BP agrees to historic settlement for oil spill

With the latest settlement, BP now expects to have covered virtually all costs following the catastrophic Deepwater Horizon spill.

Photo: Gerald Herbert

British energy company BP has agreed to pay an additional USD 20 billion for the catastrophic oil spill in the US Gulf five years ago.

According to Reuters, the agreement is the largest settlement ever reached between a private company and the US state. The settlement also represents a conclusion to the case at this point, as BP expects to have now covered virtually all claims related to the spill.  

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