BP Nearing Multi Billion Dollar Gulf Settlement
By Martin Baccardax | November 15, 2012 7:09 PM EST
BP could reach a deal with American authorities to settle criminal charges linked to the fatal Gulf of Mexico disaster that sparked one of the worst environmental disasters in US history.
Reuters news agency first reported a deal between BP and the US Department of Justice could be announced as soon as Thursday and will likely be the single largest corporate penalty ever paid. Depending on the nature of the settlement, the agreement could at the very least draw a line under BP criminal liability for the April 2010 explosion on the Deepwater Horizion rig that killed 11 workers and spilled nearly 5 million barrels of oil into the Gulf over the following 87 days.
However, BP will still face litigation risk from private criminal prosecution attempts as well as civil liability under the US Clean Water Act that could reach as high as $21 billion according to some estimates.
BP has already set aside around $7.8bn to compensate some 100,00 private claims of loss, injuries and property damage in and around the Gulf coast as a result of the fatal disaster.
BP's partners in the Deepwater project, oil services firms Transocean and Halliburton, will not be part of the settlement reached with the DOJ
Shares in the group rose around 1 percent by mid-day in London to change hands at 429.75 pence each. The shares have given back around 8.1 percent so far this year.
To contact the editor, e-mail:
Most Popular Slideshows
- Pope Francis Meets Sudanese Woman Who Was Spared Death for Apostasy (PHOTOS)
- Malaysia Airlines Flight MH17: King Williem-Alexander, Queen Maxima Hold Solemn Reception Ceremony for Victims
- Jennifer Lawrence & Nicholas Hoult Allegedly Split: Mad Max Actor Cheats with Kristen Stewart & Riley Keough - Reports
- Transfer News: FC Barcelona Shockingly Sign Valencia Defender [PHOTOS]
Join the Conversation
- Malaysia Airlines MH17: Multi-Million Pound Law Suit Looms Over Putin’s Head, Assets At Risk
- 5 Uncanny Jobs That Actually Pay Very Well
- Ebola Virus on the Loose: World Cautioned as Infection Moves; Global Airports on High Alert; Kills Liberian Doctor, Infects American Worker
- 5 Marketing Nuggets We Can All Learn From Lady Gaga
- Advisory: Britons Told to Leave Libya ASAP, UK Issues Travel Ban
- Apple iPhone 6 on Two Confirmed Release Dates, New Parts Leaked Suggesting Bigger iPhone to Come
- Google Nexus 6, 8 with Android L on Release Date Promises Killer Mobile Device Experience
- Xiaomi Mi4 vs OnePlusOne vs Nexus 5: Mi4 is the ‘Perfect’ Phone
- Israeli Women Stripping Naked for IDF Soldiers
- HTC One M8 Android 4.4.3 KitKat Update Roll Out, Introducing the HTC One Remix
- Shocking Video of Pedigree Dog Culling in Bali Emerges [Video]
- Sony Xperia Z3 Specs Leaked with More Killer Features Ahead of Samsung Galaxy Note 4, iPhone 6