Friday 16 January 2015

BP’s Gulf of Mexico oil spill fine cut by billions

Energy giant BP could face a maximum fine of up to $13.7 billion (£9bn) for the 2010 Gulf of Mexico oil spill, smaller than initially feared.

The amount was previously estimated at around $18 billion based on the US Government’s estimates that 4.19 million barrels of oil were released following the accident.

However, US federal court judge Carl Barbier said only 3.19 million barrels of oil were discharged into the Gulf of Mexico.

The District Court for the Eastern District of Louisiana also found BP was “not grossly negligent” in its source control efforts.

BP said it is “continuing to review the Court’s decision”.

The exact penalty amount is yet to be determined.