BP faces more billion dollar fines

In spite of a settlement of USD 18.7 billion for the oil catastrophe on Deepwater Horizon, BP still has more than 60,000 cases hanging over its head. Without having set enough money aside.


Last week, they finally filled a big part of the BP gap made by the gigantic oil leak in the Gulf of Mexico in 2010. The British oil company agreed to a settlement of USD 18.7 billion with the US government and thus ended the expensive dispute with the authorities. But this is a far cry from stating that the last payment on Deepwater Horizon is now in the past.

Because although about 50,000 lawsuits are now settled, there is still a backlog of more than 60,000 compensation claims from companies and individuals, writes Financial Times. Which is more than BP has set aside for. If the remaining cases follow the same pattern with an average price per claim of almost USD 96,000, the fines will extend the money put aside by the oil company by more than USD 2 billion, the paper calculates.

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