2nd Jul 2015 13:09
LONDON (Alliance News) - BP PLC on Thursday said it has reached an agreement in principle to settle all US federal and state claims arising from the Deepwater Horizon spill in the Gulf of Mexico in 2010.
BP said its BP Exploration and Production Inc subsidiary, its US upstream unit, has reached agreements with the US federal government and five Gulf Coast states, comprising Alabama, Florida, Louisiana, Mississippi and Texas.
BP said the agreement will see it pay out a total of USD18.7 billion in compensation, with the payments to be spread over 18 years.
BP shares were up 4.6% to 438.35 pence on the back of the news, the best performer in the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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