US Judge Approves BP Civil Settlement With Government Over 2010 Spill
HOUSTON, April 4 (Reuters) - U.S. Judge Carl Barbier granted final approval on Monday to BP Plc's civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states.
The company at the time said its total pre-tax charges from the spill set aside for criminal and civil penalties and cleanup costs were around $53.8 billion. (link.reuters.com/duz94w)
Under the terms of the original agreement with the U.S. Department of Justice and the Gulf Coast states, BP will pay at least $12.8 billion for Clean Water Act fines and natural resource damages, plus $4.9 billion to states. The payouts will be staggered over some 16 18 years.
The rig explosion on April 20, 2010, the worst offshore oil disaster in U.S. history, killed 11 workers and spewed millions of barrels of oil onto the shorelines of several states for nearly three months.
(Reporting By Jonathan Stempel and Terry Wade)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- BP Thunder Horse Expansion in Gulf of Mexico Starts Early (Oct 18)
- Oil Drillers' Rocky Mountain High Threatened by Colorado Vote (Oct 17)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)