Federal judge approves BP’s $20-billion oil spill settlement

Offshore staff

NEW ORLEANS – The central legal case in the aftermath of the 2010 Deepwater Horizon incident was resolved Monday after a federal judge approved BP’s $20.8-billion settlement with the Justice Department, five Gulf states, and hundreds of local governments.

The settlement, first announced last July, was the US government’s largest environmental settlement ever. US District Judge Carl Barbier approved it in a final judgment on Monday.

The Justice Department had sued BP in 2010, a few months after the runaway Macondo well spilled millions of barrels of crude into the ocean, for $18 billion in environmental fines. A blast on the Deepwater Horizon rig killed 11 workers and plunged the rig in the Gulf of Mexico.

The Justice Department is charging BP $1,720 per each barrel it spilled, about $5.5 billion all told, which is reportedly well below the $13 billion sum than the maximum amount it could have won in court.

BP will pay the Justice Department about $379.3 million each year from 2017 to 2031.


Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...