BP Sold $38bn in Assets to Pay for 2010 Gulf of Mexico Oil Spill
By Lianna Brinded | October 29, 2013 7:52 PM EST
BP has revealed in its latest financial results that it sold $38bn worth of assets to pay for the 2010 Gulf of Mexico oil spill which resulted in one of the worst environmental disasters in history.
An explosion on BP's Deepwater Horizon rig on 20 April 2010, which killed 11 workers and sent more than 4 million barrels of oil into the sea, has led to multiple lawsuits, billions of dollars to be paid in compensation and a sell-off in assets to pay for the fallout.
BP has filed more than a dozen motions in the US courts related to the clean up and costs related to the spillage, after it made a settlement with the US government to compensate people harmed in the disaster.
The company has since forked out $42.4bn (£26.45bn, €31.3bn) in oil spill related charges.
In BP's results, the group said it has raised its overall cumulative charge for the spill to $42.5bn, from $42.4bn.
BP Fights Back
Although BP has had to pay billions of dollars in penalties and compensation to victims of the Gulf of Mexico oil spill, the group recently recently won an appeal, which could lead to a significant reduction in compensation claims from the disaster.
BP also subtracted about $400m of provisions within the $20bn fund, set aside for certain types of compensation.
Meanwhile, last month, BP filed a lawsuit against the US state of Louisiana in a bid to block its order to remove metal anchors in waters that were used to secure oil spill booms after the disaster.
Following the oil spill, BP dropped the so-called "orphan anchors" throughout the Gulf to contain lines of spill booms under the direction of the US government.
Many anchors were removed after the spill cleanup, but some were lost or buried and eventually abandoned.
The US Coast Guard said that retrieving the abandoned anchors would hurt the environment in the Gulf of Mexico.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- Global Air Travel Alert: Air France Pilots Stage Labour Strike
- West Africa Ebola Epidemic To Last 12-18 Months More
- Pope Francis Blasted For Defying Catholic Doctrine, Marries 20 Couples Who Have Cohabited And Had Children In No Else But St Peter's Basilica
- Venezuelans Using Made-in-China Silicones Because Of Breast Implant Shortage
- Google Release Roundup: Nexus 5 2014, Nexus 6, Nexus 8 and Android L Killer Features
- Samsung Attacks iPhone 6 Plus Through New Galaxy Note 4 Commercial: Apple Claims Imitating Galaxy Note Phablets
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown
- Nexus 6, 8 Release Dates Imminent as Moto X Pre-Order Begins & Nexus 7 Deals Ramp Up
- iPhone 6 And iPhone 6 Plus Shipping Has Begun, Expected To Reach Customers’ Doorstep On Sept 19 Launch Date