Home / Energy / BP settles U.S. 2010 oil spill claims for $18.7 billion
Dispersed oil floats on the surface of the Gulf of Mexico waters close to the site of the BP oil spill as Discoverer Enterprise drill ship is seen on the horizon approximately 42 miles off the coast of Louisiana in this May 18, 2010 file photo. REUTERS/Hans Deryk/Files. NewsCred

BP settles U.S. 2010 oil spill claims for $18.7 billion

BP <BP.L> said it has reached an $18.7 billion (12 billion pounds) settlement of damages claims from the U.S. government and five states after the 2010 Gulf of Mexico spill.

The U.S. Justice Department said it could be the largest settlement with a single entity in American history and the total value would top $18.7 billion.

The April 20, 2010 rig explosion and spill killed 11 workers and spewed oil for nearly three months on to the shorelines of several states.

BP said the agreement covered claims from the states Of Alabama, Florida, Louisiana, Mississippi and Texas and 400 local government entities.

BP’s London-listed shares extended gains to as much as 5.3 percent.

BP faces a maximum fine of $13.7 billion under the Clean Water Act for its Gulf of Mexico oil spill, after a judge ruled that it was smaller than the U.S. government claimed.

Florida’s Attorney General said her state’s economic damages lawsuit would continue against Halliburton Co. <HAL.N> and Transocean Ltd <RIGN.VX>.

In related news, U.S. Supreme Court rejects BP, Anadarko over Deepwater Horizon spill penalties

(This story corrects second paragraph to $18.7 billion from $20 billion after U.S. Department of Justice corrects settlement figure)

(Additional reporting by Abhiram Nandakumar in Bengaluru; editing by Jason Neely)

This article was from Reuters and was legally licensed through the NewsCred publisher network.

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