BP expects to pay $1.7bn in latest Deepwater Horizon charges

BP is expected to pay a $1.7 billion (£1.2bn) charge from its fourth-quarter 2017 profits as part of its payments for the Deepwater Horizon disaster. The Court Supervised Settlement Programme (CSSP) is now winding down and the cash impact is expected to be spread over a multi-year period. Cash payments related to the disaster in […]

Deepwater Horizon research group offers final $65m

The research initiative that sprung up in the wake of the BP disaster is offering $65 million (£51m) of funding to help understand the effects of oil on the environment and reduce its damaging effects. The announcement comes as the blockbuster movie about the tragic demise of the Deepwater Horizon accident hits the cinemas. The Gulf of Mexico […]

Gulf oil spill cost BP $61.6bn

BP has announced the final price tag for the 2010 Deepwater Horizon accident will be $61.6 billion (£45.6bn). The incident in the Gulf of Mexico caused an oil spill and killed 11 workers. BP expects to take an after tax non-operating charge of around $2.5 billion (£1.86bn) in the second quarter of 2016. This charge […]

BP to take oil spill settlement appeal to US Supreme Court

BP is to seek review by the US Supreme Court on whether it must pay some businesses for economic damages without proof that the Gulf of Mexico oil spill caused such losses. The British oil giant will appeal on a court’s ruling on Monday that businesses don’t have to prove they were directly harmed by […]

BP seeks David Cameron’s help as oil spill costs rise

BP is calling on the UK Government to step in over the firm’s rising compensation costs associated with the Gulf of Mexico oil disaster, according to reports. The firm agreed to pay £5.4 billion in compensation last year after the Deepwater Horizon disaster killed 11 oil rig workers and released around four million barrels of […]

Transocean to pay $1.4bn for oil spill

Transocean, owner of the Deepwater Horizon oil rig, has agreed to pay $1.4 billion (£900m) over five years for the Gulf of Mexico oil spill. The multinational exploration company, which leased the rig to oil giant BP, pleaded guilty to a violation of the Clean Water Act (CWA) for “negligent discharge of oil” into the […]

BP suspended from new US contracts for “lack of business integrity”

British oil giant BP has been banned from new contracts in the United States because of its “lack of business integrity”. The US Environment Protection Agency (EPA) announced the temporary suspension yesterday as punishment for the Deepwater Horizon oil well blowout, explosion, oil spill and response. The accident in April 2010 killed 11 people and […]

BP to pay $4bn for oil spill

Oil giant BP will pay $4 billion (£2.8 billion) over five years for the Gulf of Mexico oil spill. It struck a deal with the US Department of Justice to resolve all federal criminal charges and claims against the Deepwater Horizon incident. The accident in April, 2010 killed 11 workers and the oil well spewed […]

BP posts massive £839m loss

Oil giant BP said yesterday it suffered a net loss of £893 million ($1.39bn) in the second quarter of 2012. That’s compared with a profit of £3.7bn ($5.9bn) at the beginning of the year. The firm posted the massive dent in profits as the Gulf of Mexico clean-up continues to soak up cash. The firm […]

BP agrees $7.8bn Deepwater Horizon settlement

BP has agreed to pay $7.8 billion (£4.9bn) to 110,000 businesses and individuals affected by the Gulf of Mexico disaster in April 2010. Despite this the US Department of Justice is expected to press ahead with its own $18 billion lawsuit against the British oil giant. BP reached the settlement for financial and and medical […]