industry in October last at the Company’s anniversary has been flayed by Dougie Youngson, an analyst with Arbuthnot Securities in London, who said, "I don't see (BP) marching off into new frontiers any time soon".

The step taken by BP indicates that it wants to firm its footing in the deep water drilling and thus, it is following a safe strategy similar to that of ExxonMobil Corp. after its notable 1989 spill in Alaska's Prince William Sound.

BP is also showing interest in getting the drilling license of Greenland's west coast, after Cairn Energy PLC declared to find gas over there this week. There is less probability of BP acquiring the license in Greenland, as it is an environmentally sensitive part of the world and they are concerned about what happened in the Gulf, as stated by Kuupik Kleist, Premier of Greenland.