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BP will pay a record compensation for the spill in 2010

BP will pay a record compensation for the spill in 2010

Oil giant BP will pay a record compensation for the spill in 2010. Thursday, July 2, BP announced an agreement in principle with the US court for the payment of 18.7 billion dollars (16, 9 billion) to settle the lawsuits by the Federal Government as well as by five States bordering the Gulf of Mexico affected by the oil spill in 2010 (Louisiana, Mississippi, Alabama, Texas, Florida).

Since BP will pay a record compensation for the spill in 2010, the Minister of American justice Loretta Lynch immediately welcomed “the biggest agreement (compensation) ever concluded with a company in American history.

“It will repair the damage to the economy of the Gulf (of Mexico), the fishing industry and wildlife.”

The agreement includes:

  • 5.5 billion dollar civil penalty;
  • $ 7.1 billion paid to the federal government and the five States concerned for the damage to the environment (as well as 232 million to cover possible unknown damage);
  • 4.9 billion in additional funding to offset the negative economic consequences of the oil spill;
  • one billion to meet the demands of local authorities.

Reversal to the Supreme Court

With these new funds , the payment will be spread over 15 to 18 years, the bill for oil spill now approaching $ 54 billion (48, 7 billion euros ) for BP .

The deal comes three days after a setback of BP before the Supreme Court of the United States . On Monday, the high court had in fact dismissed the petition of the group who wanted to narrow the compensation claims after an instance verdict in 2012.

The explosion occurred on April 20, 2010 Deepwater Horizon in the Gulf of Mexico, had killed 11 people and caused almost three months during a flight to the origin of an oil spill on the coast

Sidra Sajid
Sidra Sajid
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